Latest news with #AlbertoNagel
Reuters
20-05-2025
- Business
- Reuters
Mediobanca CEO to pitch Banca Generali bid to Italian investors on June 4
MILAN, May 20 (Reuters) - CEO Alberto Nagel plans to present Mediobanca's bid for the private bank Banca Generali ( opens new tab to a group of Italian investors on June 4, a source with knowledge of the matter said on Tuesday, ahead of a shareholders' meeting slated for mid-June to vote on the deal. Mediobanca ( opens new tab said last month read more Banca Generali, which is controlled by Italy's top insurer Generali ( opens new tab in a 6.3 billion euro ($7.1 billion) deal. Mediobanca is itself seeking to fend off an unsolicited bid from smaller rival Banca Monte dei Paschi (MPS) ( opens new tab, part of a complex web of interconnected Italian finance M&A deals. Mediobanca's board rejected the Tuscan bank's takeover bid, saying a tie-up would be detrimental to its shareholders because it lacked any strategic and financial rationale. The group of Italian investors, who signed a consultation agreement in 2018 on the most important issues regarding Mediobanca and collectively hold an 11.9% stake, stated in February that they agreed with the board's considerations. Under Nagel's leadership, Mediobanca has moved away from its historic role as a financial holding company and boosted its wealth management and consumer credit operations. It has been hunting a wealth management partner for years and had considered a bid for Banca Generali in the past, but no transaction ever materialised. Nagel has said he hopes that shareholder backing for the Banca Generali move would signal investors intend to reject Monte dei Paschi's proposal. Mediobanca and MPS have two major shareholders in common -- Italy's Del Vecchio and Caltagirone families, which have clashed with Mediobanca over their role as investors in Generali. Nagel has met Francesco Milleri, chairman of Delfin, the holding company of the del Vecchio family, and with Francesco Gaetano Caltagirone in recent days to discuss the bid for Banca Generali, the source said, adding he would meet institutional investors in London and New York this week and the next. The group of Italian investors who are part of the consultation agreement includes Italian asset manager Banca Mediolanum ( opens new tab, with a stake of 3.5% in Mediobanca. ($1 = 0.8902 euros)
Reuters
05-05-2025
- Business
- Reuters
Mediobanca investor Mediolanum says Banca Generali deal compatible with MPS bid
MILAN, May 5 (Reuters) - Mediobanca's ( opens new tab proposed acquisition of wealth manager Banca Generali ( opens new tab is "a good deal" and does not conflict with Monte dei Paschi di Siena's ( opens new tab bid for Mediobanca, an investor in the latter was quoted as saying on Monday. Mediobanca CEO Alberto Nagel has said he sees the plan to acquire Banca Generali and bring wealth management revenues to 45% of the total from 26% at present as an alternative option for investors compared with MPS' project. But Mediolanum CEO Massimo Doris, whose company owns 3.5% of Mediobanca, told reporters on the sidelines of a corporate event in Turin that the two offers "are compatible", Italian newswire Adnkronos reported. "It was the (MPS CEO Luigi) Lovaglio who said so: he said the transaction he's pursuing becomes even more attractive, this is something for the bidder to decide," he said. Doris, whose family controls Mediolanum, also a wealth manager, said it made sense for Mediobanca to acquire Banca Generali to speed up plans to grow in wealth management. He said that he expected Mediolanum would remain invested in Mediobanca "even if they will become even more of a competitor for us". In bidding for Mediobanca, MPS has said it aims to plug its commercial franchise into Mediobanca's wealth management and investment banking businesses, which it plans to keep and run as a separate entity. International investors have been puzzled by the project which however has backing from a group of core Italian shareholders in both MPS and Mediobanca and was approved by an MPS shareholder vote on April 17. MPS and Mediobanca already partner in consumer finance, the third leg of Mediobanca's operations. Born as a corporate lender, Mediobanca does not have a commercial banking franchise. Mediobanca investors will have to decide in July whether to tender their shares in the MPS bid. Before that, they will vote on the Banca Generali deal on June 16.
Reuters
30-04-2025
- Business
- Reuters
Mediobanca's Banca Generali deal suits Monte dei Paschi bid, MPS investor says
MILAN, April 30 (Reuters) - A bid by Monte dei Paschi di Siena's acquisition target Mediobanca for Banca Generali is a plus for the takeover project, the head of a leading Monte dei Paschi ( opens new tab investor said on Wednesday. To fend off Monte dei Paschi's (MPS) takeover proposal, Mediobanca ( opens new tab on Monday announced a 6.3 billion euro bid for wealth manager Banca Generali ( opens new tab, a network of financial advisers owned by insurer Generali ( opens new tab. Mediobanca CEO Alberto Nagel has said approval from his bank's shareholders for the Banca Generali deal could imply they would then reject the MPS proposal. Mediobanca shareholders vote on June 16 on the Banca Generali deal. The MPS offer will run in July. MPS does not see the two transactions as mutually exclusive, with people in the Tuscan bank's camp saying Banca Generali is an asset the combined entity would have been interested in. Giuseppe Castagna, the CEO of MPS investor Banco BPM, on Wednesday confirmed that Banca Generali would make sense for MPS to own if it acquired Mediobanca. Banco BPM became an MPS investor in November, buying a 5% stake from Italy's government. The stake is set to reach 9% because Banco BPM has successfully completed a buyout offer for Anima Holding ( opens new tab, which owns another 4%. Speaking on the sidelines of BPM's annual meeting, Castagna said: "From an industrial standpoint I would not be unhappy as a shareholder if MPS came to own Banca Generali" by acquiring Mediobanca. "To own a wealth manager of the size of Banca Generali can only add industrial value," he said. Mediobanca's bid for Banca Generali is the latest in a raft of hostile takeover attempts rocking Italian finance. Banco BPM is trying to fight a buyout bid from UniCredit ( opens new tab which it says would benefit UniCredit shareholders at the expense of Banco BPM's investors. ($1 = 0.8800 euros)
Euronews
28-04-2025
- Business
- Euronews
Mediobanca launches bid for Banca Generali as M&A flurry intensifies
ADVERTISEMENT Italy's Mediobanca announced a €6.3 billion offer for Banca Generali on Monday, a bid that comes against a backdrop of intensifying banking consolidation in the country. Mediobanca is already the largest stakeholder in Assicurazioni Generali, the parent company of Banca Generali, holding around 13%. It said in a statement on Monday that it intends to finance the deal by selling this stock. A shareholder meeting will be held on 16 June to seek investor approval for the takeover. Under the leadership of CEO Alberto Nagel, the offer is the second attempt from Mediobanca to take control of Banca Generali, after a failed attempt in 2020. 'The combination of Banca Generali and Mediobanca…completes the transformation path embarked on by the Mediobanca Group more than a decade ago, when the gradual sale of its equity investments was accompanied by the launch of activities in Wealth Management, coupled with major strengthening in Investment Banking and Consumer Finance,' Mediobanca's Nagel said on Monday. Related Banking mergers are hot right now, but cross-border deals still face hurdles France's Crédit Agricole gains ECB nod to raise stake in Banco BPM In the same statement, the bank estimated that the deal would produce around €300 million in cost synergies. It added that the acquisition would double its wealth management revenues to €2bn and that net profit would increase fourfold to €800mn. Mediobanco's bid adds a 11.4% premium on Banca Generali's closing share price on Friday. Monday's announcement also comes as Mediobanca is itself fending off a takeover attempt from Banca Monte dei Paschi di Siena (MPS). Europe is seeing a wave of M&A activity as interest rates fall and lenders look for ways to diversify revenue streams. In recent years, high lending costs have also allowed banks to build up cash cushions, placing them in a stronger position to pursue these deals. Italy's Banco BPM launched an offer to buy asset manager Anima Holding late last year. Larger Italian bank UniCredit then proposed a takeover offer for Banco BPM , although the smaller lender argued that the proposition undervalued its business. Rumours have also hinted at a merger between Banco BPM and MPS.
Yahoo
28-04-2025
- Business
- Yahoo
Mediobanca launches bid for Banca Generali as M&A flurry intensifies
Italy's Mediobanca announced a €6.3 billion offer for Banca Generali on Monday, a bid that comes against a backdrop of intensifying banking consolidation in the country. Mediobanca is already the largest stakeholder in Assicurazioni Generali, the parent company of Banca Generali, holding around 13%. It said in a statement on Monday that it intends to finance the deal by selling this stock. A shareholder meeting will be held on 16 June to seek investor approval for the takeover. Under the leadership of CEO Alberto Nagel, the offer is the second attempt from Mediobanca to take control of Banca Generali, after a failed attempt in 2020. 'The combination of Banca Generali and Mediobanca…completes the transformation path embarked on by the Mediobanca Group more than a decade ago, when the gradual sale of its equity investments was accompanied by the launch of activities in Wealth Management, coupled with major strengthening in Investment Banking and Consumer Finance,' Mediobanca's Nagel said on Monday. Related Banking mergers are hot right now, but cross-border deals still face hurdles France's Crédit Agricole gains ECB nod to raise stake in Banco BPM In the same statement, the bank estimated that the deal would produce around €300 million in cost synergies. It added that the acquisition would double its wealth management revenues to €2bn and that net profit would increase fourfold to €800mn. Mediobanco's bid adds a 11.4% premium on Banca Generali's closing share price on Friday. Monday's announcement also comes as Mediobanca is itself fending off a takeover attempt from Banca Monte dei Paschi di Siena (MPS). Europe is seeing a wave of M&A activity as interest rates fall and lenders look for ways to diversify revenue streams. In recent years, high lending costs have also allowed banks to build up cash cushions, placing them in a stronger position to pursue these deals. Italy's Banco BPM launched an offer to buy asset manager Anima Holding late last year. Larger Italian bank UniCredit then proposed a takeover offer for Banco BPM, although the smaller lender argued that the proposition undervalued its business. Rumours have also hinted at a merger between Banco BPM and MPS.
