Intesa to launch buyout offer for Mediobanca as soon as MPS bid settled

Unipol Assicurazioni

Yesterday 14:43

MILAN, Nov 3 (Reuters) - Intesa Chief Executive Carlo Messina tells analysts on a post-earnings call:

We don't see competition on deposits                    
Don't expect any kind of stress on deposits also in coming quarters 
To launch mandatory offer for Mediobanca as soon as MPS offer settled 
Italian bond spreads more likely to move due to fallout from France or U.S. rather than endogenous reasons
Planning to shield staff from any impact from 'crazy attitude in the budget law' about reducing banks' net income
If any branches to be sold on top of those in Unipol deal it would be to a different buyer
We consider unlikely that we need to sell additional branches in MPS deal other than those agreed with Unipol 

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