July 31. (LaPresse) – Piazza Meda releases its grip on Rocca Salimbeni. The Board of Directors of Banco BPM met to analyze the status of the potential merger with MPS proposed on June 7th, which was followed the following day by the OPAS launched by Intesa Sanpaolo. And after the extraordinary council meeting on a very hot Friday, July 31st, the board decided to close the Siena dossier by stopping everything. The BPM board of directors held that, “almost two months after the Letter was sent, the conditions for reaching a shared agreement between the parties,” namely with Montepaschi, have not yet been met. The board of the former popular Milanese company announced this in a press release issued on the evening of July 31, “while reiterating the potential for strong strategic and industrial rationality of the project proposed to MPS with the letter-which could have led to the establishment of a new leading banking and financial group in Italy, generating significant value creation for both banks.” And so at the banking game table aiming for Monte dei Paschi di Siena, with Mediobanca holding a 13% stake in Generali, only one player remains, namely Intesa. In the official statement following the board meeting, the bank, led by CEO Giuseppe Castagna da Piazza Meda, announced that “also with a view to maximum transparency towards the market and all shareholders, the Bank’s board of directors” had therefore “unanimously resolved to interrupt consultations regarding the potential merger by simultaneously notifying MPS.” A communication that recently put an end to BPM’s match on Siena, a match that began with the communication of June 7, in which it expressed to MPS “its interest in initiating a dialogue aimed at discussing and agreeing on the terms of this operation, as well as the events that subsequently occurred.”
MPS, BPM renounces its marriage to MPS: “No conditions,” Intesa remains in the running
July 31. (LaPresse) – Piazza Meda releases its grip on Rocca Salimbeni. The Board of Directors of Banco BPM met to analyze the status of the potential merger with MPS proposed on June 7th, which was followed the following day by the OPAS launched by Intesa Sanpaolo. And after the extraordinary council meeting on a very hot Friday, July 31st, the board decided to close the Siena dossier by stopping everything. The BPM board of directors held that, “almost two months after the Letter was sent, the conditions for reaching a shared agreement between the parties,” namely with Montepaschi, have not yet been met. The board of the former popular Milanese company announced this in a press release issued on the evening of July 31, “while reiterating the potential for strong strategic and industrial rationality of the project proposed to MPS with the letter-which could have led to the establishment of a new leading banking and financial group in Italy, generating significant value creation for both banks.” And so at the banking game table aiming for Monte dei Paschi di Siena, with Mediobanca holding a 13% stake in Generali, only one player remains, namely Intesa. In the official statement following the board meeting, the bank, led by CEO Giuseppe Castagna da Piazza Meda, announced that “also with a view to maximum transparency towards the market and all shareholders, the Bank’s board of directors” had therefore “unanimously resolved to interrupt consultations regarding the potential merger by simultaneously notifying MPS.” A communication that recently put an end to BPM’s match on Siena, a match that began with the communication of June 7, in which it expressed to MPS “its interest in initiating a dialogue aimed at discussing and agreeing on the terms of this operation, as well as the events that subsequently occurred.”
