Published by Global Banking & Finance Review®
Posted on December 8, 2025
2 min readLast updated: January 20, 2026
Add as preferred source on GoogleItaly's regulator found no secret pact in the Mediobanca-Generali case. MPS's takeover of Mediobanca is under scrutiny, but key figures deny wrongdoing.
ROME, Dec 6 (Reuters) - Italy's market regulator has found no evidence of a secret agreement involving Monte dei Paschi di Siena and some of its shareholders to gain control of Mediobanca and insurer Generali, Il Sole-24 Ore reported on Saturday.
MPS, Italy's oldest bank, completed a hostile takeover of Mediobanca in September, securing a majority stake. Mediobanca has historically been the main shareholder in insurance company Assicurazioni Generali.
The Italian financial daily cited a document dated September 15 from Consob's issuer supervision division and said it had found "no secret pact exists".
The regulator had addressed allegations of a "concerted effort" involving MPS's CEO Luigi Lovaglio, Delfin's chairman Francesco Milleri, and construction tycoon Francesco Gaetano Caltagirone, to gain control of Mediobanca and insurer Generali, while avoiding a mandatory takeover bid.
A Consob spokesperson declined to comment.
Milan prosecutors are investigating alleged market manipulation and the alleged obstruction of regulators in connection with the deal.
Lovaglio, Milleri, and Caltagirone have denied any wrongdoing.
Il Sole-24 Ore said the Consob document, which "completely diverges from the investigators' hypotheses," has been sent to the Milan prosecutor's office.
(Reporting by Giselda Vagnoni; editing by Barbara Lewis)
A hostile takeover occurs when an acquiring company attempts to take control of a target company against the wishes of the target's management. This often involves purchasing a majority of the target's shares.
Market manipulation involves actions designed to deceive or mislead investors by artificially inflating or deflating the price of a security. This is illegal and undermines the integrity of financial markets.
A concerted effort is a coordinated action taken by multiple parties to achieve a common goal. In finance, this can involve collaboration among investors or companies to influence market conditions.
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