Monte Paschi Takes Over Mediobanca to Reshape Italian Banking

Banca Monte dei Paschi di Siena SpA has secured a majority stake in Mediobanca SpA, cementing a once-unthinkable €16 billion takeover that’s set to reshape Italian finance.

Mediobanca investors have tendered 62.3% of the shares to Monte Paschi, according to a filing on Monday that confirmed an earlier Bloomberg News report. That will give Monte Paschi a majority stake once it has formally acquired those shares.

The deal, worth almost €16 billion ($18.8 billion) at Monday’s market close, is set to create Italy’s third-largest lender by assets. It brings to fruition a long-held ambition of Italian Prime Minister ...