The European Central Bank has decided to approve a bid by Monte dei Paschi di Siena (MPS) to take over Mediobanca, Reuters reported on Tuesday.
    The decision was made by the ECB's supervisory board and is set to be confirmed by its governing council, Reuters said, citing sources.
    Merchant bank Mediobanca considers MPS's bid of around 14 billion euros to be 'hostile' and said in April that it was launching a 6.3-billion-euro bid to take over Banca Generali, a wealth management firm controlled by Italian insurance giant Generali, in an effort to thwart it.
    The Italian treasury is MPS's biggest shareholder as it still owns a stake of over 11% after a 2017 bailout.

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