FTSE MIB Closes Higher
The FTSE MIB rose 0.7% to 50,818 on Monday, as Milan's bank mergers remain in focus. Intesa Sanpaolo's (1.6%) takeover offer for MPS (0.8%) won the backing of the target’s biggest shareholder, Delfin Sarl, which decided to tender its entire 17.6% stake in the Tuscan lender, boosting Intesa's chances of closing one of Italy’s largest bank deals ever. The news follows Intesa's threat to drop its offer if MPS’s investors approve the dual takeover offer for Banco BPM (0.3%) and Genrali's (1.2%) Banca Generali, lowering the sucess of the counterbid. Mediobanca plunged 5.1%, as it had been acquired by MPS. Unipol climbed 4%, as it will receive half of the Sienese bank and merge with BPER Banca (2.3%). Defense stocks climbed, as it becomes a booming industry in Europe with governments seeking to increase military spending in the face of intensifying threats from Russia. Fincantieri gained 4.5%, while Avio (3.2%) and Leonardo (1.9%) followed. Energy stocks also advanced, led by Tenaris (5.3%).
7% to 50,818 on Monday, as Milan's bank mergers remain in focus. 6% stake in the Tuscan lender, boosting Intesa's chances of closing one of Italy’s largest bank deals ever. 2%) Banca Generali, lowering the sucess of the counterbid. 1%, as it had been acquired by MPS.
3%). Defense stocks climbed, as it becomes a booming industry in Europe with governments seeking to increase military spending in the face of intensifying threats from Russia. 9%) followed. 3%).