Latest news with #Caltagirone
Reuters
2 days ago
- Business
- Reuters
UniCredit CEO, Mediobanca executive give testimony in Monte dei Paschi share probe, source says
MILAN, June 18 (Reuters) - Milan state prosecutors have heard testimony from UniCredit CEO Andrea Orcel and a Mediobanca executive as they look into the government's sale of a 15% stake in Monte dei Paschi di Siena ( opens new tab to a small group of investors in November, a source with knowledge of the matter said. The source, speaking anonymously as the investigation is ongoing, did not say when the pair were questioned and emphasised that neither were under investigation. Mediobanca ( opens new tab declined to comment. A representative for UniCredit ( opens new tab was not immediately able to comment. The Treasury was looking to build a stable core of domestic shareholders in MPS which it rescued in 2017, according to sources ahead of the sale. It sold stakes to Banco BPM , fund manager Anima Holding ( opens new tab, construction tycoon Francesco Gaetano Caltagirone and the holding company of late Ray-Ban owner Leonardo Del Vecchio. Soon after buying its stake, BPM became a takeover target of UniCredit as Orcel moved to thwart government plans to promote a tie-up between BPM and Tuscan bank MPS. The Financial Times reported last year that UniCredit sought in vain to buy a 10% stake in MPS during the sale process. The Economy Ministry said the sale was handled "transparently". It is not known which alleged crimes Milan prosecutors are investigating or who is under investigation. UniCredit is now locked in a legal battle with the government over conditions Rome has imposed on its bid for Banco BPM. Economy Minister Giancarlo Giorgetti has threatened to resign if the government were to budge on the conditions. On Wednesday, Giorgetti declined to answer when asked if anyone from his ministry was under investigation over the MPS stake placement. "Prosecutors do their job, what can I say?," he told reporters on the sidelines of a parliamentary hearing. The takeover war unfolding in Italy and the role the government is playing has raised alarm bells in the European Union and has disconcerted investors. On Thursday, a ruling on UniCredit's takeover of BPM is expected from EU competition authorities, who are looking into the conditions Italy has set. A separate EU scrutiny of how Italy vets banking deals is ongoing and could lead to fines. As part of the Milan investigation police has secured documents relating to the transaction from the offices of Banca Akros, the broker that handled the process which is a Banco BPM subsidiary. Banca Akros has said it handled the process "correctly and transparently", fully complying with applicable regulations.
Yahoo
5 days ago
- Business
- Yahoo
Mediobanca weighs postponing Monday's investor vote on Banca Generali, source says
MILAN (Reuters) -The board of Italy's Mediobanca is meeting on Sunday morning to consider postponing Monday's shareholder meeting to vote on its bid for Banca Generali after some investors requested more information, a source close to the matter said. Mediobanca in April proposed buying Banca Generali from insurer Generali as Mediobanca itself seeks to stave off a buyout by Banca Monte dei Paschi (MPS). Due to the MPS bid and Italian corporate takeover rules, Mediobanca must secure shareholders' approval to pursue the Banca Generali deal. Under the deal, Mediobanca has said it would sign a partnership agreement with Generali to distribute insurance and asset management products. Italian tycoon Francesco Gaetano Caltagirone, a major shareholder in Mediobanca with a nearly 10% stake and also an investor in MPS, has criticised the industrial rationale of the Banca Generali deal and has called on Mediobanca's board to delay the shareholder vote until the partnership agreement with Generali is finalised. The source, speaking on condition of anonymity, said some other investors had praised the deal, but also requested more information on the potential partnership agreement. Italian daily la Repubblica first reported the possible delay on Sunday. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
5 days ago
- Business
- Reuters
Mediobanca weighs postponing Monday's investor vote on Banca Generali, source says
MILAN, June 15 (Reuters) - The board of Italy's Mediobanca ( opens new tab is meeting on Sunday morning to consider postponing Monday's shareholder meeting to vote on its bid for Banca Generali ( opens new tab after some investors requested more information, a source close to the matter said. Mediobanca in April proposed buying Banca Generali from insurer Generali ( opens new tab as Mediobanca itself seeks to stave off a buyout by Banca Monte dei Paschi (MPS) ( opens new tab. Due to the MPS bid and Italian corporate takeover rules, Mediobanca must secure shareholders' approval to pursue the Banca Generali deal. Under the deal, Mediobanca has said it would sign a partnership agreement with Generali to distribute insurance and asset management products. Italian tycoon Francesco Gaetano Caltagirone, a major shareholder in Mediobanca with a nearly 10% stake and also an investor in MPS, has criticised the industrial rationale of the Banca Generali deal and has called on Mediobanca's board to delay the shareholder vote until the partnership agreement with Generali is finalised. The source, speaking on condition of anonymity, said some other investors had praised the deal, but also requested more information on the potential partnership agreement. Italian daily la Repubblica first reported the possible delay on Sunday.
Reuters
13-06-2025
- Business
- Reuters
Italian prosecutors probe government sale of Monte dei Paschi stake, sources say
MILAN, June 13 (Reuters) - Italian prosecutors are looking into the government's sale of a 15% stake in Monte dei Paschi di Siena ( opens new tab last November to a small group of investors, and had police fetch documents relating to the transaction, two sources with knowledge of the matter said. The economy ministry sold the stake through an accelerated bookbuilding (ABB) procedure. The sources did not provide details on what part of the process is being probed. The Treasury was looking to build a stable core of domestic shareholders in Monte dei Paschi, which it rescued in 2017 and had been returning to private hands, sources told Reuters before the November stake sale. Banco BPM took a 5% stake, fund manager Anima Holding took 3% and construction tycoon Francesco Gaetano Caltagirone and the holding company of late Ray-Ban owner Leonardo Del Vecchio each took 3.5% of the Tuscan bank. The ABB process was handled by Banca Akros, the investment banking unit of Banco BPM. Banco BPM, Banca Akros and Delfin were not immediately available for a comment. A representative Caltagirone declined to comment. The sale was carried out at a premium to market prices, which was good for taxpayers, despite the fact that fewer investors than normal were involved in the process. Usually such placements involve more bidders but offer a discount. Previous placements of Monte dei Paschi shares by the Treasury had brought onboard dozens of foreign funds as investors. Since the November placement, Caltagirone and Delfin have increased their respective stakes becoming the top two shareholders in Monte dei Paschi. Italian banking is seeing a raft of takeover offers, causing upheaval in the sector. Italy's second-biggest bank UniCredit ( opens new tab has bid to buy smaller rival Banco BPM, meeting opposition from the government. Banco BPM has bought Anima. Monte dei Paschi has bid for Mediobanca ( opens new tab which in turn has bid for private bank Banca Generali ( opens new tab. ($1 = 0.8671 euros)
Reuters
11-06-2025
- Business
- Reuters
Norway sovereign wealth fund to back Mediobanca bid for Banca Generali
MILAN, June 11 (Reuters) - Norway's sovereign wealth fund Norges Bank said on Wednesday it would vote in favour of Italian merchant bank Mediobanca's bid for private bank Banca Generali ( opens new tab on June 16. Norges Bank holds a stake of 1.45% in Mediobanca, according to LSEG data. Mediobanca in April proposed buying Banca Generali from insurer Generali ( opens new tab as it seeks to stave off a buyout from Banca Monte dei Paschi (MPS) ( opens new tab. It must gain shareholders' approval to pursue the deal in a meeting on June 16. Norges Bank voted in favour of a new share issue proposed by MPS to fund its bid for Mediobanca in April. Several institutional investors, including CalPERS, Calvert and Praxis Investment Management, have said they would vote in favour of the Banca Generali bid on June 16. Italian tycoon Francesco Gaetano Caltagirone, a leading investor in Mediobanca, has expressed a negative view on the Banca Generali bid and is seeking a delay of the shareholder vote saying key details are still unclear.
