Monte Paschi Ends Bid With Almost Full Control of Mediobanca (1)

Banca Monte dei Paschi di Siena SpA has ended up with an overwhelming majority in Mediobanca SpA, giving it almost complete ownership of the Milan-based rival.

Mediobanca investors committed 86.3% of the shares after the tender period had reopened from Sept. 16 through Sept. 22, according to a Borsa Italiana filing Monday. The previous period, which ended on Sept. 8, had left Monte Paschi with 62.3%.

The deal, worth more than €17 billion ($20 billion) at Monday’s market close, is set to create Italy’s third-largest lender by assets. Monte Paschi Chief Executive Officer Luigi Lovaglio overcame fierce resistance from ...