Mediobanca has announced a €6.3 billion ($7.15 billion) offer to acquire Banca Generali, aiming to double its wealth management revenue and solidify its position in Italy’s financial sector. The proposed deal involves a voluntary public exchange offer, valuing Banca Generali at €54.17 per share—a premium of 11% over its last closing price. Shares of Banca Generali rose 8% following the announcement.
The acquisition would be financed through Mediobanca’s 13% stake in Generali, Italy’s largest insurer and Banca Generali’s majority owner. This move marks a strategic shift for Mediobanca, transforming its relationship with Generali from a financial investment to an industrial partnership. The combined entity aims to enhance its wealth management capabilities, with plans to maintain and expand existing partnerships in insurance and asset management.
Mediobanca CEO Alberto Nagel emphasized the strategic timing of the deal, stating, “We have found that at this moment a lot of stars aligned.” The bank has long pursued Banca Generali to strengthen its wealth management business, and this offer represents a culmination of those efforts.
The bid comes amid a wave of consolidation in Italy’s banking sector, with Mediobanca itself facing a hostile takeover attempt from state-backed Monte dei Paschi di Siena (MPS). Major shareholders Francesco Gaetano Caltagirone and Delfin, who collectively own about 27% of Mediobanca and 17% of Generali, are supporting MPS’s bid. The acquisition of Banca Generali is seen as a strategic move by Mediobanca to assert its independence and counteract these pressures.
The offer requires approval from Mediobanca shareholders, with a vote scheduled for June 16. If approved, the deal is expected to be completed by the end of October. The acquisition would significantly bolster Mediobanca’s wealth management operations, increasing its revenue from this segment to 45% of the total.
This proposed acquisition underscores Mediobanca’s commitment to expanding its wealth management footprint and navigating the competitive landscape of Italy’s financial services industry.
