MPS seeks shareholder approval for Ops on Banco Bpm and Banca Generali as Delfin and market funds weigh vote
Executive summary: On 13 September 2026, la Repubblica reported that Monte dei Paschi's CEO Lovaglio is seeking shareholder approval for two optional public purchase operations (Ops) on Banco Bpm and Banca Generali, with a vote scheduled for 29 October 2026. The vote will determine whether MPS proceeds with the Ops, potentially altering its competitive position in the Italian banking sector and influencing the shareholder structures of Banco Bpm and Banca Generali.
Who is involved: MPS CEO Lovaglio, Delfin (a major shareholder), institutional investors, proxy advisors, and the boards of Banco Bpm and Banca Generali.
Likely next: Proxy advisor recommendations are expected by the end of September 2026; the shareholder vote will take place on 29 October 2026, after which MPS will either move forward with the Ops or reassess its strategy.
Monte dei Paschi’s CEO Lovaglio is campaigning for shareholder backing of two optional public purchase operations (Ops) on Banco Bpm and Banca Generali, with a vote set for 29 October. He must convince a divided group of strong shareholders and secure at least half of institutional investors; proxy advisor opinions expected at month‑end may not be decisive, leaving the final choice to investors. The outcome will shape MPS’s strategy to strengthen its position in Italian banking and could affect the market dynamics of the two target banks.
What's next — scenarios
Approval of both Ops (40%)
MPS moves ahead with the Ops on Banco Bpm and Banca Generali, potentially reshaping its market position and triggering regulatory review.
- Proxy advisors recommend vote in favor by end Sep 2026
- Institutional investors deliver ≥50% support at the Oct 29 vote
Partial approval (one Op only) (30%)
MPS proceeds with only one of the two Ops, limiting its strategic gain and leaving the other target bank unaffected.
- Split recommendation from proxy advisors
- Institutional voters approve one Op but reject the other
Rejection of both Ops (30%)
MPS abandons the Ops plan, prompting it to explore alternative capital‑raising or partnership options.
- Proxy advisors recommend against the Ops
- Institutional investors deliver <50% support for each Op
What to watch
- Proxy advisor ISS recommendation on MPS Ops – expected by 30 Sep 2026
- Shareholder vote on MPS Ops – scheduled for 29 Oct 2026
- Any public statement from Delfin regarding its voting intention – expected before mid Oct 2026
Timeline
- — Mps, corsa per il sì in assemblea di Delfin e dei fondi del mercato (la Repubblica — Economia)
- — Leonardo Maria Del Vecchio rassicura sui debiti, ma su Delfin c’è il muro dei fratelli (la Repubblica — Economia)
- — Leonardo Maria Del Vecchio, debiti cresciuti a 1,3 miliardi. Il nodo degli utili Delfin bloccati (la Repubblica — Economia)
Analysis — what this means
Likely next events
- Proxy advisor ISS to release recommendation on MPS Ops by 30 Sep 2026
- Shareholder vote on MPS Ops scheduled for 29 Oct 2026
Sectors affected
- Italian banking
- Banco Bpm
- Banca Generali
Key entities
Sources
- Mps, corsa per il sì in assemblea di Delfin e dei fondi del mercato — la Repubblica — Economia
- Leonardo Maria Del Vecchio rassicura sui debiti, ma su Delfin c’è il muro dei fratelli — la Repubblica — Economia
- Leonardo Maria Del Vecchio, debiti cresciuti a 1,3 miliardi. Il nodo degli utili Delfin bloccati — la Repubblica — Economia
Related cases
- Delfin's 17.5% stake in Monte dei Paschi creates a deadlock that could derail the Lovaglio banking consolidation plan
- Tribunal sets €149 million price for 0.4 % Delfin stake, paving the way for heirs to transfer shares
- Delfin’s heir assembly exposes governance split, weighing on EssilorLuxottica shares
- Italian insurance risk realignment could reshape Unicredit's future amid French banking pressures