This is according to three sources close to the matter, who say UniCredit's interest in the stake in the Siena-based bank held by Delfin emerged during contacts with the leadership of the Del Vecchio family's holding company.
According to the sources, UniCredit has also considered a potential direct investment in Delfin, which is equally controlled by the eight heirs of founder Leonardo Del Vecchio. Delfin has made no comment on the matter.
One of the sources added that Italy's second-largest banking group is also interested in Delfin's stake in Generali.
Last year, UniCredit built up a stake of about 7% in Generali as a financial investment, which was later reduced to 2%.
It is still unclear what the outcome of the talks between Orcel and Delfin chairman Francesco Milleri has been.
Orcel and Milleri are in frequent contact for various reasons, two sources close to the matter emphasized. Orcel sits on the board of the Leonardo Del Vecchio Foundation, while Delfin is a shareholder in UniCredit.
UniCredit still has excess capital after acquiring 26% of Germany's Commerzbank and 29.8% of Greece's Alpha Bank.
Orcel's M&A efforts have encountered obstacles from governments in both Rome and Berlin, with UniCredit accusing the Italian government of scuttling the Bpm deal.
Reuters reported in November that the Italian government still aims to pursue the long-standing plan of a merger between Mps, in which it holds a 4.9% stake, and Bpm.
Delfin's main asset is a 32% stake in eyewear giant EssilorLuxottica. The holding also owns 17% of Mps, currently worth around 4.6 billion, and 10.5% of Generali.
(Italian version by Andrea Mandalà, editing by Francesca Piscioneri)
