Published by Global Banking and Finance Review
Posted on December 1, 2025
MILAN, Dec 1 (Reuters) - Shares in Monte dei Paschi di Siena fell for a third straight session on Monday after the bailed-out bank and its two main investors were drawn into a probe over the takeover of Mediobanca.
Prosecutors in Milan are investigating allegations of market rigging and obstruction of regulators in relation to the 16 billion euro ($19 billion) deal that handed MPS control of Mediobanca in September.
By 1100 GMT shares in MPS fell 3.3%, underperforming a 0.8% drop in Italy's banking index. The stock lost 2.1% on Friday and 4.6% on Thursday when news of the probe emerged.
Rising 143% since the start of 2024, MPS has outperformed the index's 127% gain over the period.
MPS last week confirmed the probe targeting the bank and its Chief Executive Luigi Lovaglio and expressed confidence it would be able to prove it always acted correctly.
Main shareholders, investment vehicle Delfin and construction group Caltagirone said they had always complied with existing laws and market regulations.
The MPS bid is the largest in a consolidation wave reshaping Italian finance.
The round began when Italy's Treasury in November 2024 sold part of MPS, which it had been re-privatising after a 2017 bailout, to four investors: Delfin, Caltagirone, rival bank Banco BPM and Anima, a fund manager now owned by BPM which was already invested in MPS.
The Treasury had long sought a merger of MPS and BPM, to create a third major player alongside Intesa Sanpaolo and UniCredit.
UniCredit derailed that plan by bidding for BPM, a takeover which later failed but prompted MPS to bid for Mediobanca in the meantime.
MPS is now due to present to investors in the first quarter a plan for the combined entity, which the European Central Bank will review first.
($1 = 0.8602 euros)
(Reporting by Valentina Za, Editing by Louise Heavens)
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