Overview
- MPS has convened its board for Friday, December 5, to review the investigation and the position of CEO Luigi Lovaglio, who has appointed lawyer Giuseppe Iannaccone for his defense.
- Mediobanca shareholders approved inclusion in the Montepaschi group and aligned the fiscal year to December 31, with about 89.69% participation and 99.99% approval.
- Milan prosecutors Marcello Viola and Roberto Pellicano said the 2024 accelerated sale of a 7% MPS stake was procedurally anomalous but not criminal, and they ruled out any hypothesis of government liability.
- The probe lists Francesco Gaetano Caltagirone, Delfin’s Francesco Milleri, and MPS CEO Lovaglio under investigation for alleged market manipulation and obstruction of supervision, citing intercepted communications that describe an undisclosed Caltagirone–Delfin voting bloc around 30–35% and coordination toward Mediobanca and Generali.
- Market fallout has erased roughly €3.3 billion in value since the probe surfaced, with MPS down about 12.6% from €8.72 to €7.62.