The European Central Bank has cleared Monte dei Paschi di Siena’s proposed acquisition of rival Mediobanca, a source with knowledge of the matter told Reuters, as a raft of takeover bids reshapes Italian finance.
Why it matters
Monte dei Paschi (MPS), which for a decade epitomised Rome’s banking woes until a 2017 state bailout, shocked investors in January by bidding for the Milanese merchant bank that was once a powerhouse of Italian capitalism.
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