Overview
- Francesco Gaetano Caltagirone, Francesco Milleri and Monte Paschi CEO Luigi Lovaglio are under investigation for alleged market manipulation and obstruction of supervisory authorities, with Delfin and Gruppo Caltagirone also probed under Italy’s corporate liability law.
- Guardia di Finanza executed searches and seized phones as MPS confirmed a search decree and said Lovaglio received a notice of investigation, while the bank, Delfin and the Caltagirone group pledged full cooperation and denied wrongdoing.
- Prosecutors allege an undisclosed, concerted plan behind the €13.5 billion share-swap offer that gave MPS control of Mediobanca, with intercepts quoting Lovaglio praising a “perfect” plan and suggesting a prearranged 35% base of support.
- New documents describe contested elements involving the Economy Ministry, including statements to Consob deemed untrue by prosecutors, the choice of Banca Akros for the 2024 ABB sale of a 15% MPS stake, an SMS attributed to Minister Giorgetti to BlackRock’s CEO and claims of pressure tied to board resignations, which MEF sources reject.
- Shares fell after the probe became public, with MPS and Mediobanca declining, while attention also turns to Mediobanca’s earlier complaint alleging concerted action and to the separate roles of Consob, the ECB and IVASS in reviewing disclosures.