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Italy’s Mediobanca on Monday launched a €6.3bn offer to buy domestic rival Banca Generali as it expands in wealth management as part of a wave of consolidation in the country’s banking sector.
Mediobanca said it would fund the deal by selling its shares in Assicurazioni Generali, Italy’s largest insurer, which controls Banca Generali. Mediobanca is the largest shareholder in Assicurazioni Generali.
The combination with Banca Generali “will produce a European market leader”, Mediobanca said in a statement.
The offer represents an 11.4 per cent premium to Friday’s closing share price for Banca Generali, which gave it a market capitalisation of €5.7bn.
Mediobanca shareholders will vote on the deal at a meeting on June 16.
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