MPS Takeover Bid: Caltagirone and Delfin Return to the Center of Banking Consolidation

(Alliance News) - The takeover bid launched by Intesa Sanpaolo and Unipol for Banca Monte dei Paschi di Siena brings Francesco Gaetano Caltagirone and Delfin back to the heart of the deal, as they hold 10.2% and 17.5% of the Sienese bank's capital, respectively.

At current market valuations, Corriere della Sera explained on Tuesday, these stakes are worth over EUR3 billion for Caltagirone and approximately EUR5.25 billion for Delfin.

The transaction would allow both to monetize holdings considered relatively illiquid, recouping a portion of their invested value. Should they tender their shares, they would become the second and third largest shareholders of Intesa Sanpaolo, respectively, with stakes ranging between 6% and 7% of the capital. Alternatively, they could choose to exit the investment and realize substantial capital gains.

However, the outlook for the two shareholders appears to differ. At the last MPS shareholders' meeting, Delfin supported the slate in favor of reappointing Luigi Lovaglio, a move that surprised the market and was also shared by Banco BPM, which had been interested in exploring a merger with the Sienese lender.

While a combination between MPS and Banco BPM might have been viewed favorably by the holding company led by Francesco Milleri, the proposal from Intesa Sanpaolo and Unipol does not seem to represent an obstacle.

Caltagirone's position could be even more favorable. He has traditionally been skeptical of any merger that would shift MPS's center of gravity from Siena to Milan. The project involving BPER Banca, which is set to adopt the Monte dei Paschi name, would instead guarantee the continuity of the historic brand and maintain its central role in the region.

The decisions of Delfin and Caltagirone will also be influenced by the balance of power within Assicurazioni Generali. Delfin controls approximately 10% of the insurer, while Caltagirone owns 6.3%.

In view of a possible reshuffling of the Trieste-based company's shareholder base, the 8.8% stake held by UniCredit and the potential entry of Intesa Sanpaolo as the leading shareholder—via control of the stake held by Mediobanca—also take on significant importance.

By Antonio Di Giorgio, Alliance News reporter

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