The board confirmed the purchase serves a strictly financial purpose, intended to maintain specific equity method accounting treatments currently utilized by Mediobanca regarding its own Generali holdings. To execute this, Intesa’s board authorized a hedging derivatives contract with a leading financial counterparty, using the insurer’s shares as the underlying asset.

This maneuver reflects the complex web of Italian financial interests. Monte dei Paschi di Siena gained a 13% stake in the nation’s top insurer following its acquisition of Mediobanca last year, transforming it into Generali’s largest investor. Intesa, which previously attempted a takeover of Generali in 2017 before shifting focus to internal insurance growth, now seeks to navigate these ownership structures to secure the MPS deal. The move also follows UniCredit’s decision last year to build a significant position in the insurer, further intensifying competition for influence over Italy’s insurance sector.