MILAN (Reuters) – Italian billionaire Francesco Gaetano Caltagirone has emerged as a leading player in the reshaping of Italy’s financial sector that is currently under way.
BATTLES IN GENERALI AND MEDIOBANCA
Caltagirone last year expanded his investments in Italy’s financial sector and is now a key shareholder in bailed-out bank Monte dei Paschi di Siena (MPS) and fund manager Anima Holding.
On Friday MPS launched a surprise 13.3 billion euro all-share offer to buy merchant bank Mediobanca (OTC:), in which over the last five years Caltagirone has become the second-biggest investor.
He is the third-largest shareholder in Italy’s top insurer Generali (BIT:), with a 6.9% stake. Mediobanca is the top investor in Generali with a 13% stake.
Caltagirone has repeatedly complained that Mediobanca exerts excessive influence on Generali through the board and a governance system which allows outgoing directors to name their successors.
As…
