The Boards of Directors of Banca Monte dei Paschi di Siena and Mediobanca have approved the plan for the merger by incorporation of Mediobanca into MPS, with an exchange ratio of 2.45 MPS shares for every Mediobanca share. The exchange ratio takes into account the 2025 dividend distribution and represents a 3% premium based on yesterday's closing prices.

Key details of the transaction include:

* MPS will increase its share capital by a maximum of 1.61 billion euros through the issuance of up to 272 million ordinary shares. * The merger, aligned with the MPS 2026-2030 Industrial Plan, anticipates industrial synergies of approximately 700 million euros. * Following the merger, Delfin will hold 16.1% of MPS share capital, Francesco Gaetano Caltagirone 9.4%, BlackRock 4.6%, the MEF 4.5%, and Banco BPM 3.4%. * The merger requires authorization from the ECB, the Bank of Italy, and the Presidency of the Council of Ministers under Golden Power regulations. * The transaction will be submitted for approval to the extraordinary shareholders' meetings of MPS and Mediobanca. The merger is expected to become effective by the end of 2026. * In a separate statement, MPS announced it has approved the 2025 draft financial statements, confirming preliminary results. It has resolved to propose a cash dividend of 0.86 euros per share at the next shareholders' meeting on April 15, 2026.

Merger press release

Financial statements press release

(Stefano Bernabei, editing Andrea Mandalà)