Mps-Mediobanca, green light for the merger: a giant with 700 million in synergies is born

It’s official: the boards of directors of Monte dei Paschi di Siena and Mediobanca have approved the merger project for the incorporation of Piazzetta Cuccia into the Siena institution. The operation, which will lead to the delisting of the Piazzetta Cuccia brand, is based on an exchange ratio of 2.45 Mps shares for each Mediobanca share, a value that incorporates a significant premium compared to market expectations.

The pillars of the industrial project

The integration is not only financial but is part of a deep strategic restructuring plan. The Corporate & Investment Banking and high-end Private Banking activities will merge into a new Mediobanca, 100% controlled by Mps, which will also hold the prestigious stake in Generali. At the same time, the financial advisory networks — Mediobanca Premier and Banca Widiba — will be merged under the Mediobanca brand.

The declared ambition of the management is twofold: to generate 700 million euros in synergies and to support Monte’s industrial plan, which aims to distribute 16 billion in dividends over five years to shareholders.

Impact on shareholding and authorization process

The completion of the merger, expected by the end of 2026, is subject to the approval of the supervisory authorities (ECB and Bank of Italy), the opinion of the Government for the exercise of golden power, and the vote of the extraordinary assemblies.

The operation will significantly modify the shareholder register of Rocca Salimbeni: Delfin will hold 16.1%, Gruppo Caltagirone 9.4%, Blackrock 4.6%, MEF 4.5%, Banco BPM 3.4%. The free float will represent about 62% of the capital.

Dialogue with the ECB and market reaction

As the merger takes shape, the board of Mps is engaged in responding to the observations of the European supervisory authorities, which have requested guarantees on the independence of judgment (independence of mind) of future board members and solid banking expertise for the role of CEO. The Siena board is preparing to send a letter to confirm the full compliance of the candidates — including the three profiles for the CEO position — with the rigorous criteria required by Frankfurt.

At Piazza Affari, the market welcomed the plan favorably: in the wake of the global geopolitical easing, the shares of both institutions closed significantly higher, with Mediobanca up 5.04% and Mps up 4.95%.