Published by Global Banking and Finance Review
Posted on December 8, 2025
MILAN, Dec 8 (Reuters) - Shares in Italy's Monte dei Paschi di Siena rose on Monday, lifted by a weekend report that markets regulator Consob found no evidence of a secret accord among the bank's top shareholders to seize control of Mediobanca.
Shares in state-backed MPS have been under pressure due to a probe by Milan prosecutors into its Mediobanca acquisition. By 1346 GMT shares rose 4.6%.
The investigation focuses on an alleged hidden accord between MPS' two largest shareholders to gain control of Mediobanca and insurer Generali, where Mediobanca is the main investor, with help from MPS CEO Luigi Lovaglio.
Lovaglio and the two shareholders — construction magnate Francesco Gaetano Caltagirone and EssilorLuxottica CEO Francesco Milleri, who heads the Del Vecchio family's Delfin vehicle — are all under investigation and deny wrongdoing.
MPS late on Friday expressed full support for Lovaglio after the board concluded he met all the requirements of "fit and proper" conduct set for bank executives.
While the criminal probe is still ongoing, Consob conducted its own investigation following a raft of complaints in March by then Mediobanca CEO Alberto Nagel, Il Sole 24 Ore daily reported on Saturday.
The paper cited a Consob report dated September 15, in which the watchdog's corporate supervision arm ruled out concerted action between Caltagirone and Milleri.
Since then, however, Consob has received further information from the magistrates and is still in the process of reviewing the new material, a person close to the matter said.
"Overall, the Consob document appears to run counter to the prosecutor's current investigative framework; the latter's inquiries remain ongoing," Milan-based broker Equita said.
"The investigation was disclosed on 27 November, leaving open the possibility that further evidence may have emerged after the Consob assessment," it added.
(Reporting by Claudia Cristoferi and Valentina Za;Editing by Keith Weir)
