The FTSE MIB closed largely unchanged at 52,668 on Friday, as merger activity drove a mixed performance among heavyweight financials. MPS fell 1.3% after announcing plans to bid for Banco BPM (-0.4%) and Generali-controlled Banca Generali (-0.4%) in deals worth a combined €34 billion, seeking to fend off rival Intesa Sanpaolo’s (-0.7%) takeover bid. MPS is also still in the process of absorbing Mediobanca (-1.8%), with CEO Lovaglio facing the challenge of winning over investors in the target, including Credit Agricole. BPER Banca (-0.1%), Unipol (0.9%) and UniCredit (0.3%) were also affected by the ongoing consolidation activity. Meanwhile, energy stocks traded lower, led by Tenaris (-2.4%), while Eni (-1.7%) and Saipem (-0.8%) also declined. On the upside, Stellantis gained 4.1%, while Avio advanced 2.6% after Goldman Sachs further increased its aggregate stake in the company. Brunello Cucinelli (2.3%) and Ferrari (1.9%) also advanced, recovering from the previous session’s losses.