Mediobanca: Nagel's defeat shakes the Italian financial system. MPS, Calta, and the Ministry of Economy and Finance are closer to conquering Piazzetta Cuccia, with an eye on Generali.

The CEO's last hope Albert Nagel and all the management of Mediobanca it shattered in front of the mercilessness of the result of the Piazzetta Cuccia assembly which clearly sanctioned the rejection of the OPS launched by Mediobanca itself on Banca Generali to counter the assault of the Monte dei Paschi and its main supporters – Francesco Gaetano Caltagirone and Delfin, the safe of the heirs of Leonardo Del Vecchio – with the endorsement of the GovernmentIt is not a surprising result but it is a result that not only changes the future of Mediobanca but also that of the balance of command of Italian finance and financial capitalism whose centre of gravity is destined to shift for the first time from Milan a Rome.

Generals: the true object of desire

The obstacle of the Mediobanca takeover bid has been cleared general bank, Monte dei Paschi and its supporters now have the road clear for the victory of the takeover bid launched on Mediobanca itself, which will end on September 8th but which is already going very well and above all contains the real object of Caltagirone and the Meloni Government's desire, that is, Mediobanca's 13,1% stake in GeneraliA strategic stake which, combined with the shareholdings held by Caltagirone (6,59%) and the Del Vecchio heirs (9,93%), could open the way for the latter and for MPS, with the blessing of the Government which is a shareholder of the Sienese bank, to conquer Generali, the true treasure of Italian finance and one of the few national groups with an international profile and with an impressive dowry of government bonds in its hands.

Italian finance moves to Rome

This is the most likely scenario following the resounding rejection of Nagel's takeover bid at the Mediobanca shareholders' meeting. However, there are some shadows beyond that raised by the government's anomalous interventionism in Italian finance. And the most serious is the one evoked by Nagel himself immediately after the defeat at today's meeting: the conflict of interest lurking within Caltagirone and Delfin, shareholders of Generali, Mediobanca, and MPS. Let's not forget, moreover, that the way the government has effectively handed Caltagirone and Delfin (and the Bpm bank) the management of Monte with the sale last year of its 15% stake is investigating the Milan Public Prosecutor's Office, the outcome of which is expected shortly. These are all open issues, and no one knows how they will actually play out, but one thing is certain: from today, Italian finance is no longer what it once was, and its capital is Rome, with all that this excessive proximity to political power entails, which has gone from being a referee to a player.