Monte Dei Paschi Makes 13-Billion-Euro Bid for MediBanca as M & A Applicite Heats Up in Italian Banking

Italy’s bailed-out monte dei paschi di siena on Friday launched a 13.3 billion euro ($ 13.95 billion) all-share takeover offer for larger domestic peer Mediobanca,

Offering 23 of Its Shares for 10 of Its Acquisition Target, Monte Dei Paschi Values ​​MediBanca’s Stock at Rooughly € 15.992 Each, A 5% Premium to the Close Price of Jan. 23.

The equity of monte dei paschi was worth 8.7 billion euros as of the jan. 23 Close, While MediBanca’s Market Capitalization Stood at 12.3 Billion Euros, According to FactSet Data.

Monte dei paschi, the world’s oldest bank, required a state research in 2017 after years of cripping losses, but have turned the tides of its fortunes under the Leaders of the Leaders Unicredit Veteran Luigi Lovaglio.

The offer adds to a picture of heating M & a apptite in italy’s banking and financial services sector, where the country’s second-largest bank unicredit bank unicredit previous to buy out Banco BPMWhoch in Turn seeks to Acquire Fund Manager Anima Holding.

, CNBC’s Ganesh Rao Contributed to this report.

This breaking news story is being updated.