Italy Says Paschi’s Mediobanca Bid Is in the Country’s Interest

Italy will support lender Banca Monte dei Paschi Siena SpA’s bid to take over larger rival Mediobanca SpA, saying a successful move would benefit the country’s economy.

Rome has full faith in Paschi’s management, which “has achieved exceptional results, has a plan and has made a market proposal — if the market responds, we’ll be happy,” Finance Minister Giancarlo Giorgetti said at an event Friday. The offer is “totally transparent and in the interest of the Italian economy.”