Consob: 20 takeover bids launched in 2025, with the total value soaring to 18 billion (+350 per cent on 2024)

More than 70 complaints from shareholders

(Il Sole 24 Ore Radiocor) - In 2025, 20 public takeover and exchange offers were launched in Italia (as in 2024), but the total value more than quadrupled (+350%) to around 18 billion euros (up from 4 billion). This is according to Consob’s Annual Report. More than 15 billion (15.62 billion) came from three transactions involving shares in banking companies, namely MPS-Mediobanca, BPER-Sondrio and Banca Ifis-Illimity. In general, transactions linked to ‘the consolidation process of the Italian banking and financial sector have taken on particular significance’, the document states. This process comprises seven public offers or takeover bids by some of the most important banking companies (four of which were concluded during the year) for shares in as many banks or asset management companies, with the aim of delisting the companies subject to the offer (which occurred in the case of Illimity) and also of proceeding with the subsequent merger by incorporation. “The launch of these offers, characterised by a high level of conflict as they were not consensual (so-called hostile bids), led to the submission of over 70 formal complaints by bidders, issuers and affected shareholders,” the report explains. Overall, “the supervisory activity carried out during the year in relation to these transactions was intensive and comprehensive, aimed at ensuring accurate and complete disclosure to the market, as well as the proper conduct of all parties involved”.

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