Business · Companies · 1 hr ago
MPS shareholders reject merger plan with Mediobanca
Monte dei Paschi shareholders rejected a merger with Mediobanca at a meeting in Siena, Italy.
The plan was backed by 32.91% of votes cast, while 63.65% were against; approval required two-thirds of votes represented at the meeting.
The merger was part of chief executive Luigi Lovaglio’s plan for the bank, which also involved offers for Banco BPM and Banca Generali.
The linked Mediobanca restructuring will not be considered after the merger proposal failed.
The vote came as Intesa Sanpaolo pursued an offer involving MPS; Lovaglio said its changed position on the merger had surprised him.
The vote does not settle MPS’s future, he said, pointing to a pending Antitrust process that will clarify the scope and conditions of Intesa’s operation.
The meeting is due to resume on the Banco BPM and Banca Generali offers, according to the coverage.
MPS shareholders rejected a plan to merge the bank with Mediobanca at a meeting on 29 October 2026.
A total of 63.65% of shares represented at the meeting voted against, while 32.91% voted in favour and 3.42% abstained.
Approval required two-thirds of the capital represented, and 65.86% of MPS’s share capital was present when the vote was held.
The rejection meant shareholders would not vote on a related partial demerger involving Mediobanca Premier, Widiba and MPS.
MPS chief executive Luigi Lovaglio said the vote was not a final verdict on the bank’s future and pointed to a pending antitrust process involving Intesa Sanpaolo’s offer.
- Who
- MPS shareholders voted on the proposed merger with Mediobanca.
- What
- They rejected the merger plan. The vote also halted consideration of a related partial demerger.
- When
- 29 October 2026.
- Where
- At an MPS shareholders’ meeting in Siena.
- Why
- The proposal failed to secure the required two-thirds of the capital represented at the meeting.
This story does not have two clearly opposing sides.
MPS shareholders met to consider ordinary and extraordinary agenda items.
Shareholders rejected the Mediobanca merger plan, and the meeting did not proceed to the related demerger item.
The meeting was suspended and was due to resume with consideration of offers involving Banco BPM and Banca Generali.
- Vote against
- 63.65% of capital represented
- Vote in favour
- 32.91% of capital represented
- Abstentions
- 3.42% of capital represented
- Capital present
- 65.86% when the merger vote was held
- Approval threshold
- Two-thirds of the capital represented
3 sources
What people are saying
The vote of today is only a step, not a final verdict on our future
We were surprised, instead, by Intesa Sanpaolo's change of direction: initially in favour of the merger and subsequently oriented towards hoping for its non-approval
Without our initiative, the discussion would have remained at the initial conditions