Bank M&A in the new Italy evokes old Italy’s flaws
Under founder Enrico Cuccia, Mediobanca pulled the strings of Italian post-war finance. Now it is under siege, with former bailout victim Banca Monte dei Paschi di Siena on Friday launching a hostile, 13.3 billion euro all-share bid. True to Mediobanca’s heritage, a deal may suit powerful shareholders more than minority investors.