Italy's bank deals travel over the setback of investors and Rome | Company Business News

(Bloomberg) – Italy has been the center of a Renaissance in European bank research for almost a year, with at least half a dozen proposed transactions. So far, most are in political opposition and competitive investor interests. Mediobanca Spa on Sunday became the latest example when he postponed an investor meeting to decide on the bid for Banca Generali Spa. The ruling came when CEO Alberto Nagel a possible defeat of shareholders opposing the acquisition. A few weeks earlier, the Italy regulator suspended the Tender Offer for Banco BPM Spa to overwhelm talks with the government over the circumstances that Rome allowed on the agreement. Unicredit CEO Andrea Orcel said he was likely to enter into the agreement because of the restrictions. The setbacks emphasize the many obstacles in the way of consolidation in Italy and across Europe, with proposed transactions in Spain and Germany in Limbo. While governments and politicians have emerged as important ingredients in banking melting, competitive investor interest and a complicated web of intersections also play a role, especially in Italy. The recent delays “may not be the last”, Bloomberg analyst Lento Tang said in a note on Tuesday, citing “political risk”. So far, one agreement – Banco BPM’s acquisition of asset manager Anima Holding Spa – has been completed, another, the proposed acquisition of mediaca by Banca Monte Dei Paschi Di Siena Spa, has not experienced major delays since it was unveiled in January. The approval of the European Central Bank is expected soon, paving the way for the tender offer to kick off in the coming weeks. Other transactions do not go as planned. Here’s an overview where every transaction stands: Banco BPM – The Anima Italy transaction wave kicked off in early November when Banco BPM launched a bid for asset manager Anima Holding Spa. The lender later improved the initial offer and it has since gained control of Anima. Status: This is the first – and so far only – transaction of the current transaction -wave to go through. Italian government – Monte Paschi Later this month, Italian government sold a 15% stake in Monte Paschi under Premier Giorgia Meloni. Rome’s plan was to use the privatization of the lender as a building block for a new big bank. The shares were snapped up by a number of investors selected by the Italian government, namely Anima, Banco BPM, construction magnate Francesco Gaetano Caltagirone and the Del Vecchio -Clan. Caltagirone and the del vecchios increased their interest afterwards. Status: Rome still owns almost 12% and has not announced any new plans to further reduce its interest. UNICREDIT – Banco BPM Unicredit launched a hostile bid for Banco BPM later this month to defend its position and create the biggest shooter of Italy. The bid has interfered with the Italian government’s plans for Banco BPM, and Rome later said that it would only allow the agreement to move forward if it met various darling conditions. Unicredit described the restrictions as potentially illegal and said it could be bid if not clarified. Meanwhile, Credit Agricole SA is expanding its stake in Banco BPM, with which it has significant sales agreements, to defend its stake in Italy. However, the French bank’s asset manager also relies on an important distribution agreement that he wants to renew. Status: Unicredit has disputed the conditions of Rome in court, which is expected to be again on July 9. The tender offer, which started on April 28, has been suspended for 30 days. It will resume next week. Generali – Natixis A preliminary agreement revealed on January 21 by the largest insurer Asicurazioni Generali Spa and French lenders BPCE SA to combine their asset management operations and create the second largest investment firms in Europe, added more controversy. Generali shareholder Caltagirone has expressed concern, with some Italian government officials agrees privately with him, Bloomberg News reported. Generali’s largest shareholder, Mediaobanca, supported the agreement. Unicredit entered the battle shortly afterwards by revealing a general interest that has grown to almost 7%. Orcel has maintained that the investment is purely financially, and recently said that he intends to gradually reduce the hooves and eventually go out with it. Status: The agreement is expected to be signed in the summer and the two firms intend to close it early next year. The authorities, including the Italian government, will review the agreement after the signing. Monte Paschi -Mediobanca A few days after the announcement of asset management, Monte Paschi launched a hostile takeover approach to Mediobanca, the largest Generali shareholder. Mediobanca fights against the acquisition and says it has no industrial logic and would be “destructive”. But the bid has support from the Italian government as well as of the Monte Paschi shareholders Caltagirone and the del vecchios. An investment meeting authorized Monte Paschi to follow the agreement. Once again, Unicredit emerged amid the conflicting factions by registering a 1.9% stake in mediacanca, Bloomberg News reported. Status: ECB approval for the transaction is expected as soon as next week and the tender offer can kick off in early July. Monte Paschi indicated that it could lower the acceptance threshold. Mediobanca – Banca Generali Mediobanca CEO Alberto Nagel made a counter on April 28 by launching a Banca Generali Banca Generali banca, and offered effectively to give up the great interest his bank holds in the insurer in exchange for ownership of his private bank arm. Generali, who controls the unit, has yet to say whether it supports the proposal. Caltagirone does not, while Unicredit was ready to join a group of investors, including the Del Vecchios who intend to remember at a Medioobanca shareholders’ meeting, Bloomberg News reported. Status: Mediobanca has since postponed the meeting, which was initially scheduled for June 16, until September 25, while Nagel tried to grief the support for the agreement. More stories like these are available on Bloomberg.com © 2025 Bloomberg LP