The battle for control hinges on the influence of Delfin, the investment vehicle of the Del Vecchio family, which commands a 17.5% stake in MPS. Alongside billionaire Francesco Gaetano Caltagirone—who holds 10.3%—these investors hold the power to shape the bank's future. Their historical alliance, which once facilitated a takeover of Mediobanca, has fractured, leaving the board’s strategy in a state of precarious uncertainty.
Inside the web of Italian banking power plays
Monte dei Paschi di Siena has launched twin bids for Banco BPM and Banca Generali, a calculated maneuver to repel a hostile takeover from Intesa Sanpaolo. This high-stakes defense reveals a dense network of cross-shareholdings where billionaire dynasties and state interests dictate the survival of Italy's oldest banking institutions.
Banca Generali remains the linchpin of this strategy, as its parent company, Assicurazioni Generali, maintains a majority stake. Securing this acquisition would effectively entrench MPS within a broader insurance ecosystem. Meanwhile, Unipol has positioned itself as a critical facilitator in the Intesa Sanpaolo bid, agreeing to absorb half of the Tuscan bank’s branch network and its headquarters. By merging these assets with BPER Banca, Unipol aims to reshape the competitive landscape, effectively absorbing the remnants of MPS should the hostile takeover succeed.
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