(Alliance News) - Talks continue regarding the industrial plan and future structure between MPS and Mediobanca, but after two days of meetings in Rome, no shared solution has yet emerged.
As reported by Corriere della Sera on Tuesday, the atmosphere is described as constructive, but the MPS board has requested that all options be considered, launching a review without indicating a preferred course of action.
In addition to the merger hypothesis—initially considered the natural path—an alternative is gaining ground: maintaining the current structure, with MPS holding 86.3% of Mediobanca and the possible restoration of the free float to up to 30%, aiming for gradual integration.
Meanwhile, the renewal of the MPS board is approaching, expected at the shareholders' meeting on April 16. According to Reuters, the MEF will support the re-election of CEO Luigi Lovaglio and will not back any slates that do not include him. The Caltagirone group, on the other hand, has chosen not to take a position, awaiting the board's decisions.
Time remains tight: MPS aims to present the plan to the market and the ECB by the end of February. In the coming days, the board will need to define the rules for the slate and select the head hunter. The merger with Mediobanca would enable synergies of EUR 700 million over three years, while without a merger, the benefits would be more gradual, according to analysts.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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