Monte dei Paschi approves split of Mediobanca Premier and Widiba amid takeover bids

Monte dei Paschi di Siena (MPS) announced that its board unanimously approved two restructuring projects: a carve‑out (scorporo) of Mediobanca Premier and a partial split of Mediobanca Premier in favor of Banca Widiba. The plan creates a new, wholly‑owned, non‑listed entity to be named Mediobanca SpA, which will receive the bank’s corporate and investment‑banking activities, high‑net‑worth private‑banking operations, foreign branches and MPS’s stake in Assicurazioni Generali. The transactions are expected to be completed by the fourth quarter of 2026, subject to shareholder approval and regulatory clearance.

The restructuring comes as MPS faces competing acquisition proposals: Intesa Sanpaolo has offered roughly €30 billion, proposing 1.6 Intesa shares plus €1 in cash per MPS share with a 12.5% premium, while Banco BPM has suggested a merger on equal terms. Analysts view the carve‑out as a defensive move to preserve MPS’s independence before any deal is finalized. Advisors UBS, BofA Securities, BonelliErede and White & Case are supporting the process.