The ongoing situation surrounding the Mps-Mediobanca merger is drawing scrutiny from the Italian financial regulator, Consob. Financial sources indicate that Consob is examining market movements in the days preceding and following the announcement of the merger and the simultaneous delisting of Piazzetta Cuccia. Although this investigation is not formal at this stage, it aims to clarify the flows and timings of transactions that occurred around the time of the official announcement.

Particularly, Consob's focus is on the period between the first rumors, which surfaced days before the merger announcement, and the official communication, which highlights the CEO Luigi Lovaglio's decision to accelerate the merger process. This decision is understood to have been influenced by perceived pressure from the European Central Bank (ECB). During this window, unusual market activities were noted, characterized by sell-offs of Mps shares and purchases of Mediobanca shares, which could indicate speculation or insider knowledge.

The implications of this investigation could be significant for market integrity and investor confidence in Italy's financial sector. If Consob finds evidence of inappropriate trading practices, it may lead to regulatory actions that could affect the companies involved and their stakeholders. Moreover, the evolving landscape of Italian banking consolidation may prompt further scrutiny from both regulators and investors as the region navigates complex financial transactions in the wake of recent developments.