According to Repubblica, Unicredit would have already prepared the appeal to the Council of State, following the TAR ruling which had annulled only two of the four conditions imposed by the government.
MPS's nine-month results beat analysts' expectations. The Siena-based bank promises to allocate its entire profit to dividends, thanks to its ample capital buffer. With the Mediobanca deal, CEO Lovaglio says, "it will create…
The bank has already achieved 85% of its 2025 net profit guidance, which is therefore confirmed at approximately €1,95 billion. The interim dividend will be paid on November 26.
Before the merger, both Bper and Pop Sondrio recorded growing revenues thanks to interest margins and commissions. Bper's board of directors resolved to distribute an interim dividend of 10 cents per share, which will be…
Colm Kelleher links the risk to inflated ratings on private credit, while also seeing possible repercussions on the banking sector. The Bank of England (BIS) had also raised the alarm following the failures of US regional banks.
The green light would have arrived on Monday after Caltagirone had presented a request to increase his shareholding in August, while the takeover bid for Mediobanca was underway.
In a lengthy article dedicated to Unicredit, the Financial Times discusses Commerzbank, Banco Bpm, and Alpha Bank, as well as the future moves of CEO Andrea Orcel, who may decide to shift his focus to asset management, insurance, and payments.
From now on, the two institutions will operate under a single brand, strengthening the bank's position in the local market.
Intesa's profit exceeded expectations: revenues held steady by commissions and insurance, but the stock lost ground on the Milan Stock Exchange. CEO Messina: "The bank tax is manageable, Intesa is out of the game."
Speaking to reporters, Crédit Agricole Deputy Director General Clotilde L'Angevin said the French bank has no intention of selling its Italian operations. First Cisl also opposes the merger.
A move that in Germany has raised suspicions of a conflict of interest, given that Lindner, when he was minister, did not oppose the sale of the first public shares of Commerz to the Italian bank.
The fourth edition of Italian Excellences 2025, Intesa Sanpaolo's event connecting top Italian companies with 100 global investors, will take place in Paris. Over 500 meetings will promote the growth and internationalization of Made in Italy companies.
For the Made in Italy agri-food supply chains, the institute has already allocated 10 billion euros in new credit, part of the 410 billion euros foreseen by the Group for initiatives linked to the PNRR.
Approval was granted for an interim dividend of €2,2 billion based on 2025 results, equivalent to a dividend per share of €1,4282, yielding a 2,3% yield. The stock, which posted a gain of…
BNP Paribas holds a potential 5,39% stake in Generali. The bank falls on the Paris stock exchange after a New York court found the bank complicit in the violence in Sudan.
The new Intesa Sanpaolo Elite Lounge will accompany a select group of ambitious companies from Central and Eastern Europe on a structured growth path in partnership with Elite
A mix of structural and temporary measures will be introduced for banks, including a 27,5% tax rate for those who decide to release their reserves.
Intesa Sanpaolo is accelerating growth in the United States with its IMI CIB Division: over $50 billion in transactions in project finance, green energy, data centers, and large infrastructure. The group aims to consolidate its position as a partner...
The all-stock hostile bid, which valued its smaller rival at around €16,3 billion, fell short of the 30% threshold. Torres: Now it's time to focus on investor payments.
The Swiss court annuls FINMA's 2023 write-off of AT1 bonds, deeming it to be without legal basis. The ruling can be appealed to the Swiss Supreme Court.
Unicredit retains a voting stake of just over 5% in Generali, where it had diluted its stake in July by divesting derivatives positions to only a portion of the stake that had allowed it to vote with...
Neva funds invest in highly innovative Italian and international companies, helping transform ideas into concrete and scalable global opportunities, facilitating Italian research and the return of Italian researchers, and facilitating the connection between new technologies and...
According to Reuters, Brussels will send two letters to Italy by mid-November, demanding the withdrawal of the April 18 golden power decree and contesting the entire legislation on special powers.
The CEO of the Siena-based bank spoke before the Senate's commission of inquiry into the banking system, praising the collaboration with Minister Giorgetti. The impetus to accelerate came from UniCredit's move on Banco BPM.
Banco Bpm and Crédit Agricole are reportedly working to reach an agreement that could secure government approval: the French are ready to hand over control to Castagna.
According to the Governor of the Bank of Italy, the model followed by the BCCs up to now "is not without weaknesses" and the "strategy of expanding the credit portfolio has become more difficult and involves higher risks."
The game of Risk is back, but the setting shifts from banking to bancassurance. There are many twists and turns on this table as well.
MPS's names for Mediobanca have been announced. The list will open with Vittorio Grilli, candidate for president, and Alessandro Melzi d'Eril, in contention for CEO. Meanwhile, DBRS has raised its long-term rating...
The announcement comes just as Sabadell prepares to meet with analysts and investors to discuss the offer. It will distribute €0,32 per share on November 7th, a 10,3% increase over the dividend paid in 2024.
The bank's focus on asset management, private banking, and insurance has been at the heart of CEO Carlo Messina's strategy for ten years. Corcos: "Asset management and advisory services account for 42% of the company's results…
According to Banca Ifis's Market Watch NPL 2025, the total stock of non-performing loans in Italy has decreased by €86 billion in 10 years, while the deterioration rate is at its lowest. Chairman Fürstenberg Fassio: "We acquired our…
According to the Financial Times, Unicredit could offer a third of its board seats to convince Berlin to take on Commerz; alternatively, it would focus on organic growth in Poland or targeted acquisitions such as mBank, controlled by the German giant.
The European Competition Authority has reportedly decided to move forward with the special powers applied by the government in April, despite UniCredit's withdrawal of its offer. Italy could face sanctions. The decision could also impact the Crédit Agricole case.
Fitch Ratings has revised its ratings for the two main Italian banking groups upwards, bringing their ratings one notch above the Italian sovereign rating.
Nine European banks – including UniCredit and Banca Sella – have formed a consortium to launch a euro-denominated stablecoin, compliant with the European Union's MiCar regulation on cryptocurrencies.
CEO Philippe Donnet updated the board on the €1.900 trillion joint venture. Negotiations are open until December 31st, amid internal opposition and the potential Golden Power shield.
While rumours are swirling about a planned merger between Banco Bpm and Crédit Agricole, the Minister of Economy says there are no political objections, but that golden power regulations must be respected.
Eight months after its announcement, MPS has completed its takeover of Mediobanca and acquired a percentage that was unthinkable until a few weeks ago.
In April, Unicredit held 6,7% of Generali, then gradually reduced its stake, confirming Orcel's words, who always spoke of a "non-strategic stake."
BBVA's Board of Directors also agreed to waive both the possibility of making further improvements to the consideration and to extend the subscription period. Here are the details.
On Thursday, subscriptions to MPS's bid for Mediobanca jumped nearly 6%. The offer closes on Monday, September 22nd. Generali-Natixis: penalties for backtracking will be eliminated; an agreement has been reached.
Banco BPM CEO Giuseppe Castagna sees Crédit Agricole as "a good opportunity" but doesn't rule out MPS as a strategic alliance. The bank also remains open to discussions with the government on deferred tax assets (DTA).
Only the director representing Delfin remains in office. MPS's candidate list will be announced on October 3rd. The departing board approves the budget and dividend but blocks the final tranche of the buyback. Shares rise.
In a lengthy letter to employees, Nagel anticipates his resignation: "New challenges await you; MPS will have to capitalize on your professionalism." He then quotes Orazio, launches a swipe at the new shareholders, and defends the decisions made in recent years.
Speaking at Bofa Securities' annual Financials CEO conference, UniCredit CEO Andrea Orcel said that in Italy, "we've learned our lesson; we need to accelerate without M&As." Regarding Commerz, he said, "We're moving forward without pressure."
There are two key points on the table: the extension of deadlines and the elimination of the 50 million penalty, but the Government's Golden Power remains an unknown factor.
The terms for the takeover bid will be reopened from September 16th to 2nd. There will be another five days to raise the necessary funds to complete the extraordinary transactions. On September 5th, the Mediobanca board of directors will meet, at which the board led by Alberto Nagel will submit its resignation.
Following the successful offer, Bper holds an 80,7% stake in Pop Sondrio. The members were elected from the three lists submitted by the new controlling shareholder. The stock price rose.
One year after Unicredit entered into Commerzbank, the German bank's shares have more than doubled in value and the institute has presented an ambitious industrial plan
The US fund's stake in MPS is held indirectly. Mediobanca's CEO speaks to employees: "There's no overlap between Siena and Mediobanca; a merger could be the lesser evil."
Banco BPM shares continue to rise, as investors turn their attention to Piazza Meda, which is poised to return to the forefront of the banking game. CEO Castagna has two options on his table, but he's wary of the government's reaction.
MPS's acquisition of Mediobanca exceeded expectations. As of the last available day, 134.114.712 applications were submitted. Applications will reopen from September 16th to 22nd. Nagel could resign as early as September 18th.
The historical link between Andrea Orcel and the top management of Morgan Stanley strengthens the hypothesis of a coordinated move in the race for control of the German bank
After 16 months of negotiations, regulatory hurdles, and government restrictions, BBVA is ready to launch a hostile takeover bid for Sabadell. Catalan shareholders will decide whether to accept the offer that could transform BBVA into Spain's second-largest banking group.
UniCredit's CEO spoke at the Handelsblatt banking forum: "We have received all the necessary authorizations. Whether there will be a takeover bid or not will be decided by the shareholders."
In a quick board meeting, Mediobanca emphasized that the relaunch of MPS does not adequately value the bank and transfers "a large portion of the risks to shareholders." The waiver of the threshold condition also indicates Siena's desire to take control, despite...
With just a few days to go before the end of the bidding period, MPS has already de facto surpassed Mediobanca's 35% stake, the only condition necessary for the offer to be successful, and is now aiming for 51%. On Thursday, the Piazzetta Cuccia board of directors will meet.
Banca ifis has announced that it has reached 95,398% of Illimity's capital, with the squeeze-out starting on Monday 8 September.
The offer will close on September 8th, but the application period will be open again from the 16th to the 22nd. MPS also announced that it is waiving the 66,67% condition, confirming the minimum threshold of 35%.
According to rumors, the board led by Luigi Lovaglio will meet today to decide on the relaunch. MPS could add a cash component to the offer.
UniCredit has increased its stake in Alpha Bank from 21% to 26%, of which 9,9% is in shares, through financial instruments. The stake is expected to generate net income of approximately €244 million in 2026.
Taxation on share purchases has already been adopted in the United States and, a few months ago, also in France, with a retroactive rate of 8%. This year, buybacks in Italy have already reached €10 billion.
French political uncertainty is sinking Crédit Agricole, BNP Paribas, and Société Générale. In Milan, the entire sector is experiencing sell-offs. The possibility that the Meloni government will ask the sector for funding ahead of the 2026 budget is also weighing heavily.
A month after the conclusion of the takeover bid and following the resignation of almost the entire board, Bper presents three lists in view of the meeting called for 15 September
There now remains a final 3% of derivatives that will likely be converted into equities by the end of the year despite opposition from the German government, which calls them "uncoordinated and unfriendly" moves.
MPS's bid for Mediobanca appears set to close successfully. The minimum threshold of 35% is (almost) secured, but Siena and its partners would be interested in reaching 50%. Three factors could be decisive.
The collapse was caused by the Polish government's intention to tax banks' required reserves held at the Central Bank. In 2025, the Polish stock exchange was the second-best performing market in Europe and the world.
From today, Italian financial capitalism is changing face and its capital is no longer Milan but Rome, a city where finance finds itself dangerously close to the temptations of political power.
Nagel suffered a resounding defeat ("It's a missed opportunity") at the shareholders' meeting. Caltagirone and Delfin's opposition proved decisive, with Delfin now aiming to win MPS's takeover bid for Mediobanca, which could change the balance of power in Italian financial capitalism.
Following the August subscriptions, Delfin is contributing further shares to the offer, with Milleri sending a clear message of support for MPS and moving towards abstention at the Mediobanca meeting called to decide on Banca Generali.
Mediobanca responds point by point to Caltagirone, clarifying that "talking about a blank proxy makes no legal sense" and defends the transparency of the agreements with Generali
The Mediobanca shareholders' meeting on August 21st is approaching with a heated debate between supporters and opponents of the Banca Generali takeover bid, while moves by major funds raise hopes for a turning point. Ten crucial days and a regulatory uncertainty will keep the...
With a simple, mobile-first offering and a hybrid model that combines advanced technology and human assistance, Isybank confirms the success of the digital strategy of the Group led by Carlo Messina
Following Generali's openness to dialogue, Mediobanca has brought forward its shareholders' meeting to vote on the takeover bid for Banca Generali. If the ECB, Consob, and the shareholders' meeting approve, the process will begin in September.
Commerzbank's CEO reiterates her tough stance against UniCredit, which has surpassed a 20% stake. In the second quarter of 2025, net profit will be €462 million, revenues up 13,2%, with 2025 forecasts revised to €2,5 billion in net profit.
Montepaschi closed the first six months of 2025 with a profit of €892 million, down only due to one-off tax effects. Excluding these, the result grew by 21,4%, thanks to higher revenues from net commissions and financial management. The…
The Anima transaction contributed significantly to the profit. 2025 guidance was confirmed, with profits approaching €2 billion. An interim dividend of €700 million was also paid. Pop Sondrio also reported a record half-year, with its best profit ever: the board of directors...
While Nagel's blitz accelerates the pace of the Banca Generali offer, in Rocca Salimbeni, a plan is being discussed to ensure they don't sit idly by. Should they relaunch the takeover bid or attempt a political move on Mediobanca's board of directors? The first answer will be Thursday...
Since the Enrico Cuccia era, August has always been a crucial month for Mediobanca, and this year the rule holds even more true. Nagel has detailed a detailed plan to try to escape from MPS, but the risks are numerous and…
Banca Ifis has signed an agreement to acquire 100% of Euclidea Sim and initiated the sell-out of the Illimity Bank tender offer, preparing for the merger and delisting of Passera's challenger bank. Geertman (CEO): "In the first half of 2026, a new...
Intesa Sanpaolo closed the first half of 2025 with a net profit of €5,2 billion (+9,4%) and raised its 2025 guidance to "well above €9 billion," boosting its stock price. CEO Messina said: "We're returning €8,2 billion to shareholders."
In a letter signed by Nagel and Pagliaro, Mediobanca reportedly asked Generali to decide within the next week on the potential distribution agreement between the parties in view of the possible outcome of the offer launched for Banca Generali.
According to MF, Goldman Sachs and UBS are already on alert for the conversion of 8% of Unicredit's stake into shares, which would bring its stake in Commerzbank to 28%.
Unicredit may terminate its distribution contract with Amundi, controlled by Crédit Agricole, expiring in 2027, and in the meantime is reportedly starting to reduce the distribution of French products.
BPER and the takeover bid for Popolare di Sondrio: the key threshold of 66,67% of the Valtellina bank's capital has been exceeded. The numbers: here's why the merger is secure.
The transaction involves the remaining 7,31 million shares, equal to 8,7% of Illimity's share capital. Shareholders will receive a cash consideration of €4,0767 per share.
Orcel in a conference call with analysts: "Backtracking on Banco BPM is a difficult decision, but the right one. Commerzbank holds more value than Italy. Political intervention is changing the M&A dynamic."
CEO Orcel spoke of "excellent results with a record-breaking second quarter that contributes to the best first half in the bank's history." Profit for the first half of the year rose to €6,1 billion. Shareholders received €30 billion over the three-year period.
Following the successful takeover bid, the first official steps have been taken towards the integration between Illimity and Banca Ifis. The directors resigned from their positions at the disposal of the parent company. Their resignations will be effective upon the renewal of the corporate bodies.
From July 21st to 25th, Bper's offer for Pop Sondrio will reopen. Thanks to the relaunch launched on July 3rd, the Emilian bank already holds a 58,5% stake. The goal is to exceed 66% to gain control of the extraordinary shareholders' meeting and...
The acceptance period for UniCredit's offer for Banco BPM will end on July 23rd, and uncertainty reigns supreme. The decision will likely be announced on Wednesday. Meanwhile, Bper's takeover bid for Pop Sondrio will reopen on July 21st.
Consob is evaluating whether it has the power to grant a second extension to the Unicredit-Banco BPM takeover bid. Savona on the golden power: "We can't continue like this; legislative clarification is needed."
According to Brussels, the Spanish law would give the government "unlimited powers" to intervene in banking M&As, violating the ECB's exclusive jurisdiction. Madrid has two months to remedy the situation.
The government's reference to national security concerns in UniCredit's takeover bid for Banco BPM and the different treatment of the two takeover bids (UniCredit and MPS) are failing to convince the EU, which is giving the…
In an interview with Bloomberg TV, MPS CEO Luigi Lovaglio said he was confident he could reach a 66% stake in Mediobanca. Regarding Nagel, he said: "He's not interested in the project, he's not answering his phone."
Following the Regional Administrative Court's partial rejection, the EU Commission has issued a preliminary opinion, stating that the golden power over the UniCredit-Banco BPM transaction "could constitute a violation of Article 21 of the EU Merger Regulation and other provisions of EU law."
Following the TAR ruling, Unicredit attacks the government and Banco BPM: "Illegitimate golden power, discredited offers. We will evaluate all initiatives."
Monte dei Paschi's takeover bid for Mediobanca begins on Monday, July 14th, and will conclude in early September. The Siena-based bank needs only to raise 35% to effectively control Piazzetta Cuccia, but its goal is to reach 51%.
The Lazio Regional Administrative Court (TAR) partially upholds UniCredit's appeal against its golden power over the Banco BPM takeover bid: restrictions on loans/deposits and project finance have been lifted. The obligation to exit Russia and the restriction on Anima remain in place.
Authorization has been requested from the ECB: "We don't want control," but the move further complicates UniCredit's takeover bid and reignites the banking game.
