The FTSE MIB closed largely unchanged at 52,666 on Thursday, as merger and takeover developments continued to shape sentiment around heavyweight financials. MPS fell 0.3% after its board approved plans to launch separate bids for Banco BPM (0.9%) and Generali-controlled (-0.1%) Banca Generali, in an effort to fend off a takeover bid from Intesa Sanpaolo (0.4%). BPER Banca (-0.3%) and Unipol (-3.0%) were also affected, while UniCredit (0.6%) has built a stake in Generali in recent months, which it has described as a financial investment. Meanwhile, Eni advanced 2.6%, tracking higher global oil prices after US President Donald Trump announced a sweeping package of economic measures targeting Iran. Utilities outperformed, led by Italgas (2.0%) and Snam (1.3%). On the downside, Stellantis fell 3.7%, erasing recent gains, while Amplifon declined 3.0% after GN Hearing reported disappointing quarterly results.