By Valentina Za, Gianluca Semeraro and Mathieu Rosemain
MILAN (Reuters) – Monte dei Paschi (MPS) CEO Luigi Lovaglio has pulled several all-nighters since arriving in Siena in early 2022, when Italy’s Treasury picked him out to revive the fortunes of the world’s oldest bank, five years after bailing it out.
Back in October 2022 he worked through the night to pull off a share sale, as MPS’s seventh cash call in 14 years sparked last-minute panic among banks underwriting it. MPS struggled to sell shares at 2 euros each back then.
MPS stock traded at 7 euros this week when Lovaglio and his finance chief Andrea Maffezzoni have emerged from two all-nighters that ended in them launching a 13.3 billion euro ($14 billion) all-share takeover bid for larger rival Mediobanca (OTC:), Italy’s historic investment bank.
More than 10 billion euros in cash between 2017 and 2022 have allowed MPS to clean up its balance sheet in time for the bank to…
