Italy's economy ministry plans to remain neutral amid merger and acquisition proposals involving bailed-out Monte dei Paschi di Siena (MPS), the minister told senators on Thursday, outlining how Rome might exit its remaining ownership.
Addressing the Senate, Minister Giancarlo Giorgetti reiterated that the Treasury will not take a stance on the extraordinary transactions that have been announced or on other potential alternatives. He said an accelerated bookbuilding (ABB) share placement would rank among "one of the best solutions" to reduce Italy's residual stake in MPS.
The minister underlined that the timing of any disposal must reflect the broader consolidation dynamics now playing out in the Italian banking sector, and suggested that the Treasury could move to sell its holdings before Intesa Sanpaolo's bid begins, to avoid complicating ongoing offers.
Market moves prompting the government's comments include an unsolicited cash-and-share proposal from Intesa Sanpaolo worth c30.6 billion ($35.10 billion) aimed at creating the euro zone's second-largest lender. Separately, Banco BPM has expressed a desire to open talks with MPS about a potential merger.
Italy currently holds 4.86% of MPS following the 2017 rescue and subsequent efforts to return the bank to private ownership through three stake placements that began in late 2023. Giorgetti said Rome remains committed to divesting that stake, but insisted such a step should be executed under "the best market conditions" to maximize the return on the state investment.
While the government is adopting a neutral stance on consolidation moves, the minister did not rule out imposing conditions on any deal under Italy's golden power framework for protecting strategic assets. That means the state could still set terms on transactions that affect critical national interests even if it does not formally endorse a specific bidder.
On the political front, Giorgetti's remarks indicate a shift from the League party's prior support for a Banco BPM-MPS tie-up - a position the party has previously signaled. The minister, a leading League figure, confirmed the ministry's neutrality, which suggests the party has stepped back from active advocacy for that pairing.
When lawmakers raised concerns about the influence of France's Credit Agricole at Banco BPM - given its stake of more than 20% - Giorgetti responded with a quip on national rivalry: "when Italy plays against France, I root for Italy."
The minister's statements reiterate Rome's intention to exit its remaining shareholding in MPS while emphasizing a preference for market-based disposal methods such as an accelerated bookbuilding. They also leave open the possibility that the government will apply protective conditions under golden power rules to any transaction involving strategic banking assets.