0753 GMT - Banca Monte dei Paschi di Siena's bid for Mediobanca seems unlikely to go through on first look, Keefe, Bruyette & Woods say in a research note after the Italian bank launched an all-share offer for its peer. BMPS is smaller than Mediobanca and the banks don't overlap materially. The synergy potential is limited, even including the acceleration of deferred tax assets--balance-sheet items reducing future tax obligations-- usage, KBW says. "With BMPS trading at lower [price to earnings multiples] than MB our first impression is that this offer has limited [chances] of success," analysts Hugo Cruz and Ben Maher write. If the transaction goes ahead, Mediobanca shareholders will own 60% of the combined group, they note. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
January 24, 2025 02:53 ET (07:53 GMT)
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