Monte dei Paschi di Siena sets assembly to vote on major merger and acquisition plans

Monte dei Paschi di Siena (MPS) has officially convened its shareholders' assembly for October 29, 2026, to vote on a major strategic restructuring plan. The agenda includes public exchange offers for Banco BPM and Banca Generali, as well as a proposed merger through incorporation of Mediobanca.

CEO Luigi Lovaglio defended the growth strategy at a Bank of America conference in London, stating that the proposed operations on Banco BPM and Banca Generali are complementary but can function independently. Lovaglio noted that the Banco BPM deal would provide significant synergies and increase the group's size, while the Banca Generali move would strengthen wealth management and deepen the partnership with Generali. He emphasized that the assembly is not a referendum against Intesa Sanpaolo's offer, but an opportunity to maintain multiple strategic alternatives to maximize shareholder value.

The assembly will also address the appointment of new directors, the approval of Mediobanca's acquisition of Generali shares held by Mediobanca, and a proposed extraordinary dividend of 4 billion euros. The Italian government has expressed neutrality regarding the assembly, though its 4.86% stake remains a critical factor in achieving the necessary voting quorums.