Francesco Gaetano Caltagirone, the second-largest shareholder in Banca Monte dei Paschi di Siena (MPS), has publicly opposed selling the bank’s stake in Generali ($GASI.MI).
The Core Conflict:
- Shareholder View: Caltagirone argues that Generali provides a vital insurance component that competing banks envy. He views the stake as a cornerstone asset that should not be sacrificed.
- Management View: MPS CEO Luigi Lovaglio recently stated the bank is “not tied” to the stake, suggesting a potential sale could be considered under the right financial scenarios.
The Strategic Backdrop:
- Mediobanca Connection: Last year, MPS acquired Mediobanca, which holds a 13% stake in Generali. This move placed MPS at the center of Italy’s financial power structure.
- Caltagirone’s Position: As a key shareholder in both MPS and Generali, Caltagirone is pushing for stability and integration rather than a divestment that could weaken the bank’s diversified business model.
The Bottom Line: The debate over the Generali stake is a test of MPS’s long-term strategy. While management eyes liquidity and flexibility, major shareholders are fighting to preserve the bank’s influence over Italy’s top insurer.