In the Antitrust Authority's view, the merger might create or  strengthen a dominant position, thus eliminating or substantially and permanently reducing competition in a number of provincial and regional markets. The markets in question are those regarding deposit-taking and lending as well as the sale of investment funds and life insurance products.

The Authority's assessment will also, in line with previous rulings on mergers in the banking industry, cover the takeover's potential effects on the future governance of MPS and Antonveneta. Specifically, the aim of the analysis will be to ensure that the merger does not strengthen already strong links among industry operators, or lead to the creation of such links, such as to compromise in any significant measure the competitive dynamics in the different markets involved.

The investigation must be completed by 15 May 2008, a deadline which includes the statutory 30 days for obtaining ISVAP's opinion.

Rome, 27 February 2008