Monte dei Paschi and Mediobanca approve full merger plan

Monte dei Paschi di Siena (MPS) and Mediobanca have taken concrete steps to move forward with a full merger, as confirmed in the joint release by the banks. Under the proposed terms, MPS plans to issue up to 1.6 billion euros ($1.9bn) in new shares, reported Reuters. Mediobanca shareholders would receive 2.45 MPS shares for each Mediobanca share offered. The proposal is intended to allow MPS to acquire the remaining 14% of Mediobanca it does not currently own, with the goal of taking the company privat ...