FTSE MIB rises as Italian banks stay in merger focus

The FTSE MIB rose to around 52,800 on Friday, following a nearly flat session on Thursday, with heavyweight financials remaining in focus amid ongoing merger and takeover activity.

Monte dei Paschi di Siena launched €34 billion in all-share offers for Banco BPM and Banca Generali, aiming to create a larger banking group and counter Intesa Sanpaolo’s takeover bid for MPS.

MPS gained 0.8%, while Banco BPM and Banca Generali fell 0.8% and 2.9%, respectively.

Meanwhile, Avio rose 0.2% after private equity firm Advent International said it was considering buying additional shares, on top of the roughly 7% stake it will acquire through a planned reserved share issue.

Other notable gainers included technology stocks STMicroelectronics and Prysmian, both up nearly 2%, while automakers Ferrari and Stellantis gained 0.9% and 1.4%, respectively.

For the week, the index is heading for a second straight decline.