Mediobanca launches €6.3bn bid for Banca Generali

(Sharecast News) - Italy's Mediobanca on Monday unveiled a €6.3bn bid for rival Banca Generali in a move to expand its wealth management division. Mediobanca said it would fund the deal by selling its 13% stake in Assicurazioni Generali, which is the country's largest insurer, in an exchange offer worth €54.17 a share, an 11.4% premium to Banca Generali's last close.

The offer adds to a list of takeovers in Italy's banking sector. Mediobanca is itself subject to a hostile bid from Banca Monte dei Paschi di Siena, while UniCredit is trying to buy smaller rival Banco BPM, which in turn is trying to snare asset manager Anima Holding.

Reporting by Frank Prenesti for Sharecast.com