Mediobanca pledged to return $ 5.74 billion to investors to meet the bidding of deputies

By Gianluca Semeraro

MILAN (Reuters) -Mediobanca Bank has developed the Basic Trader Plan to return 4.9 billion euros ($ 5.74 billion) for shareholders over the next three years, seeking to formulate a hostile offer from Panca Monte de Baschi de Siena (MPS).

Mediobanca reported in a statement on Friday that the offer of deputies “lacks the industrial and financial logical basis for Mediobanca shareholders and holds clear and important implementation risks.”

After obtaining an organizational approval from the European Central Bank on Wednesday, MPS is ready to launch its display on Mediobanca next month.

In an attempt to become greater than swallowing the deputies, Mediobanca suggested in April the purchase of a bank for Panca General, but was forced to delay the shareholders ’vote until September 25 to avoid a potential defeat after investors increased the deal from their holdings at the Traders Bank.

Alberto Najil, CEO of Mediobanca, told analysts on Friday that the Banca Generali deal would lead to a “very strong mix” and will be “very transformative”.

On the other hand, the merger with the deputies, “a group, which is a non -coherent commercial bank” will lead to the price of Mediobanca “in low complications” and “generating an important depletion in revenue.”

In her three -year updated plan until 2028, Mediobanca emphasized a strategy that focuses on developing its business in wealth management, through its banking and investment banking sector that provides support, and consumer financing operations as a diversification engine against macroeconomic risks.

“This virtuous path will be strengthened by the Banca General show,” she said.

Mediobanca sees net increasing profits of 45 % over the three financial years until 2028, reaching 1.9 billion euros, and it is expected that revenues will rise at an annual rate of 6 % for more than 4.4 billion euros.

In its previous three -year plan until 2026, Mediobanca planned to return more than 4 billion euros to shareholders during the period and expected a net profit over 1.4 billion euros.

Under the new plan as well, Mediobanca will release up to 750 million euros in additional first -level bonds.

($ 1 = 0.8537 euros)

(Participated in the reports of Gianluka Simerro; edited by Alves Armelini, Jin Meriman and Aline Hardaks.)