Should the MPS deal involving BPM and Banca Generali go ahead, the largest shareholder in the new third banking group would be the French bank, with an estimated 15 per cent stake – a figure set to rise, just as it has always done both at home and in Italy. A long and instructive history

The CEO of MPS, whilst convinced that a merger with BPM is the best way to preserve Siena’s integrity, would not go so far as to sign off on an alternative proposal to Intesa that has no chance of success. Meanwhile, the puzzle remains incomplete

The director of the Siena-based institute is responding to Intesa Sanpaolo’s offer in a very cautious manner. Meanwhile, BPM is watching developments from afar “with satisfaction”