When the Italian Financial Mediation Company Mediobanca helped its customer for a long time in 2022, it did not know that it would eventually become a target to acquire the previous poster of the failed banking system in the country.
On Friday, MPS amazed investors by launching a comprehensive share of 13.3 billion euros to buy its largest competitor with a allowance of only 5 percent. MediabankaThe closure price in the previous day.
The acquisition offer from one of the banks that is partially owned by the government is another shock to the Italian banking system, the latest in a series of consecutive deals attempts that could reshape the country's financial scene.
One of the government officials said: “This is the final battle between the Romanian and financial (politics) in Milan.”
Since it took power in late 2022, the right -wing Gigeria Melonian government has made its priorities to portray itself as a market friend, in an effort to calm the observers' concerns that it would use a strict national approach in commercial and financial policy.
However, a series of interventions in the financial sector – including an attempt to sell a sale MPS The controversial amendments to the country's capital market legislation – as well as public statements against “international speculators” – have led to the ignition of such concerns again.
One of the veteran banking officials in Milan said: “It is simply incomprehensible for a commercial lender, (the largest individual shareholder in it) is the government, trying to acquire a greater competitor to investment banking services, without bonus and without a clear strategic goal,” said one of the veteran banking executives in Milan. .
After the successful transformation of the lender, Italy has reduced its share in MPS – which it saved in 2017 – to fulfill the obligations of the European Union to restore the oldest bank in the world to the hands of the private sector.
But the state remains the largest unilateral shareholder with a share of more than 11 percent – and MPS appears to play an increasingly important role in government efforts to establish a new financial strength center.
Last year, the Melonian government was hoping to integrate the Tuscany Bank, which was once a symbol of financial influence of the left parties in Italy, with Panco BBM Bank to establish a large local banking center.
The goal, which was called the “Third Pole”, was for the expanded lender to compete with the largest competitors, Uni Credit and Antisa San Paolo, and maintain a strong Italian imprint.
The unicredit offer to acquire Banco BPM in November foiled those plans and let the government fight to find ways to face the maneuver of the last CEO Andrea Orels.
Opinion now says that the MPS move about Mediobanca shows that the Melonian government has abandoned the possibility of stopping Unicredit, and accepted that it must find an alternative to BPM for its monotheistic efforts.
Luigi Levaglio, CEO of MPS, said on Friday that the acquisition offer was “an industrial project that we have been thinking about since 2022.”
“We will create the third banking group in the country,” said Levaglio. He described this step as “courage”, “innovative” and “friendly”. The inspector says that the head of Mediobanca, Alberto Najel, does not see it in this way.
Meloni told reporters on Saturday: “It is clear that the acquisition offer is a market deal,” Meloni told reporters on Saturday. “The only thing that I refer to is that MPS, which was seen as a problem by both institutions and citizens, is a completely sound bank that launches ambitious operations and this should make us proud.”
The BPM replacement with Mediaobanca and the conversion of MPS to a buyer instead of the target also gives Rome a new opportunity: to take advantage of the relationships that were held with two Italian companies giants and expand their access to the Insurance Group – a large investor in Italian public debt, and one of the largest Italian companies . 13 percent owned by Mediobanca.
At the last auction of the MPS shares in November, the government sold large parts of its remaining property to Delfin, the Holding Company for the Del Vecchio family, and the construction pole Francesco Gaytano as Tajirouni and BPM.
Besides their new MPS shares, Calcarroni has 7.8 percent of Mediobanca and 6.9 percent of Generali. Delphine has 9.9 percent of Genli and 19.8 percent of Midmopanka.
Both Calcuroni and two dolphins have long been in the strategy with the President of Nagil and Grania Philip Donier, but they failed in attempts to replace them.
Geni's decision to enter a joint asset management project with the French company Natxis, which was reported by the Financial Times for the first time in November and announced on Tuesday, made Roma more compatible with Calcarroni.
Meloni allies raised concerns about the risks of investing Italian savings increasingly abroad and that the re -financing of the huge Italian public debt may face obstacles in the future.
The echoes of these concerns across the Italian establishment, and in Calcarroni. His representatives voted on the board of directors against the deal, according to people familiar with the deliberations.
Opinion believes that Calcarroni was behind the MPS movement towards Mediobanca, instead of moving MPS Loveaglio. In their novel, this is part of a broader attempt to control a general and reform the business and administration of Midnabanka, which developed the late billionaire Leonardo del Vikio his eyes years ago. Calcarroni's son Alessandro is a newly specific member of the MPS Board of Directors.
People close to Calcarroni and those close to MPS denied the involvement of the direct or indirect Roman businessman in the deal.
The integration between Mediobanca and MPS will help solve complaints such as Tajirouni and long -term dolphins, while Rome also gives a seat on the prestigious and influencing financial tables in the country.
There is no certainty that the deal will take place. MPS shares closed 7 percent on Friday, while Mediobanca shares increased by approximately 8 percent.
The analysts' responses were silent. Marco Nikolai, from Jeffrez, indicated that the categories between the two banks were limited and the risks were high. He added: “The cultural differences between the two companies can lead to an imbalance in revenues, especially in terms of investment banking services and wealth management.”
“Our first impression is that the chances of success of this offer are limited,” said Hugo Cruz, an analyst at KBW.
But people close to Milo Bank have argued that Mediabanka “remained still for a very long time”, and was excessively dependent on its profits from Generaral, a long -term criticism of the Milan Bank.
One of the CEOs said: “The road is long in front of us, not only for MPS, but for the entire Italian banking sector: many moving parts, a lot of unknown things, and a very large number of relevant actors.”
