MPS, Giorgetti: The remaining stock decision was made not only from a cash point of view, but also from a strategic point of view.

(Teleborsa) - Any determination by the MEF of the remaining stake in MPS, which is equal to 4.86% and worth more than 1 billion euros, will have to be done "from a strategic point of view and not just a financial point of view, given the importance of maintaining the security of the national economy".This was said by the Minister of Economy and Finance (MEF) Giancarlo Giorgetti during a presentation to the Chamber of Deputies regarding the issue of Monte dei Paschi di Siena - Mediobanca.

"MEF, in accordance with the commitment made with the European Commission, will not present any list when updating the board of directors", he said.

During the briefing, Giorgetti assessed "the role played by the MEF in the acquisition and subsequent sale of the controlling shareholding, as well as the economic-financial data of the operation which, thanks to the careful work of the management, led the bank to a gradual strengthening and valuation, the value of which rose to a minimum of 92520520 per share. Euro per share in November 2024, until it exceeds in December 2025."8 euros".

“I remember in this context that I reaffirmed my complete confidence in Chairman Lovaglio, who was appointed by the previous government, who carried out the rescue and recovery operation and who, remember, received a more significant compensation than the directors of banks of comparable size,” he said.

The PAHO MPS decision on Mediobanca "was taken independently by the bank's managers within the walls and we, the shareholders, took it into account," Giorgetti said, without "intervening or putting pressure" on the ministry in "various discussions" with "various representatives of the credit system."

Giorgetti also defended the way Banca Akros shares were managed: "According to what it said in the prospectus, no investor who submitted an offer was eliminated from the system."Furthermore, "the resignation of the directors is related to the loss of control, in accordance with the commitments made before the European Commission."Finally, “any subsequent purchases in the market by the subjects who bought the shares on that occasion are outside the system and jurisdiction of the MEF.

"I would like to emphasize that regarding the validity of the procedure, the European Commission itself has concluded that the disposal procedure is open, transparent and competitive," said Giorgetti.

The minister outlined the new structure: MEF has appointed Banca Akros as ABB's bookrunner because the offer guarantees the best conditions for the share sale.This allows for more revenue for the treasury.” “He said that through legal adviser Clifford Chance - he said - a confidentiality agreement was sent which was made upon receipt of the bank's terms and contained all invitations to bid to the bank and submit to the bidding process to participate in the bookmaker's selection process.In particular, such confidentiality agreements were sent to Banca Akros, BofA, Citigroup, Jefferies and UBS." "Then - the minister underlined - an invitation to participate in the tender was sent to them, after which the following message was received: Citi announced that they were not interested in participating in the selection process for the role of bookmaker;Banca Akros has stated a final stop price (i.e. fixed minimum purchase price) of €5.513 per share (therefore a discount of 0.05% to the closing price of Mps shares on 13 November 2024). The Trailing Stop price offered by the other three subjects is lower.”

"The collection of orders from investors was directed directly by Banca Akros and the MEF did not know, before the "book" (ie the final document on the offers), whether it was the number of traders identified by Banca Akros or the selection process", he confirmed."At the end of the construction of the book, Banca Akros compared to the MEF the composition of the book and the nature of the orders collected - Giorgetti - Before the orders were collected for more than twice the book and the payment of more than 5% compared to the price, he said of the closing of the MPS shares, the MEF, at the request of the assembly director, was chosen to make an old director. the old book, the same asthe ABB that is proposed (to take from 7% to 15% of the main share of MPS) and, accept the proposal of Bank Akros to distribute shares based on the offer to institutional investors who had sent orders with a high purchase price during the book building".

(Teleborsa) 18-12-2025 17:36

"The MEF, in accordance with the obligations related to the European Commission, will not present lists on the occasion of the renewal of the board," he stressed.

At the briefing, Giorgetti discussed "MEF's role in the acquisition and subsequent transfer of controlling shares, as well as the economic and financial data from the operation which, thanks to the careful work of the management, led to the gradual consolidation and valuation of the bank, the value of which increased from a minimum of 1.95 euros per share in November 20522 to 5 euros per share in20522 to 8 euros on December 2, 2025".

"In this context, let's recall that CEO Lovaglio, appointed by the previous government, led defense and defense operations and was paid exponentially less than the directors of banks of the same size," he emphasized.

The decision of the MPS of OPAS of Mediobanca "was taken by the directors of the bank in Siena on its own and we, as shareholders, noted", Giorgetti said, with the office "without interference or frustration" in "different negotiations" with "various representatives of the credit system".

Giorgetti also defended the management of the Akros Bank share sale process: "According to the accountant, no investor who submitted an offer was excluded from the process."In addition, "the resignation of the directors is related to the loss of control, in accordance with the commitments given to the European Commission".Finally, “any subsequent purchase in the market by the entities that bought the shares at the time is outside the process and the jurisdiction of the MF.

"I would like to point out that with regard to the legitimacy of the procedure, the European Commission itself has concluded that the sales procedure is open, transparent and competitive," said Giorgetti.

The minister also noted that the MEF chose Banca Akros as ABB's accountant because the offer confirmed the best conditions for the issuance of shares, allowing more money for public authorities". The selection process. In particular, he said that the private agreement has been sent to Banca Akros, BofA, Citigroup, Jefferies and UBS".and 0.05% of the closing price of Mps shares on November 13, 2024);the background value shown by the other three studies was low."

"The acquisition of orders from investors was handled directly by Banca Acros and the MEF did not know, before the presentation of the 'book' (ie the final document for the offers), either the number of investors identified by Banca Acros or the selection method," he underlined."At the end of the book building, Banca Acros illustrated to MEF the composition of the book and the characteristics of the collected orders - said Giorgetti - before orders to collect more than twice the book and MPS Against a premium of more than 5% over the closing price of the share, MEF decided to carry out the book increase in the same way as 7% in the case. to 15% of the share capital of MPS) and to accept Banca Acros' proposal to allocate shares covered bythe offer to institutional investors who submitted orders with the highest purchase price during book building”.

(Teleborsa) 18-12-2025 17:36

Topics mentioned in the news

|Banca Monte Paschi Siena |8,934 |+1.53 |17.39.32 |8,815 |8,936 |8,845 |

|Mediobanca |pm 5.46 |+0.72 |17.38.42 |17,255 |pm 5.48 |pm 5.32 |