Italian lender Monte dei Paschi launches 13-billion-euro takeover bid for peer Mediobanca

Italian lender Monte dei Paschi di Siena has announced on Friday it is launching a 13.3 billion euro takeover bid for peer Mediobanca in a surprise move that could reshape the country’s banking sector. The offer values Mediobanca’s shares at 15.99 euros each, a 5% premium to their closing price on Thursday. Monte Paschi has currently a market capitalization of about 9 billion euros, while Mediobanca’s market value is about 12.7 billion euros. Under the terms of the offer, Mediobanca investors would receive 23 shares in Monte Paschi for every 10 Mediobanca shares they hold.