Mediobanca’s Banca Generali Acquisition Faces Opposition from Major Shareholders
A coalition of major shareholders, including the Del Vecchio and Benetton families, has prompted Mediobanca SpA to postpone its shareholder meeting regarding the proposed acquisition of Banca Generali SpA. The meeting has been rescheduled from June 16 to September 25 following indications from some investors that they would wait for Assicurazioni Generali’s stance before casting their votes. Assicurazioni Generali, which controls 50% of Banca Generali, is seen as critical to the deal’s outcome.
Mediobanca’s CEO, Alberto Nagel, is seeking to acquire Generali’s private banking arm by offering the company’s 13% stake in Assicurazioni Generali as consideration. This move is part of a broader strategy to counter a potential hostile bid from state-backed Banca Monte dei Paschi di Siena SpA. According to a Bloomberg report, a recent count of expected votes showed that the deal might fail to secure the required support due to growing investor abstentions.
UniCredit SpA, which owns a 1.9% stake in Mediobanca, is among those considering abstention, aligning with other cross-invested stakeholders such as the Del Vecchio family (20%) and the Benetton family (2.2%). The opposition may be further strengthened by Francesco Gaetano Caltagirone, who owns 10% of Mediobanca and is reportedly against the proposal. The combined influence of these shareholders could be sufficient to block the transaction.
The deal, initially proposed in April, comes amid Italy’s banking sector experiencing a wave of consolidation. Mediobanca expects the proposed deal to increase its return on tangible equity from 14% to 20%, with targeted synergies of around €300 million. A successful transaction would signal a shift away from long-standing ties with Generali, aligning with Nagel’s strategy to expand the bank’s private wealth operations and reduce exposure to cross-holdings.
The complexity of shareholder dynamics in Italy’s financial sector is reinforced by the overlapping stakes held by various entities. Mediobanca holds 13% of Generali, UniCredit owns 6.8%, and the billionaire families maintain positions across multiple institutions. The outcome of this deal will likely have significant implications for Mediobanca’s growth strategy and the broader Italian banking landscape.
