Overview

• After the five-day reopening, an additional 128,874,081 shares were tendered, bringing MPS’s stake in Mediobanca to 86.33% according to Borsa Italiana.
• Crossing the two‑thirds threshold gives MPS control of extraordinary meetings, enabling it to seek a merger between the two banks.
• Korn Ferry is assisting on candidates as MPS prepares a majority slate for Mediobanca’s board to be filed by October 3, following directors’ resignations effective at the October 28 shareholders’ meeting.
• No automatic delisting applies under Borsa Italiana rules at the current stake, so MPS is assessing options that include a merger, maintaining the listing, or restoring a market float via placements or other tools.
• Mediobanca’s 13.1% holding in Generali shifts under MPS’s influence as Unicredit cuts its Generali stake below 2%, while post‑offer MPS ownership concentrates with Delfin about 18%, Caltagirone roughly 11%, the Treasury near 5%, and Banco BPM around 2%.