"MILANO, Jan 9 (Reuters) - The holding company of late Italian billionaire Leonardo Del Vecchio has increased its stake in the bailed-out lender Monte dei Paschi, according to a filing, consolidating its position amid anticipated bank consolidations in Italy.
Delfin, the late eyewear magnate's holding company and owner of Ray-Ban, made this move following developments initiated by the Italian Treasury in November. Delfin acquired a 3.5% stake, with Italian billionaire Francesco Gaetano Caltagirone also taking 3.5%, and Banco BPM purchasing 5%.
According to regulatory disclosures, on Dec. 27, the day MPS appointed five new directors, Delfin upped its ownership to 9.78%. This investment establishes Delfin as the largest private investor in MPS after the Treasury, which holds 11.7% following its 2017 rescue operation.
The Italian government aims for MPS's re-privatization—under the leadership of CEO Luigi Lovaglio—to help create a third major bank alongside Intesa Sanpaolo and UniCredit. The 15% placement has sparked speculation about potential mergers, such as between MPS and Banco BPM, prompting UniCredit to launch a bid for BPM. UniCredit's move disrupted BPM's bid for fund manager Anima Holding.
Similar to Delfin, Caltagirone is in a strategic position for future bank mergers and acquisitions. The construction mogul elevated his MPS stake to 4.97% and acquired a 5% holding in Anima, earning two seats on the MPS board, including son Alessandro Caltagirone.
Both Delfin and Caltagirone are major stakeholders in Milanese bank Mediobanca, holding 19.8% and 7.8% respectively. They also possess significant shares in insurer Generali, standing at 9.9% and 6.9%."