Generali to reexamine Mediobanca's proposed €6.3bn acquisition of Banca Generali
In a surprising turn of events, Mediobanca's voluntary public offer to acquire Banca Generali was rejected by shareholders at a meeting held on August 21, 2025. This decision effectively halts Mediobanca's plan to combine with Banca Generali and pursue its strategic growth and consolidation objectives in wealth management.
The rejection exposed governance conflicts within Mediobanca, driven by opposition from influential stakeholders such as the families of Francesco Gaetano Caltagirone and Del Vecchio. This opposition disrupted CEO Alberto Nagel’s consolidation strategy and destabilized the Italian banking M&A landscape.
Mediobanca had framed the acquisition as a key step to create a stronger, diversified wealth management group. However, shareholders were not convinced, with only about 35% supporting the deal. Following the rejection, Mediobanca’s stock dropped slightly and its position against a potential hostile takeover bid by Monte dei Paschi di Siena weakened.
Meanwhile, Generali Group reported a strong operational performance for the half-year period ending 30 June 2025. The group's adjusted net result stood at €2.2bn, a 10.4% increase from the same period last year. The group's strong operational performance, particularly in the property and casualty (P&C) insurance segment, contributed to this improvement.
Generali Group also saw a marginal decrease in its Asset & Wealth Management division's operating result by 1.1%, supported by the input from Conning Holdings Limited (CHL). Despite the decline in operating result, Banca Generali managed to secure total net inflows of €3bn in the first half of the year.
The assessment of this offer will be conducted by Generali Group over the coming weeks. Generali Group reserves the right to continue evaluating the offer and the potential Industrial Partnership. No further details about the potential Industrial Partnership have been disclosed.
The proposed merger between Mediobanca and Banca Generali could have created a major entity in the European market. However, with the offer rejected, it remains to be seen whether alternative merger opportunities in Italy’s financial sector will emerge. The failed bid represents a significant setback for Mediobanca’s ambitions.
References: [1] Reuters. (2025, August 13). Mediobanca launches bid for Banca Generali. Retrieved from https://www.reuters.com/business/finance/mediobanca-launches-bid-for-banca-generali-2025-08-13/ [2] Financial Times. (2025, August 22). Mediobanca's Banca Generali takeover bid rejected. Retrieved from https://www.ft.com/content/92c5c3f2-b796-442b-a382-a935d3657d72 [3] Bloomberg. (2025, August 21). Mediobanca's Banca Generali Takeover Bid Fails to Win Shareholder Approval. Retrieved from https://www.bloomberg.com/news/articles/2025-08-21/mediobanca-s-banca-generali-takeover-bid-fails-to-win-shareholder-approval
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