Italian bank Mediobanca receives European Central Bank's nod for Banca Generali acquisition deal
In a significant turn of events, Mediobanca's proposed €6.3 billion acquisition of Banca Generali, aimed at creating Italy's second-largest wealth manager, has been rejected by Mediobanca's shareholders in a pivotal vote held in August 2025.
Key details and current status:
- On August 18, 2025, the European Central Bank (ECB) and the Bank of Italy granted Mediobanca authorization to acquire direct and indirect control of Banca Generali and several related entities, subject to filing an integration plan within six months post-acquisition [1]. This regulatory clearance had paved the way for the acquisition legally.
- However, Mediobanca shareholders voted against the acquisition proposal around August 21, 2025, with about 35% turnout, rejecting the bid and therefore blocking the acquisition execution [3][5]. This rejection undermines Mediobanca's defense against Monte dei Paschi di Siena’s (MPS) hostile takeover effort.
- The shareholder vote on this acquisition was widely seen as a key determinant for control over Mediobanca, with institutional investors owning 70% of shares supporting the Banca Generali deal, but influential shareholders like the Del Vecchio and Caltagirone families opposed, introducing governance risks and uncertainty [2].
- The failure of the acquisition deal could accelerate the success of the hostile takeover bid from MPS, which aims to consolidate and reshape the Italian banking sector [2].
The rejection of the Banca Generali acquisition deal comes after Mediobanca CEO Alberto Nagel proposed the acquisition in April to fend off MPS's hostile takeover attempt [4]. The rescheduled vote on September 25, 2025 [2], may be a crucial upcoming event to watch for any reversal or further developments.
References:
- Reuters
- Bloomberg
- Financial Times
- The Wall Street Journal
- The Guardian
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