Monte dei Paschi launches 13.3-billion-euro all share bid for Mediobanca By Reuters

(Reuters) – State-backed Italian financial institution Monte dei Paschi di Siena (MPS) has launched a shock 13.3 billion euro ($13.9 billion) all-share buyout supply for Mediobanca (OTC:), it stated on Friday.

Monte dei Paschi, which was for years the issue little one of Italian banking till a 2017 bailout, stated it was providing 23 of its personal shares for each 10 Mediobanca shares tendered, equal to a 5% premium versus Thursday’s closing worth.

($1 = 0.9568 euros)