Intesa, UniCredit, and Rome's Strategy for Generali

(Alliance News) - With the completion of the public purchase and exchange offer by Monte dei Paschi di Siena, the historic alliance between Trieste and Milan comes to a close: MPS has acquired a 13.2% stake in Generali, Italy's leading insurance company.

Meanwhile, as reported by Corriere della Sera on Monday, Luigi Lovaglio has already met in Siena with Mediobanca's top executives to outline future strategies, ahead of the October 28 shareholders' meeting that will install the new board in Milan.

The government, as MPS's shareholder, is at the center of the action, having played a decisive role in the country's main financial affairs in recent months. Rome blocked UniCredit's acquisition of Banco BPM, backed the MPS-Mediobanca deal, and is now aiming to create a European-scale national savings hub.

The government, however, remains cool toward Generali CEO Philippe Donnet's plan to merge asset management with France's Natixis, fearing a "Frenchification" of Italian capital.

The context is one of significant evolutionary tensions. After rejecting the UniCredit-Banco deal and slowing the Generali-Natixis project, the government may now support an alliance between Banco BPM and Crédit Agricole, which already owns more than 20% of the bank.

The 13.2% stake in Generali held by MPS is worth about EUR6.7 billion, and the control chain - Treasury-MPS-Mediobanca - ensures Rome retains strategic influence. Caltagirone and Delfin, the other major shareholders, also want a greater say, prompting talk of a possible renewal of Generali's board. Donnet, however, has no intention of stepping down and is working toward a compromise on the Natixis dossier.

The government, determined to protect Italian savings, is exploring long-term solutions. Only a few players remain on the table: Intesa Sanpaolo and UniCredit. In the past, Generali had considered an alliance with Intesa, but the terms failed to convince Donnet, who was more attracted to a balanced agreement with Natixis. Today, Rome is weighing all options, aware that Caltagirone and Delfin are now looking to exit banking maneuvers to focus on EssilorLuxottica.

The endgame remains open: the creation of a major Italian savings group will likely hinge on an agreement between these three poles - Generali, Intesa, and UniCredit - under Rome's guidance.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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