Monte dei Paschi di Siena has struck the decisive blow, securing a majority stake in Mediobanca and overcoming weeks of market resistance. With 62.3% of Mediobanca’s capital tendered through its takeover bid, the Tuscan bank will, as of September 15 – the payment date – officially take control of the historic institution in Piazzetta Cuccia.

The move marks a turning point in Italian finance: Mediobanca, until now led by CEO Alberto Nagel, will become a subsidiary of MPS, giving the Sienese bank a strategic role in the governance of Generali. On the final day of the offer alone, shareholders tendered an additional 16.5% of Mediobanca’s capital, bringing the total to 506.6 million shares.

Markets have welcomed the industrial rationale behind the deal. MPS CEO Luigi Lovaglio emphasized that the merger will create “a new, highly diversified and resilient competitive force, among the leaders of the banking sector,” expected to deliver €700 million in synergies and unlock €2.9 billion in tax credits.

Between September 16 and 22, when the offer reopens, MPS could push its stake beyond 66.7%, the threshold needed to delist Mediobanca and fast-track the integration process.

The bid gained early support from major shareholders Delfin and Caltagirone, later joined by pension funds, asset managers such as Amundi, Anima and Tages, as well as Unicredit. A sweetener of €0.9 per share, introduced in early September, proved decisive in swaying reluctant investors, while effectively putting an end to Nagel’s ambitions for Banca Generali.