圣保罗银行股份公司表示，为了使这笔350亿欧元（合390亿美元）的收购交易更容易获得成功，该公司最终可能会减少其在锡耶纳牧山银行需要获得的股份数量。
Sanpaolo SpA said it may end up reducing the amount of shares it needs to obtain in Banca Monte dei Paschi di Siena SpA to consider its €35 billion ($39 billion) takeover bid successful, making it easier for the deal to go through.
这家意大利最大的银行在周二发布的收购说明书中表示，其考虑将最低接受比例从目前的66.67%降至50%加一股。如果最终成功收购该放贷机构，该公司还将针对梅地亚中行剩余的上市股份发起一项预计为28亿欧元的强制收购要约。梅地亚中行是一家财富管理和投资银行，去年被Monte Paschi收购。
Italy’s largest bank would consider cutting the minimum level to 50% plus one share from the current threshold of 66.67%, it said in the offer prospectus published Tuesday. If it ends up buying the lender, it would also launch a mandatory offer, estimated at €2.8 billion, for the remaining listed shares of Mediobanca, a wealth manager and investment bank bought by Monte Paschi last year.
随着该收购要约的接受期于11月24日开始，Monte Paschi的股东很快将面临选择：这家全球最古老的银行是否应该保持独立。尽管包括最大股东——控股公司Delfin Sarl在内的几家投资者已经表示他们将交出股票，但批准并非板上钉钉，而较低的接受门槛将提高成功的几率。
Monte Paschi’s shareholders will soon get to choose whether the world’s oldest bank should stay independent as the acceptance period for the bid starts Nov. 24. While several investors including the biggest — holding firm Delfin Sarl — have already said they will tender their stock, approval isn’t guaranteed and a lower acceptance threshold would raise the chances of success.
此次收购将巩固联合圣保罗银行作为意大利最大银行的地位。这也将使首席执行官卡洛·梅西纳掌控该国最大保险公司忠利保险公司大约13%的股份。梅西纳已承诺将Monte Paschi的大部分资产出售给保险公司Unipol，以减轻潜在的竞争担忧。
The acquisition would cement Intesa’s status as Italy’s biggest bank. It would also give Chief Executive Officer Carlo Messina control over a stake of roughly 13% in the country’s largest insurer, Assicurazioni Generali SpA. Messina has pledged to sell big parts of Monte Paschi to insurer Unipol to mitigate potential competition concerns.
联合圣保罗银行在说明书中表示，其计划将忠利保险的股份作为“非控股股权投资”进行管理，并承诺仅指派“少数”监事会成员。该行还表示，忠利保险的股份将享受被称为“丹麦妥协方案”的优惠资本待遇。
Intesa said in the prospectus it intends to manage the Generali stake as a “non-controlling equity investment” and promised to only appoint “a minority” of supervisory board members. It also said that the Generali stake would receive a beneficial capital treatment known as Danish Compromise.
联合圣保罗银行针对每股Paschi股份提供1.25欧元现金加1.6股该行股票，在支付中期股息后，这一比例将上升至1.644股。按周二收盘价计算，当前的收购要约对标的公司的估值约为350亿欧元，略低于其市值。
Intesa is offering €1.25 in cash and 1.6 of its shares for each Paschi share, which will rise to 1.644 of its shares after an interim dividend has been paid. The current bid valued the target at about €35 billion at Tuesday’s close, slightly below its market capitalization.
文件显示，如果收购要约顺利完成，联合圣保罗银行还计划终止Monte Paschi与法国保险公司安盛公司之间现有的分销合同。
It the bid goes through, Intesa also plans to terminate an existing distribution contract between Monte Paschi and French insurer Axa SA, according to the document.