Mediobanca announces a takeover bid to acquire 100% of Banca Generali.
The €6.3 billion transaction aims to create a leading European wealth management company with €210 billion in assets under management.
Key points of the takeover bid
The public exchange offer is worth €6.3 billion, with an implied price of €54.17 per share and a premium of 11.4% over the closing prices.
Mediobanca has proposed an exchange ratio of 1.70 shares of Assicurazioni Generali for each share of Banca Generali.
This approach not only allows Mediobanca to consolidate its market position, but also transforms its relationship with Generali into a stronger industrial partnership.
Strategic objectives
The transaction is seen as a direct response to the public exchange offer launched by Monte dei Paschi di Siena on Mediobanca.
With this move, Mediobanca intends to double its wealth management revenues to €2 billion, quadruple its net profit to €0.8 billion, and create synergies worth €300 million through cost savings and cross-selling.
Market impact
The merger of Mediobanca and Banca Generali could create a new giant in the wealth management sector, surpassing competitors such as Fideuram-Intesa Sanpaolo Private Banking.
As of December 31, 2024, Banca Generali's AuM stood at €103.8 billion, while Mediobanca Premier reached €44.8 billion. Finally, Fideuram-Intesa Sanpaolo Private Banking has €394 billion in AuM at the end of 2024.
The new entity will have access to a network of over 500 offices and approximately 3,500 private bankers, strengthening its presence in key regions of Italy, such as Lombardy, Emilia Romagna, and Veneto.
Next steps
The takeover bid will be presented to Banca Generali shareholders at a meeting scheduled for June 16.
The transaction is subject to the approval of at least 50% of the capital plus one share and the necessary authorizations, including antitrust clearance, which are expected by September.
If approved, the takeover bid should be completed by October. EQUITA is acting as financial advisor to Mediobanca.
