Monte Paschi launched a €13.3 billion ($13.9 billion) all-share supply for bigger rival Mediobanca, confirming an earlier Bloomberg scoop, as Italy’s banking consolidation heats up. The deal “goals to ship important profitability ranges and to keep up a strong capital place,” Monte Paschi stated in an announcement. The Siena-based lender expects €700 million in pretax synergies per yr from the tie-up. Bloomberg’s Tommaso Ebhardt reviews.
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