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Mediobanca launches €6.3bn bid for Banca Generali

Italy’s Mediobanca on Monday unveiled a €6.3bn bid for rival Banca Generali in a move to expand its wealth management division.

  • Banca Generali Spa
  • 28 April 2025 15:13:13

Source: Sharecast

Mediobanca said it would fund the deal by selling its 13% stake in Assicurazioni Generali, which is the country’s largest insurer, in an exchange offer worth €54.17 a share, an 11.4% premium to Banca Generali's last close.

The offer adds to a list of takeovers in Italy’s banking sector. Mediobanca is itself subject to a hostile bid from Banca Monte dei Paschi di Siena, while UniCredit is trying to buy smaller rival Banco BPM, which in turn is trying to snare asset manager Anima Holding.

Mediobanca rejected a €13.3bn bid from MPS, which was supported by Prime Minister Giorgia Meloni's government.

Mediobanca 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 €800m.

Reporting by Frank Prenesti for Sharecast.com

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