On Oct. 29, 2026, shareholders of Banca MPS (not rated) voted against the incorporation of Mediobanca SpA and against the proposed exchange offer on Banco BPM (BBB+/Positive/A-2) and Banca Generali (not rated). We think that the outcome of the shareholders'meeting is positive for the successful Intesa Sanpaolo SpA (Intesa; BBB+/Positive/A-2) tender and exchange offer on the MPS group and, contrary to our previous view, eliminates the scenario of integration of Mediobanca within the MPS group. If Intesa's offer is successfully executed, we expect it to entirely retain Mediobanca to strengthen Intesa's already strong investment banking and wealth management proposition. Therefore, we placed our long-term credit ratings on Mediobanca SpA on CreditWatch with positive implications and plan to resolve the
