The battle for control hinges on the influence of Delfin, the investment vehicle of the Del Vecchio family, which commands a 17.5% stake in MPS. Alongside billionaire Francesco Gaetano Caltagirone—who holds 10.3%—these investors hold the power to shape the bank's future. Their historical alliance, which once facilitated a takeover of Mediobanca, has fractured, leaving the board’s strategy in a state of precarious uncertainty.

Banca Generali remains the linchpin of this strategy, as its parent company, Assicurazioni Generali, maintains a majority stake. Securing this acquisition would effectively entrench MPS within a broader insurance ecosystem. Meanwhile, Unipol has positioned itself as a critical facilitator in the Intesa Sanpaolo bid, agreeing to absorb half of the Tuscan bank’s branch network and its headquarters. By merging these assets with BPER Banca, Unipol aims to reshape the competitive landscape, effectively absorbing the remnants of MPS should the hostile takeover succeed.