Published by Global Banking and Finance Review
Posted on December 8, 2025
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)
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