White & Case advises Banca Monte dei Paschi di Siena on merger by incorporation of Mediobanca

Global law firm White & Case LLP has advised the Board of Directors of Banca Monte dei Paschi di Siena (BMPS) on the approval of the merger plan for its merger by incorporation of Mediobanca.

The merger, together with additional reorganization steps, will create a unified banking group while preserving the identities, brands and areas of excellence of the two institutions and their respective professional teams.

The transaction provides for an exchange ratio of 2.450 BMPS shares for each Mediobanca share and forms part of a broader group reorganization aimed at creating a single integrated banking group. In connection with the merger, BMPS will carry out a share capital increase of up to approximately €1.6 billion through the issuance of up to approximately 272 million ordinary shares.

As part of the new group structure, the corporate & investment banking and private banking activities dedicated to high-net-worth clients will be concentrated in a wholly owned, non-listed company that will retain the Mediobanca S.p.A. name, preserving the brand and the expertise historically developed in corporate advisory and private banking.

The transaction also envisages the transfer to the new Mediobanca S.p.A. of the group's shareholding in Assicurazioni Generali S.p.A., as well as the industrial integration of the financial advisor networks and the retail and affluent wealth management activities of Mediobanca Premier and Banca Widiba, which will adopt a new corporate name including the Mediobanca brand.

The White & Case team which advised on the transaction was led by partners Domenico Fanuele (Milan), Michael Immordino (London & Milan) and Alessandro Picchi (Milan) and included associate Francesco Abbadessa (Milan). Partner Alessandro Zappasodi and associate Andrea Lamonica (both Milan) advised on financial regulatory aspects.

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