FGC unanimously decides to oppose all points of the MPS meeting.

The Board of Directors of FGC, the unlisted holding company of the Caltagirone Group, has announced its intention to vote against all five items of the extraordinary part of the MPS shareholders ' meeting scheduled for October 29. The decision was made unanimously, after fully accepting the assessments of the Committee of Independent Directors, supported by the opinion of Professor

John Flowers.

The institutional context and the verification requests

This past afternoon, Mayor Nicoletta Fabio, Provincial President Agnese Carletti , and Regional President Eugenio Giani sent a letter to the European Commission – Directorate-General for Competition – requesting a thorough review of the potential effects of the MPS reorganization on competition and the credit system's ability to support families and businesses.

The document emphasizes that "this is not a request to interfere in the market, but to fully assess the effects on the diversity of banking and insurance offerings."

Delfin enters the scene with a decisive share

Meanwhile, Intesa Sanpaolo announced the “valuation” of the former Siena bank, only to reveal that Delfin had joined the takeover bid with a 17 percent stake.

This change created a new capital structure for MPS, forcing CEO Lovaglio to evaluate novel solutions. The advisors' analysis, launched the previous day, highlighted a series of complex scenarios, exacerbated by the likely similar decision by FGC.

Reactions from the banking and political world

Delfin's move has altered the focus of the discussion compared to Intesa Sanpaolo 's announcement twenty-four hours earlier, creating a rift between the stated positions and the operational reality. Unlike Carlo Cimbri 's interview with Il Sole 24 Ore , which received praise from Governor Giani, the current situation is more delicate: the future of the branch network, divided between Intesa Sanpaolo and BPER, and the general management of MPS are now at the center of the debate.

Prospects for local institutions

A few days ago, the Municipality, Province, and Region reiterated their willingness to collaborate to ensure regional stability. However, the current debate is shifting more toward national and European scenarios, where the decisions of FGC and Delfin could have repercussions on the Italian credit market.

The next meeting on October 29th will be the decisive moment for defining the restructuring process and the roles of the main parties involved.