Published by Global Banking & Finance Review®
Posted on December 8, 2025
2 min readLast updated: January 20, 2026
Monte dei Paschi shares rose after Consob found no hidden shareholder pact in its Mediobanca acquisition probe, contrasting with ongoing investigations.
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)
Equity refers to the ownership value in an asset or a company, representing the shareholders' stake after all liabilities have been deducted. It is often expressed as shares in a corporation.
Financial markets are platforms where buyers and sellers engage in the trade of assets such as stocks, bonds, currencies, and derivatives. They facilitate the raising of capital, transfer of risk, and price discovery.
Corporate governance involves the systems and processes that direct and control a company. It encompasses the relationships among stakeholders, including management, board of directors, shareholders, and regulators.
An investigation in finance typically refers to the examination of a company's financial practices, transactions, or compliance with regulations, often initiated by regulatory bodies or internal auditors.
Insurance is a financial arrangement that provides protection against financial loss or risk. It involves the transfer of risk from an individual or entity to an insurance company in exchange for premium payments.
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