Mediobanca Gets ECB Approval for Banca Generali Deal

Mediobanca gets ECB approval for Banca Generali deal

Italy's merchant bank Mediobanca has received European Central Bank approval to buy private bank Banca Generali and create Italy's second-largest wealth manager, as it seeks to thwart a takeover bid from Monte dei Paschi di Siena.

Mediobanca Hastens Banca Generali Acquisition Amid MPS Hostile Takeover

To stave off the MPS acquisition, Mediobanca CEO Alberto Nagel put forth the takeover of Banca Generali in April. Banca Generali is owned by Italy’s biggest insurer, Generali.  Italian merchant bank Mediobanca has received approval from the European Central Bank (ECB) to acquire private bank Banca Generali. This acquisition would create the country’s second-largest wealth manager, and Mediobanca would also beat out the state-backed Monte dei Pas…

Mediobanca receives ECB approval for Banca Generali takeover

Italian merchant bank Mediobanca has received authorisation from the European Central Bank (ECB) to proceed with the €6.3bn purchase of Banca Generali.   The ECB also granted approval for the purchase of both direct and indirect stakes that collectively exceed 10% of the consolidated own funds of the Mediobanca Banking Group.  Following the acquisition, Mediobanca will be expected to present the ECB with a detailed integration plan within a six-…