The obsessive dream of conquering the Generali it doesn't bring luck to the Roman tycoon Francesco Gaetano Caltagirone that in the assembly of the Monte dei Paschi has collected yet another defeat as had already happened over the years in the assemblies of Generali and MediobancaThe market did not appreciate the arrogance with which Caltagirone had demanded the dismissal of the CEO of Monte, Louis Lovaglio, who was yesterday's real winner, despite having restored the Sienese bank to health and won the takeover bid for Mediobanca, with all its implications for Generali, the true treasure of Italian finance. But Caltagirone's arrogance, which for years has dreamed of getting his hands on the Lion of Trieste even more than on Mediobanca and MPS, did not please even Dolphin of the Del Vecchio family and to the Bpm bank who, with their vote in the assembly in favour of the list that supported Lovaglio, have provoked, together with international funds of the calibre of BlackRock and Norges Bank, the sensational turnaround. Let's be clear: Caltagirone's arrogance isn't just a bossy style that leads him to prioritize servility over the competence of his managers, but the subordination of corporate interests—in this case, MPS and Mediobanca—to the ultimate goal of the coveted takeover of Generali.
The outcome of the Monte dei Paschi shareholders' meeting is a lesson for all the sorcerer's apprentices of Italian finance and confirmation that fortunately, even in our country, the market exists and in crucial moments it matters, and how. And it is also a lesson for the Meloni government that with Capital bill had tried to favor Caltagirone by making the board renewal more cumbersome and contradictory. The fact that, despite the clear victory (50% against 38%), the Lovaglio list has collected 8 MPS board members against the 6 of the Caltagirone-led board list increases the confusion and gives rise to reflection, especially in view of the appointment of the new president of the company. ConsobAs everyone knows, the director of the Capital Bill was the Undersecretary of the Ministry of Economy and Finance, Federico FreniIt's clear to everyone how inappropriate it is to appoint him to the head of Consob, where the market arbiter must not only exist but also be perceived as absolutely independent. And one can only hope that the Meloni government will take this into account.
