Mediobanca bids for Banca Generali in Italy

Mediobanca launched a €6.3 billion bid to acquire Banca Generali on Monday, signaling a major move in Italy's banking sector. The offer, which includes a 11.4% premium on Banca Generali's share price, is Mediobanca's second attempt to acquire the wealth management firm. Mediobanca already holds a 13% stake in Banca Generali's parent company. This bid arrives amid a wave of European M&A activity and as Mediobanca itself faces a hostile takeover from MPS. The deal is expected to double wealth management revenues and generate significant cost synergies.