Mediolanum Sells Its 3.5% Mediobanca Stake Amid Paschi Bid

Banca Mediolanum SpA sold its 3.5% stake in Mediobanca SpA for €548.4 million ($646 million), exiting its position in the investment bank currently at the center of a takeover bid by Banca Monte dei Paschi di Siena SpA.

Banca Mediolanum’s placing of 29.1 million shares, held by the lender and its unit Mediolanum Vita, priced at €18.85 per share after an accelerated book building, it said in a statement on Tuesday. Morgan Stanley acted as sole bookrunner on the deal.