Monte dei Paschi di Siena (Mps) will convene its Board of Directors on Friday for a briefing by CEO Luigi Lovaglio regarding the Milan Prosecutor's investigation into the bank's takeover bid for Mediobanca, a source close to the matter told Reuters.
Lovaglio is under investigation alongside the bank's two main shareholders, Francesco Gaetano Caltagirone and Delfin chairman Francesco Milleri, on charges of market manipulation and obstruction of regulatory authorities in connection with the Mediobanca operation.
According to prosecutors, Delfin and Caltagirone, with Lovaglio's support, allegedly acted in a coordinated manner without notifying authorities, in order to execute a transaction that resulted in Mps acquiring Mediobanca through a EUR16 billion public exchange offer finalized in September.
The investigation also covers the Treasury's sale of a 15% stake in Mps in November 2024 via an accelerated bookbuilding (ABB) procedure, which allowed Caltagirone and Delfin to each acquire a 3.5% shareholding in the bank.
Prosecutors allege that Delfin and Caltagirone aimed to control both Mediobanca and Generali, using Mps as a strategic vehicle to achieve this goal.
The parties involved deny any wrongdoing, asserting that they have always complied with regulations.
According to judicial sources, the Prosecutor's Office has extended the investigation period until the conclusion of the Mps-Mediobanca operation, which was announced in January, in order not to interfere with its outcome.
However, with Lovaglio's term expiring in the spring and the new group's industrial plan set to be presented in the first quarter, analysts believe the investigation could slow down Mediobanca's integration process.
(Italian version by Andrea Mandalà, editing by Francesca Piscioneri)
