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Home > Finance > How Monte dei Paschi went from near collapse to buying Mediobanca

How Monte dei Paschi went from near collapse to buying Mediobanca

Published by Global Banking and Finance Review

Posted on September 9, 2025

4 min read

Last updated: January 22, 2026

How Monte dei Paschi went from near collapse to buying Mediobanca - Finance news and analysis from Global Banking & Finance Review

Monte dei Paschi's Journey: From Crisis to Acquiring Mediobanca

MILAN (Reuters) -Monte dei Paschi di Siena (MPS) has secured control of Mediobanca, with a 16 billion euro ($19 billion) share-and-cash offer.

MPS shocked Italian finance in January with the bold move that pitted a bailed-out lender which for a decade epitomised the country's banking woes against a former powerhouse that used to pull the strings of Italian capitalism.

Here is a timeline of key events in the recent history of MPS, which was founded in 1472.

NOVEMBER 2007 - MPS spends 9.9 billion euros in cash to buy Antonveneta from Santander, which had bought it only months earlier for 6.6 billion.

JANUARY 2008 - MPS funds the Antonveneta deal by issuing 5.95 billion euros in equity, 2.16 billion in junior debt and a 1.56 billion euro bridge loan.

MARCH 2009 - MPS sells 1.9 billion euros in special bonds to Italy's Treasury to shore up its finances.

JULY 2011 - MPS raises 2.15 billion euros in a rights issue ahead of European banking stress test results.

SEPTEMBER 2011 - The Bank of Italy provides 6 billion euros in emergency liquidity to MPS as the euro zone sovereign crisis escalates, pummelling the bank's large government bond holdings.

MARCH 2012 - MPS posts a 4.7 billion euro 2011 loss after goodwill writedowns on deals including Antonveneta.

JUNE 2012 - MPS asks Italy's Treasury to underwrite up to another 2 billion euros in special bonds.

OCTOBER 2012 - Shareholders approve a 1 billion euro share issue targeting new investors.

JUNE 2014 - MPS raises 5 billion euros in a rights issue and repays the state 3.1 billion euros.

OCTOBER 2014 - MPS emerges as the worst performer in Europe-wide banking stress tests.

JUNE 2015 - MPS raises 3 billion euros in a share issue and repays the remaining 1.1 billion euro state underwritten special bond.

JULY 2016 - MPS announces a new 5 billion euro rights issue and plans to offload 28 billion euros in bad loans.

DECEMBER 2016 - MPS turns to the state for help under a precautionary recapitalisation scheme after its cash call fails.

JULY 2017 - After the ECB declares MPS solvent, the EU Commission clears an 8.2 billion euro bailout which hands the state a 68% stake at a cost of 5.4 billion euros.

OCTOBER 2019 - MPS completes Europe's biggest bad loan securitisation deal.

JULY 2021 - UniCredit enters exclusive talks to buy "selected parts" of MPS, a day before European banking stress test results show the latter's capital would be wiped out in a slump.

OCTOBER 2021 - Talks with UniCredit collapse.

FEBRUARY 2022 - MPS names veteran UniCredit executive Luigi Lovaglio as CEO.

OCTOBER 2022 - MPS raises 2.5 billion euro in a cash call at 2 euros a share to fund 4,000 voluntary staff exits.

NOVEMBER 2023 - Italy cuts its MPS stake to 39.2% in a share placement that meets strong demand at a price of 2.92 euros.

MARCH 2024 - Investors pay 4.15 euros a share as the Treasury cuts its MPS stake to 26.7%.

MAY 2024 - MPS pays out dividends for the first time in 13 years.

NOVEMBER 2024 - The Treasury sells 15% of MPS at 5.792 euros a share, bringing onboard construction tycoon Francesco Gaetano Caltagirone, the heirs of late Italian billionaire Leonardo Del Vecchio, mid-sized peer Banco BPM, and fund manager Anima Holding.

JANUARY 2025 - MPS launches an unsolicited buyout offer for Mediobanca, of which Caltagirone and Del Vecchio's heirs own 27%.

FEBRUARY 2025 - MPS reports a net profit of 1.95 billion euros for 2024, highlighting its recovery.

SEPTEMBER 2025 - After MPS adds a cash component to the all-share bid, the offer ends with investors having tendered 62% of Mediobanca's capital. It will reopen for a further week on September 16.

($1 = 0.8501 euros)

(Reporting by Valentina ZaEditing by Keith Weir)