Caltagirone, Milleri and Lovaglio under investigation for the Mediobanca takeover
The Milan Public Prosecutor's Office investigates alleged irregularities in Monte Paschi's takeover bid for Mediobanca, also involving the holding companies Delfin and Caltagirone
Francesco Gaetano Caltagirone, Francesco Milleri, the chairman of Delfin, the holding company of the late billionaire Leonardo del Vecchio, and the CEO of Banca Monte dei Paschi, Luigi Lovaglio, are under investigation for alleged market manipulation and obstruction of market supervision, reported the Corriere della Sera reported by the agency Reuters.
The investigation, conducted by the Milan public prosecutor's office, concerns the Monte Paschi bid to acquire Mediobanca, the newspaper added.
According to the investigators, the suspects would have contributed to the Ops with which Rocca Salimbeni took over Mediobanca in recent months. The Caltagirone group and Delfin itself, as legal entities, would also be under investigation under Law 231 on the administrative liability of entities for crimes committed by top management in the interest of the company.
The investigation - followed by the public prosecutors Giovanni Polizzi, Luca Gaglio and the deputy prosecutor Roberto Pellicano - started from a lawsuit filed at the beginning of 2025 by Mediobanca against a number of press articles, deemed defamatory by Piazzetta Cuccia. From here, the work of the Milanese magistrates has broadened in recent months - with the banking risiko in the background - going from the modalities with which the last accelerated placement of part of Rocca Salimbeni's capital was carried out (a procedure managed in November 2024 by Akros on behalf of the Mef), to the same takeover of Piazzetta Cuccia, which ended last September.
Banca Monte dei Paschi di Siena "in relation to press rumours appearing today, informs that it has received notification from the Public Prosecutor's Office of Milan of a search warrant. In this context, a notice of indictment was served on Dr Luigi Lovaglio in his capacity as CEO; the offence hypotheses indicated in the document refer to obstruction of supervisory functions and market manipulation'. This was stated in a note issued by the Bank, which said it was 'confident of being able to provide all the elements to clarify the correctness of its actions and expressed its full confidence in the competent authorities, to which it confirmed its complete cooperation'.
