Mediobanca shareholders have overwhelmingly rejected a €6.8 billion proposal to acquire Banca Generali, dealing a setback to the Italian merchant bank's CEO and its strategy to fend off a hostile takeover by Monte dei Paschi di Siena (MPS). Approximately 78% of Mediobanca's shareholders were expected to attend the decisive meeting, where the bid was ultimately turned down. The rejection of this acquisition bid disrupts Mediobanca's efforts to strengthen its position in Italy's banking sector and potentially eases the path for MPS in its pursuit of control over Banca Generali. The vote marks a pivotal moment in the Italian financial landscape, reflecting shareholder skepticism about the proposed deal and its strategic implications.