Mediobanca GM: MPS Take-up to Reach 80%, Merger Inevitable

Mediobanca's GM, Francesco Saverio Vinci, expects a 80% take-up in Monte dei Paschi's bid, making a merger between the two groups inevitable. Vinci reassured staff that the relationships with customers would be maintained and that MPS would behave rationally to preserve Mediobanca's role. The combined entity would be led by MPS, with Mediobanca shareholders owning more than 60%.

Monte dei Paschi di Siena (MPS) has secured a controlling stake in rival Mediobanca, marking a significant milestone in Italy's banking sector. The acquisition, announced on September 10, 2025, follows a hostile public takeover offer that saw MPS acquire a 62.3% stake in Mediobanca, according to stock exchange data Italy's MPS bank takes over rival Mediobanca: local media^[1].

The move, which valued Mediobanca at 13.4 billion euros, was met with resistance from Mediobanca's board, who deemed the offer "lacks industrial rationale" and the valuation "entirely inadequate" Italy's MPS bank takes over rival Mediobanca: local media^[1]. However, MPS's offensive has the backing of Italian Prime Minister Giorgia Meloni's government, which aims to create a third major banking group to compete with Intesa Sanpaolo and UniCredit Italy's MPS bank takes over rival Mediobanca: local media^[1].

MPS's bid was initially launched in January 2025, valuing Mediobanca at 13.4 billion euros, which was well below the target's market capitalization of 16.5 billion euros How Monte dei Paschi went from near collapse to buying Mediobanca^[2]. However, MPS sweetened its offer by increasing the share price to 20.776 euros per share, taking it close to the market price Italy's MPS bank takes over rival Mediobanca: local media^[1]. The first round of the share offer closed on Monday, September 10, and MPS is expected to announce the official results by September 12. A second round will take place from September 16 to 22 Italy's MPS bank takes over rival Mediobanca: local media^[1].

Mediobanca's General Manager, Francesco Saverio Vinci, expects an 80% take-up in MPS's bid, making a merger between the two groups inevitable . Vinci reassured staff that the relationships with customers would be maintained and that MPS would behave rationally to preserve Mediobanca's role. The combined entity would be led by MPS, with Mediobanca shareholders owning more than 60% .

The acquisition comes as MPS has been undergoing a recovery since its 2017 bailout by the Italian government. The bank has made significant strides, including paying dividends for the first time in 13 years in May 2024 How Monte dei Paschi went from near collapse to buying Mediobanca^[2]. However, the success of this merger will depend on MPS's ability to integrate Mediobanca's operations and maintain the latter's role in the market.

The outcome of this acquisition could have profound implications for the Italian banking sector, potentially reshaping the competitive landscape and influencing future M&A activity. As the second round of the share offer approaches, investors and financial professionals will closely watch the developments to gauge the potential impact on both banks and the broader market.