Mps resists sales, Thursday's board meeting is expected to rise

"Among the options under discussion," they add, "the delisting of the minority interests in Mediobanca, carried out by means of a capital increase to service the exchange, would bring benefits in terms of flexibility in the management of the group and in terms of capital". Equita analysts also believe that the reappointment of Lovaglio "would be positive in terms of stability and governance of the institution". Equita has a hold rating with a target price of EUR 10.50.

On 4 February, subject to obtaining the ECB's authorisation, a shareholders' meeting will be held to approve amendments to the articles of association, including the one introducing the possibility of presenting the outgoing board's list. Caltagirone (a 10.3% shareholder) has announced its intention to wait for the shareholders' meeting before expressing a position, so as not to influence the board's decisions.

Within the board, according to reconstructions, frictions emerged related to the integration process with Mediobanca. On the one hand, Lovaglio would push for a delisting of Mediobanca, aimed at a reorganisation of activities and a faster extraction of synergies; on the other hand, some board members would be in favour of keeping Mediobanca listed, evaluating a possible increase in the free float (from the current 14% to around 30%) and proceeding with a gradual integration.