Italy’s financial sector is experiencing a significant wave of consolidation, marked by completed deals and abandoned offers. This transformation is reshaping the banking landscape as institutions manoeuvre for strategic advantage. The Tuscan bank concluded its 16 billion-euro share-and-cash offer for its larger Milanese rival, securing 86.3% of Mediobanca. Meanwhile, Monte dei Paschi (BMPS.MI), successfully reprivatised in the past two years following a 2017 bailout, made a notable move in January. Monte dei Paschi is an Italian bank. Following a government bailout, the bank was reprivatised in the past two years.
Italy’s fourth-largest bank finalised its 5.4 billion-euro cash-and-share offer for a smaller Sondrio-based institution. This defensive strategy, influenced by Unipol, a major shareholder in both banks, aimed to address accelerating consolidation. Conversely, Italy’s second-biggest bank withdrew its 15 billion-euro all-share offer for Banco BPM (BAMI.MI), citing unacceptable government conditions. UniCredit (CRDI.MI) had previously bid for BPM in November, proposing a 0.5% premium that it declined to supplement with cash, unlike actions taken by Monte dei Paschi (BMPS.MI) and BPER (EMII.MI) to advance their bids.
Prior to UniCredit’s approach, Banco BPM bid to acquire fund manager Anima Holding (ANIM.MI), completing the 1.8 billion-euro acquisition in April. To counter MPS’s takeover attempt, Mediobanca announced a 6.3 billion-euro all-share offer for wealth manager Banca Generali (BGN.MI) in April, though it failed to gain shareholder approval in August. Banca Generali had previously finalised its 98.2 million-euro purchase of broker Intermonte in January to strengthen its investment banking capabilities and enhance its wealth management services with corporate finance advisory services.
In other developments, Venice-based IFIS (IF.MI) completed a cash-and-share offer to acquire Illimity, the digital bank founded by former industry minister Corrado Passera, which was subsequently delisted from the Milan bourse in September. Elliott-backed speciality lender Banca CF+ revealed a 145 million-euro discounted offer for rival Banca Sistema in June, securing an agreement with the target’s main shareholder for a 25% stake.
