(Alliance News) - Piece by piece, Milan prosecutors are reconstructing the corporate maneuvering that led to the takeover of Mediobanca.
As reported by La Repubblica on Wednesday, acting on orders from public prosecutors, the Guardia di Finanza searched Andrea Nattino, chairman of Finnat Fiduciaria, which investigators identify as the primary vehicle through which Francesco Gaetano Caltagirone allegedly operated in the market.
The investigation focuses primarily on the purchase of MPS shares on November 13, 2024, as part of the Treasury's divestment of stakes, a procedure investigators deem opaque and riddled with anomalies.
Nattino is not currently under investigation, but his computer and smartphone have been seized. According to prosecutors Luca Gaglio and Giovanni Polizzi, Finnat allegedly purchased 44 million MPS shares at EUR5.9 on behalf of the Caltagirone group, using methods and figures that were 'perfectly aligned' with the operations of Delfin, the Del Vecchio family holding company led by Francesco Milleri. For the magistrates, this was no coincidence.
The probe centers on the MEF's sale of a 15% stake in MPS via an Accelerated Bookbuild (ABB) entrusted to Banca Akros. According to the prosecution, the operation only formally maintained the appearance of openness and transparency while, in reality, it was allegedly steered to favor pre-identified parties.
The stakes were primarily acquired by Delfin and the Caltagirone group, which allegedly acted in parallel using Natixis and Finnat as intermediaries, respectively. Investigators are now attempting to reconstruct the decision-making chain and the role of the trusted associates involved in the transactions.
Caltagirone, Milleri, and Luigi Lovaglio are under investigation for market manipulation and obstructing supervisory authorities. For the Prosecutor's Office, that share purchase represented the first step in a strategy aimed at strengthening influence over MPS, which later culminated in the exchange offer (OPS) for Mediobanca launched in January 2025 and subsequent capital increases linked to the deal.
By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter
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