Mediobanca announced a €6.3bn takeover offer for Banca Generali, aiming to create a leading European wealth management powerhouse and reposition its business model amid intensifying competition within Italy’s banking sector.

The Milan-based bank outlined plans to finance the acquisition by selling its €6.5bn stake in Assicurazioni Generali, Italy’s largest insurer. Under the proposed structure, half of Mediobanca’s Generali shares would be returned to Generali, with the remainder offered to Banca Generali’s existing investors.

The bid, representing an 11.4% premium to Banca Generali’s last closing price, comes as Mediobanca seeks to fend off a hostile approach from rival lender Monte dei Paschi di Siena (MPS) and address shareholder concerns over its historic reliance on dividend income from its Generali holding.

Chief Executive Alberto Nagel said the transaction would create “a solid, profitable group which excels in creating value for all its stakeholders,” forecasting approximately €300m in synergies from the combination.

Shares in Banca Generali jumped 8% on the announcement. However, Mediobanca must still secure shareholder approval for the offer, with a vote scheduled for June 16, 2025.

The move also follows a recent victory for Mediobanca in its longstanding governance battle at Generali, where it defeated a rival slate of directors backed by tycoon Francesco Gaetano Caltagirone and Delfin, the holding company of the Del Vecchio family.

If completed, the acquisition would reinforce Mediobanca’s wealth management ambitions and signal further consolidation within Italy’s financial services sector.

Source: Financial Times