MPS, even Nagel finally joins the takeover bid for Mediobanca. But then the deal wasn't so bad...

Plot twist: outgoing Mediobanca top managers have also signed up to the MPS takeover bid . According to internal dealing reports released Friday evening, CEO Alberto Nagel has signed up with 364,000 shares, DG Francesco Saverio Vinci with 263,000, and Chairman Renato Pagliaro with 100,000. Another 100,000 shares were sold on the market the same day for €2.1 million. The bid represents 0.0009% of Mediobanca's share capital and will translate into a 0.00034% stake in MPS.

Specifically, the total amount involved is 727,000 shares, worth approximately €12.6 million. This move caught everyone off guard. Indeed, for months, the three top managers at Piazzetta Cuccia had criticized the operation launched by Monte dei Paschi di Siena, calling it "hostile," "devoid of industrial and financial rationale," and "destructive of value." But if even they ultimately decided to participate, then the takeover bid launched by MPS CEO Luigi Lovaglio wasn't so bad after all...

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However, as Repubblica reports, up until now the three managers had favored direct sales on the stock exchange, taking advantage of the company's record highs and collecting over €89 million, €54 million of which was for Nagel alone. Overall, in their nearly 25-year career at the helm of Mediobanca, the three top managers have received share packages worth approximately €140 million as a variable portion of their compensation.