The battle for control in Italian banking is heating up as Monte dei Paschi di Siena (MPS) launches a dual takeover approach for Banco BPM and Banca Generali, aiming to block a hostile bid from Intesa Sanpaolo.
📌 Projected Ownership in Combined Entity:
- 50.1%: Existing MPS Shareholders
- 37.2%: Banco BPM Shareholders
- 12.7%: Banca Generali Shareholders
📊 Top Shareholders in the Proposed Entity:
- Crédit Agricole (France): ~11%
- Del Vecchio Family (Delfin): 8.8%
- Francesco Gaetano Caltagirone: 6.8%
- Generali Insurance: 6.4%
- Italian Treasury: 2.4%
💡 Key Strategic Moves:
- Delfin & Caltagirone: Hold pivotal stakes across MPS, Generali, and UniCredit, giving them decisive leverage over any countermoves.
- Crédit Agricole: Holds a 29.3% stake in Banco BPM and previously opposed a direct BPM-MPS merger.
- Network Restructuring: Insurer Unipol plans to acquire ~635 MPS branches to resolve antitrust concerns and integrate them into BPER Banca.