MILAN (Reuters)

Italian billionaire Francesco Gaetano Caltagirone is reshaping Italy’s financial sector. He has significantly increased investments in key players such as Monte dei Paschi di Siena (MPS) and Anima Holding.

BATTLES IN GENERALI AND MEDIOBANCA

Caltagirone has become a major shareholder in MPS and invested heavily in Anima Holding. Recently, MPS announced a surprise €13.3 billion all-share offer to acquire merchant bank Mediobanca. Over the past five years, Caltagirone has emerged as the second-biggest investor in Mediobanca. He also holds a 6.9% stake in Italy’s largest insurer, Generali, making him the third-largest shareholder, while Mediobanca remains the top investor in Generali with 13%.

Caltagirone has critiqued Mediobanca for its influence over Generali’s governance, particularly in the selection of board members. As a long-term investor in Generali, he attempted to replace CEO Philippe Donnet with the late Leonardo Del Vecchio in 2022.

The government of Prime Minister Giorgia Meloni has approved governance changes supported by Caltagirone, which limit how outgoing boards can name successors. Donnet’s term is up for renewal this spring, and Mediobanca is expected to back his reappointment.

Caltagirone’s Role in Italian Banking Consolidation

Caltagirone’s interests could conflict with UniCredit CEO Andrea Orcel, who recently proposed a buyout for Banco BPM that may impede Caltagirone’s plans for a significant shareholding in the merged entity of BPM and MPS. The Italian government favors the combination of Banco BPM with MPS, both of which partner with Anima.

Caltagirone, holding a 5% stake in MPS and 5.3% in Anima, appointed two representatives to the MPS board, including his son Alessandro.

WHO IS CALTAGIRONE?

Born in Rome on March 2, 1943, Caltagirone is an influential entrepreneur with interests in construction, cement, real estate, publishing, and finance. According to Forbes’ 2024 ranking, he is Italy’s 10th richest person, with an estimated wealth of €5.6 billion. He owns Il Messaggero, a significant newspaper supportive of Meloni’s government, along with several regional publications.

Caltagirone started in his family’s construction business and expanded significantly in the 1980s, acquiring Vianini Group. His company, Cementir, is a leading cement producer operating in 18 countries. He has three children involved in his operations but has not designated any successors.

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