Explainer-What's the impact of the probe into MPS' bid for Mediobanca?

MILAN, Dec 1 (Reuters) - The takeover of Mediobanca by state-backed Monte dei Paschi di Siena (MPS) is at the centre of a criminal probe in Milan that is targeting both MPS and its top two shareholders and has dealt a blow to MPS's share price.

Here are some key elements concerning the investigation and its potential consequences:

WHAT IS THE IMPACT ON THE MEDIOBANCA ACQUISITION?

By extending their probe past the conclusion of the transaction, magistrates have avoided interfering with the deal, judicial and investigative sources told Reuters.

The transaction stands, two sources said. The possibility of it being impacted is essentially theoretical, they said, and would require - in the coming years, once there is a final ruling - someone to take separate legal action in a bid to annul it.

HOW FAR-RANGING IS THE PROBE?

The investigation is broader than what has emerged publicly so far, the sources said.

On Thursday, police searched not only the offices of the people and companies targeted by the probe, but also other locations where they confiscated around a dozen mobile phones of individuals who, though not considered suspects, could potentially contribute evidence to the case.

WHAT IS THE NEXT STEP?

The investigation is expected to last a few more months, after which prosecutors will submit to a judge a request that the suspects stand trial. Once a judge has authorised the case be tried in court, a final ruling would take several years. A court verdict in Italy can be appealed twice.

(Reporting by Emilio Parodi and Valentina Za; Editing by Joe Bavier)