Overview
- A Consob supervision document dated September 15, 2025 concludes there is no concealed agreement between Delfin, the Caltagirone group and MPS, nor any concerted action involving the Treasury.
- The report says no verbal, written or tacit accords were detected and that aligned conduct by shareholders can reflect independent interests rather than a joint plan to control Mediobanca or Generali.
- Consob found no grave, precise and concordant indications that would trigger an obligation to launch an OPA on either MPS or Mediobanca.
- The reconstruction notes MPS had evaluated a Mediobanca integration as early as December 16, 2022 as one of three routes for the state to exit, and CEO Luigi Lovaglio presented the option to Mediobanca’s Alberto Nagel in July–August 2024.
- Sources said Consob and the Milan prosecutor’s office continue to work together within their respective competences as details of the document became public on December 6.