Mediobanca Sets Extraordinary Shareholders' Meeting for August 21 Amid Banca Generali Exchange Offer

Mediobanca has scheduled its extraordinary shareholders' meeting for August 21 to discuss the public exchange offer for Banca Generali. The meeting hinges on the Generali board's decision on August 6 to extend distribution agreements with Banca Generali. The outcome will also depend on key stakeholders such as Delfin and Caltagirone. Mediobanca's offer may launch before the rival offer from MPS expires on September 8.

Milan, July 2, 2025 — Italy's Mediobanca (MDBI.MI) has announced plans to bring forward its shareholder vote on the acquisition of Banca Generali (BGN.MI), aiming to complete the regulatory process by August 18 and hold the vote on August 21, ahead of the September 8 deadline for a rival offer from Banca Monte dei Paschi di Siena (MPS) (BMPS.MI).

The decision to expedite the vote comes as Mediobanca seeks to gain size and ward off a hostile takeover bid from MPS. Mediobanca's CEO, Alberto Nagel, stated that submitting the deal to shareholders before the MPS offer expires allows them to assess all available options.

Mediobanca reported a 4% rise in full-year profit and record high revenue for its 2025 fiscal year, which runs from July to June. The bank's net profit was 1.3 billion euros, and revenue reached 3.7 billion euros, both figures broadly in line with analysts' expectations.

The Banca Generali bid is contingent on the Generali board's decision on August 6 regarding distribution agreements. A positive decision from the board could accelerate the convening of Mediobanca's shareholders' meeting, potentially as early as August 8, pending approval from the European Central Bank (ECB).

Key stakeholders, including Delfin and Caltagirone, are crucial to the success of Mediobanca's offer. Mediobanca aims to strengthen its "insurebanking" project and persuade these stakeholders to support the offer, as the MPS operation enters its critical phase.

References:
[1] https://www.reuters.com/business/finance/mediobanca-may-speed-up-banca-generali-bid-vote-fend-off-mps-2025-07-31/
[2] https://www.marketscreener.com/news/assicurazioni-generali-nears-agreement-with-mediobanca-ce7c5fdcda81f420