The boards of Banca Monte dei Paschi di Siena (MPS) and Mediobanca have approved a merger plan to absorb Mediobanca into MPS. Mediobanca will be delisted from the stock exchange following the transaction.
Mediobanca shareholders will receive 2.45 MPS shares for each share held. This exchange ratio includes a 3% premium over recent market values.
The merger is expected to close by the end of 2026. The combined entity will become Italy’s third-largest banking group.
A new, wholly-owned subsidiary will retain the Mediobanca brand for corporate, investment, and private banking activities. This entity will also hold a strategic 13% stake in insurer Generali.
The companies project the merger will generate approximately €700 million in synergies.