--Mediobanca reported its two largest shareholders to the European Central Bank over worries they could take control of the Italian lender and other key financial institutions given their cross-holdings in the sector, the Financial Times reports, citing unnamed sources.
--Mediobanca told the regulator that it is concerned that billionaires Del Vecchio--whose family owns an almost 20% stake in the Italian bank via its holding Delfin--and Caltagirone--who owns 10% of the company--are teaming up to take control of Italy's top financial institutions without regulatory approval, the FT reports. These also include Monte dei Paschi di Sienna--which recently launched a hostile takeover bid for Mediobanca--and insurer Generali given that Delfin and Caltagirone also own large stakes in those entities.
--Generali, whose shareholders will be voting on a new board in a few weeks, also raised concerns to Italy's insurance and financial regulators, the FT reports.
--Mediobanca, Generali, Delfin, Caltagirone, the ECB, and regulators Consob and Ivass declined to comment to the FT.
Full story: https://tinyurl.com/yc74cfr3
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
March 31, 2025 07:20 ET (11:20 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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