Italy’s most iconic investment bank, Mediobanca, is facing a hostile €16.6 billion takeover bid from Monte dei Paschi di Siena (MPS). A move backed by Rome-linked billionaires and quietly supported by the government of Prime Minister Giorgia Meloni. In response, Mediobanca sent senior executives to Brussels, hoping the European Commission would intervene. The bank argued that the takeover was politically motivated and violated EU rules on state aid and market competition. Despite its lobbying efforts, the Commission has shown little urgency.
Instead of launching a formal investigation, officials responded with recycled PowerPoint slides and boilerplate replies, leaving Mediobanca with few options.
The Italian government has long sought to transform MPS into a “third pole” in the banking sector to rival Intesa Sanpaolo and UniCredit. The takeover of Mediobanca is seen as a strategic step toward that goal.
Key players behind the bid include construction tycoon Francesco Gaetano Caltagirone and the Del Vecchio family, both of whom have clashed with Mediobanca’s leadership over past investment decisions and now see an opportunity to reshape the bank.
Mediobanca has accused MPS of remaining under government influence. Citing the presence of political appointees on its board and the use of state-backed capital to fund the takeover. The European Central Bank has already approved the deal and Mediobanca’s countermeasures. Including a failed attempt to sell its stake in Generali.
The bank’s last hope may lie in a Milanese investigation into the sale of MPS shares.
Rumors of indictments against government officials briefly stirred excitement, but Milan’s chief prosecutor quickly denied them. With time running out before the September deadline, Mediobanca’s independence appears increasingly at risk.
This story is not just about one bank. It reflects a broader shift in European finance, where national governments are reasserting control and EU institutions are struggling to keep pace.