Credit Agricole executives conveyed this opposition directly to MPS CEO Luigi Lovaglio during recent discussions. The French firm argues that the current bid fails to provide adequate value for shareholders, effectively stalling a strategy Lovaglio devised to protect his bank from external acquisition pressures.

Instead of supporting the MPS proposal, Credit Agricole continues to advocate for a tie-up between its own unit, Credit Agricole Italia, and Banco BPM. This preference for a bilateral merger persists despite the collapse of prior negotiations regarding a potential merger of equals between the two Italian lenders. MPS has declined to comment on the reported friction, and the path forward for the consolidation of these financial institutions remains uncertain.