Italy’s Mediobanca rejects Monte dei Paschi’s ‘destructive’ 13-billion-euro takeover bid

Key Points

Tuscany’s bailed-out Monte dei Paschi unexpectedly launched a 13-billion-euro all-share takeover proposal for Mediobanca.
Monte dei Paschi, which required state rescue in 2017 after years of battering losses, has long been the poster child of trouble in the Italian banking sector.
Monte dei Paschi’s investors include Mediobanca shareholders such as business tycoon Francesco Gaetano Caltagirone, a key ally of the administration of Giorgia Meloni, and Delfin — the holding company of late billionaire Leonardo del Vecchio.

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