Background: The MPS-Mediobanca Takeover

Banca Monte dei Paschi di siena (MPS), Italy’s oldest bank,‌ completed its takeover of Mediobanca in September 2024, a move that⁢ considerably reshaped the Italian banking landscape.⁣ the deal, initially⁢ met⁣ with resistance, was finalized after ⁣MPS increased its offer by €750 million in cash.

The takeover followed a period of intense speculation ‍and maneuvering.the increased offer,valued at ⁣approximately €2.3 billion, was crucial in⁣ securing sufficient ​shareholder ‌acceptance. The high acceptance rate ultimately led to ⁣the‍ resignation of Mediobanca CEO Alberto Nagel,‍ who opposed the takeover.

The Allegations: Coordinated Activity and Non-Disclosure

Milanese​ prosecutors allege that Delfin⁣ (the holding company of Leonardo ‍del‍ Vecchio), Caltagirone, ​and MPS ​engaged in coordinated‌ actions, including their ⁢initial​ investment in ‍MPS in 2023, without properly informing regulatory authorities. The ‌Financial Times reported that the investigation centers on whether⁢ these investors deliberately concealed their coordinated‍ strategy to influence the takeover process.

Specifically, the investigation focuses ⁣on potential violations of market abuse regulations and obstruction of supervisory functions. Prosecutors are examining whether the coordinated investment was designed to​ artificially inflate MPS’s share price ​or⁤ or else manipulate the market in ‍favor of the takeover.

Key Players

• Luigi Lovaglio: Current CEO of Banca Monte dei Paschi di Siena,now under investigation.
• Alberto Nagel: ⁤former CEO of Mediobanca, resigned following the takeover.
• Delfin: holding company of the late Leonardo Del Vecchio, a significant investor in MPS.
• Caltagirone: Another major investor⁤ in MPS.
• Banca Monte dei‍ Paschi di Siena (MPS): Italy’s oldest bank, ‍the⁣ acquiring ‍entity in the Mediobanca takeover.
• Mediobanca: The acquired investment bank.

Timeline of Events