Along the corridors of Salimbeni Palace in Siena cold drafts are blowing, so much so that yesterday the title yesterday he arrived at the stock market collapsed by more than 4%. It seemed that the dust had settled from the banking game of the past few weeks which had brought the troops of Montepaschi-Delfin-Caltagirone to move on Mediobanca and instead there are still sparks among the participants the mission, although all of them have done their utmost in denialsConstruction magnate Francesco Gaetano Caltagirone e Dolphin, the holding company of Del Vecchio family, the two largest investors in MPS, both also holding stakes in Generali, are pointed the finger against the CEO of the Sienese bank, Luigi Lovaglio, according to some rumors.
Clashes between Caltagirone and Lovaglio, according to the Financial Times, Then the denials
It all started with an article in the Financial Times on Friday according to which Caltagirone would have clashed with Lovaglio, regarding the plans for Mediobanca, a split that could threaten to oust the head of one of Italy's largest banks. In particular, according to sources FT, Caltagirone and Lovaglio would be disagree on plans for a full merger between the two banks due to the implications for Mediobanca's stake in the insurance company Generali.
On the same Friday the Group Caltagirone He tried to pour water on the fire by commenting on the Financial Times, saying that speculation about a clash with the CEO of Rocca Salimbeni was out of place and adding that the board was simply discussing internally the bank's strategy and governance"Linking this boardroom discussion to the role of a major shareholder, or to Mediobanca's stake in Generali, is an opportunistic interpretation," Caltagirone said. Furthermore, on Friday Dolphin Lovaglio supported the bank's management, declaring that he was currently in negotiations for the sale of his stake in MPS. Moreover, the Board of Directors of MPS He had expressed his "full confidence" in Lovaglio. Then there were the phone calls and compliments addressed to Caltagirone by Lovaglio – intercepted by the Milanese magistrates investigating the two.
Ma Business Square It doesn't seem to believe the messages of détente. Monte dei Paschi was down 4,18% at €8,82 at the close of the Milan stock exchange on Friday, while Mediobanca was down 3,49% at €17,17.
The word to the Monte Paschi board of directors next April
Dolphin holds 17,5% of MPS, Caltagirone 10,3%. They became shareholders when the Italian government, which had rescued MPS in 2017 by acquiring a 68% stake, reduced its stake to below 5%. After the Treasury's reduction in the stake, MPS replaced five directors, appointing Caltagirone's son, Alessandro, and Elena De Simone, director of Caltagirone SpA, among the new board members.
With the Mediobanca deal, the two key investors have strengthened their influence in Italian finance, and now that MPS is at the heart of the Italian financial system, decisions about its leadership will be crucial for the future of the sector. Lovaglio is seeking a renewal of his mandate from MPS board of directors in Aprila'investigation by the prosecutor's office from Milan The Mediobanca affair is complicating matters. The CEO of MPS is under investigation, along with Caltagirone and Delfin Chairman Francesco Milleri, for an alleged secret agreement to gain control of Mediobanca and Generali through MPS. All three have denied any wrongdoing, and the Italian securities regulator has so far ruled out any undisclosed deal.
