Francesco Gaetano Caltagirone, president of the Caltagirone Group, has increased his holding in Monte dei Paschi (Mps) from 5% to 8%, cementing his position as one of the largest shareholders of the Italian bank. This strategic move, executed shortly before the upcoming shareholder assembly scheduled for April 17, 2025, enhances Caltagirone's influence over the bank's future decisions.
With this increase, Caltagirone and the Del Vecchio family’s investment vehicle, Delfin, which holds approximately 9.7%, collectively command nearly 17% of Mps. This consolidates their position significantly, distancing themselves from the Ministry of Economy and Finance (Mef), which remains the largest shareholder with 11.731%. Meanwhile, Banco Bpm and Anima together own about 8% of the bank.
This increase is not just about securing more shares; it’s about positioning for power both at Mps and possibly adjoining mergers with other financial entities such as Mediobanca and Generali. The moves coincide with Mps's recent €13.3 billion bid for Mediobanca, which was previously deemed inadequate by Mediobanca's Board, setting the stage for potential negotiations once the required regulatory approvals are granted.
Caltagirone’s strategy appears clear: by augmenting his stake, he aims to hold greater sway during the shareholder assembly where shareholders will decide on the capital increase tied to the Mediobanca offer. According to market insiders, Caltagirone hopes to reach at least 40% of the capital, as this would significantly empower his influence not only over Mps but also over Generali, where Mps holds 13% and Delfin is set to increase ownership soon.
Prior to this latest acquisition, Caltagirone had already expanded his stake in Mps by acquiring 3.5% of the bank during Mef's sale of 15% earlier, which translated to 1.1 billion euros. During this process, Banco Bpm and Anima bought substantial shares, 5% and 3% respectively, making the shareholder dynamic increasingly competitive.
This renewed interest from significant shareholders like Caltagirone and Delfin signifies their preparedness for potentially drastic changes within Mps and broader banking sector relations. The upcoming assembly is poised to address this tension and the strategic orientations for the future, particularly concerning the Mediobanca negotiations.
Beyond the numbers, Caltagirone’s vision may focus on reshaping Mps's path and influence within the financial industry. Having already increased his stake, Caltagirone’s notable foothold will serve as leverage when weighing the future of Mps and its strategic partners.
Coming up is not only the Mps assembly but also the anticipation of broader developments involving Generali. The juxtaposition of these major stakeholders indicates the heightened activity and scrutiny around decisions impacting the financial world. Mediobanca's role as the principal investor could be pivotal as negotiations progress.
Caltagirone's moves show his intention not only to stabilize but to potentially reshape the financial sectors of Italy by targeting institutional relations. With immediate stakes high and future assemblies approaching, the primary shareholders are likely to witness contentious discussions aimed at defining the bank's strategic direction.
While Caltagirone's financial maneuvers are strategically thoughtful, the broader industry will be observing closely how these developments play out during the forthcoming assembly. The stakes couldn't be higher for Mps, its shareholders, and the direction of future partnerships as they navigate through these waters.
Time will tell if Caltagirone's calculated risk pays off or if it incites pushback from other investors or regulatory bodies. The dynamics of ownership and control within Mps and its prospective relations with entities like Mediobanca and Generali could set precedents for years to come.
Essentially, the gaming table is set with high stakes, and the decisions made by Caltagirone and his contemporaries during the shareholder assembly may shape the future of Mps and its associated relationships within and beyond Italy.