Published by Global Banking & Finance Review®
Posted on December 18, 2025
3 min readLast updated: January 20, 2026
Add as preferred source on GoogleItaly's Economy Minister denies influencing MPS's takeover of Mediobanca. The deal is under investigation, and future mergers are planned.
By Giuseppe Fonte
ROME, Dec 18 (Reuters) - Italian Economy Minister Giancarlo Giorgetti denied on Thursday he had exerted "any interference or pressure" to influence Monte dei Paschi's (MPS) successful takeover of Mediobanca, which is being investigated by Milan prosecutors.
Addressing lawmakers in parliament, Giorgetti also confirmed his "full confidence" in MPS chief executive Luigi Lovaglio, whose mandate at the helm of the Tuscan bank expires in the first half of next year.
Lovaglio and MPS's top two shareholders - construction tycoon Francesco Gaetano Caltagirone and EssilorLuxottica CEO Francesco Milleri, who heads the Del Vecchio family's Delfin vehicle - are being probed over MPS' acquisition of merchant bank Mediobanca.
Prosecutors are looking into whether Lovaglio and the two investors acted in coordination while keeping supervisory authorities and other investors in the dark.
Giorgetti said all his discussions with bankers and other decision makers were aimed at ensuring a stable future for MPS, "without any kind of interference or pressure on the actors and holders of voting rights."
MPS "autonomously" opted to launch its bid for Mediobanca, he added.
MPS, Italy's oldest bank, completed its hostile takeover of Mediobanca in September. Mediobanca has historically been the main shareholder in insurance company Generali.
After bailing out MPS in 2017, Italy in November 2023 started placing blocks of shares on the market to cut its 68% holding, in line with re-privatisation commitments made to European Union authorities.
The final placement took place in November 2024 and brought onboard as shareholders Caltagirone and Delfin, alongside mid-sized bank Banco BPM and fund manager Anima.
Giorgetti said the EU Commission acknowledged in a note to the Treasury on October 21 that the MPS divestment process was open, transparent and competitive.
UniCredit, Italy's second-largest bank, complained it was unable to take part in the latest share placement and reported suspected anomalies in the sale to Italy's market watchdog Consob.
"No investor who submitted bids in the share placement was excluded," Giorgetti said.
The Mediobanca deal reduced the Treasury's stake in MPS to below 5%.
"Any decision on the residual Treasury stake must be taken not merely on the basis of cash flow considerations but from a strategic perspective, given the importance of savings for national economic security," Giorgetti said.
Reuters reported last month that Rome was counting on another future merger deal to cut its shareholding, and was focusing on a long-held plan to combine MPS with Banco BPM.
Giorgetti said the MPS-BPM tie-up has been under discussion since 2021 and the Treasury would not submit any slate of candidates for MPS's board renewal next year.
(Editing by Gavin Jones)
A takeover occurs when one company acquires control over another company, often by purchasing a majority of its shares.
Corporate governance refers to the systems, principles, and processes by which a company is directed and controlled, ensuring accountability and transparency.
Investment management involves the professional management of various securities and assets to meet specified investment goals for clients.
A hostile takeover is an acquisition attempt that is resisted by the target company's management and board of directors.
A share placement is the process of issuing new shares to investors, often to raise capital for a company.
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