The board of directors of Mps on Friday formally set out in a statement the financial terms of the two voluntary public exchange offers aimed at all the shares in Banco BPM and Banca Generali.
The overall proposal has an estimated value of around 34 billion euros and stands as a direct alternative to the takeover bid (Opas) launched by Intesa Sanpaolo for the same Siena-based bank.
The details of the deal point to a total consideration of 25.3 billion euros for Banco BPM, with an exchange ratio of 1.567 Mps shares for each share tendered.
The offer for Banca Generali is worth 8.72 billion euros, with the exchange set at 6.958 Mps shares. This combination is designed to deliver immediate value creation and to strengthen the shareholder base of the new group.
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