The proposed takeover of Monte dei Paschi would position Intesa as the largest investor in Generali, a company critical to Italy’s financial stability. With over €900 billion in assets under management, Generali remains a key pillar for refinancing the nation’s €3 trillion public debt. Two sources familiar with the discussions confirmed that Intesa CEO Carlo Messina personally assured authorities of a cooperative stance to avoid regulatory interference. While the Italian government retains "golden powers" to block bank takeovers, officials currently show no intent to derail the deal.

Messina, who previously reached out to various institutional players regarding the bid, intends to retain the Generali stake inherited through the transaction but has ruled out a full takeover due to antitrust constraints. The government remains focused on maintaining a stable shareholder base for the insurer, especially given recent boardroom tensions between investors like Delfin and the Caltagirone group. By proactively aligning with Rome, Intesa seeks to avoid the friction that previously scuttled Generali’s plans to merge its asset management business with France’s BPCE.