Overview
- Milano’s prosecutors told a parliamentary commission they have evidence, including phone intercepts, of an undeclared concert between Delfin and the Caltagirone group since 2019 to gain control of Mediobanca and, through it, Generali.
- Individuals under investigation include Francesco Milleri, Francesco Gaetano Caltagirone and MPS CEO Luigi Lovaglio, whom prosecutors describe as an “external competitor” giving material support; Lovaglio’s lawyer insists his conduct was lawful.
- The prosecutors criticized the Treasury’s 2024 MPS placement but said the MEF is not incriminable and is not under investigation, adding the probe will take time as seized devices are examined.
- MPS approved a 2026–2030 plan that foresees Mediobanca’s merger by end-2026, targets €3.7 billion adjusted net profit in 2030 and about €16 billion in shareholder distributions, with fusion terms and exchange ratios due March 10.
- Markets fell after the plan’s presentation, with MPS closing down 6.7% at €8.30 and Mediobanca down 6.24% at €18.47, as Giorgia Meloni said the government’s role is over and it will not take part in board appointments.