MILAN (Reuters) -Italy’s Monte dei Paschi is not considering improving its all-share bid for Mediobanca as the current price is fair, the Tuscan bank’s chief executive said in an interview with Class CNBC on Thursday.
“The price offered is fair if you take into account the current valuation of the two companies and the fact that after the deal there will certainly be a major re-rating,” MPS CEO Luigi Lovaglio said.
He reaffirmed that he is confident that the bank can get a stake of over 67% of Mediobanca, even though the minimum threshold was set at 35%, which was considered sufficient to control the rival bank.
Mediobanca this month renewed its opposition to the takeover offer, saying the price was “totally inadequate” and around a third lower than what the bank’s board deemed fair.
(Reporting by Francesca Piscioneri and Elisa Anzolin, editing by Francesca Piscioneri)
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