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Mediobanca of Italy announced on Monday a €6.3 billion bid to acquire local competitor Banca Generali as part of its strategy to grow in wealth management amidst a wave of consolidation within the nation’s banking industry.
The company plans to finance the acquisition by divesting its shares in Assicurazioni Generali, the country’s largest insurance provider, which oversees Banca Generali. Mediobanca stands as the primary shareholder of Assicurazioni Generali.
Mediobanca stated that merging with Banca Generali “will create a leader in the European market.”
The offer includes an 11.4 percent premium over the closing share price from Friday for Banca Generali, resulting in a market capitalization of €5.7 billion.
Shareholders of Mediobanca will vote on the proposal during a meeting scheduled for June 16.
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