Mediobanca Launches €6.3B Bid for Banca Generali

Mediobanca, the Italian bank led by CEO Alberto Nagel, has announced a voluntary public exchange offer (OPS) for 100% of Banca Generali's shares. The deal is valued at €6.3 billion and will be paid entirely in Assicurazioni Generali shares. This move aims to create a diversified group focused on high-growth businesses with recurring revenues. The exchange ratio is set at 1.70 Generali shares for each Banca Generali share, based on prices from April 25, 2025. Mediobanca expects the operation to generate €300 million in pre-tax synergies. These synergies will come from cost savings, revenue increases, and funding efficiencies. Nagel stated that Banca Generali's high-end market position makes it an excellent fit for Mediobanca. The acquisition is part of a broader transformation strategy, shifting capital from insurance to wealth management. The Mediobanca's board of directors approved the OPS on Banca Generali.