MPS and Mediobanca to Merge, Mediobanca to Leave Milan Stock Exchange

Monte dei Paschi di Siena (MPS) and Mediobanca have received approval from their respective boards of directors to merge, a move that will result in Mediobanca’s delisting from the Milan Stock Exchange. The exchange ratio has been set at 2.45 shares of MPS for each share of Mediobanca Il Sole 24 Ore.

Details of the Merger

The merger, expected to be finalized by the end of 2026, will see Mediobanca incorporated into MPS. This marks a significant shift in the Italian banking landscape after 70 years of Mediobanca’s presence on the stock exchange Il Sole 24 Ore. Shareholders of both institutions will need to approve the merger at extraordinary meetings.

Shareholding Structure Post-Merger

Following the merger, the shareholding structure of MPS will be reshaped. Key shareholders will include:

• Delfin: 16.1%
• Caltagirone Group: 9.4%
• BlackRock: 4.6%
• Italian Ministry of Economy and Finance (MEF): 4.5%
• Banco BPM: 3.4%
• Free Float: 62% Il Sole 24 Ore.

Strategic Rationale and Synergies

MPS stated that the merger aligns with its 2026-2030 industrial plan and is expected to generate approximately €700 million in synergies Il Sole 24 Ore. The integration aims to create a unified banking group while preserving the distinct identities and areas of expertise of both institutions.

Mediobanca’s Future Role

The new Mediobanca will focus on corporate & investment banking and high-end private banking, operating as a wholly-owned subsidiary of MPS. The group will similarly maintain its 13.2% stake in Assicurazioni Generali Wall Street Italia.

Market Reaction

The announcement prompted a positive market reaction, with both MPS and Mediobanca shares experiencing a 5% increase in value before the official announcement Il Sole 24 Ore.

Delisting and Reorganization

The merger will lead to Mediobanca’s delisting from the Milan Stock Exchange, marking the end of an era for the investment bank. The reorganization will also involve integrating the financial advisory networks of Mediobanca Premier and Banca Widiba, which will be rebranded under the Mediobanca name ANSA.