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Unicredit has acquired a 4-5% stake in Generali, reflecting opportunistic strategies amid competitive tensions in Italy's financial sector. This move complicates the control contest involving Mediobanca and other stakeholders, as Generali's stock reaches heights not seen since 2007. With a shareholders' assembly approaching in May 2025, Unicredit's position may serve as leverage in the evolving landscape of Italian finance.
Italy has abandoned plans to raise the cryptocurrency capital gains tax from 26% to 42% due to significant opposition from lawmakers and industry stakeholders. Instead, proposals suggest capping the tax at 28% or maintaining the current rate, aiming to foster a supportive environment for the digital asset sector. Lawmakers advocate for progressive taxation and higher exemption thresholds to protect small investors while promoting innovation in the growing crypto market.
The budget law is set for its first parliamentary vote on December 11, with around 250 amendments expected. The government aims to avoid new taxes, cut the tax wedge, and prioritize family aid, while also addressing business support, including a potential IRES discount for reinvestment. Key discussions will focus on minimum pension increases and the exclusion of police from public sector turnover freezes, as the Ministry of Economy seeks financial coverage for these measures.
UniCredit's CEO Andrea Orcel is navigating two potential takeover bids, one for Banco BPM and another for Commerzbank, amid political challenges in Germany. Analysts suggest there is room to enhance the offer for Banco BPM, possibly by including a cash component, while cautioning against excessive increases that could dilute shareholder earnings. Orcel's strategy reflects a broader consolidation trend in the Italian banking sector, with Banco BPM seen as a key target to strengthen UniCredit's position against larger rival Intesa Sanpaolo.
The budget bill is set to be discussed in the House on December 16, featuring proposals such as a €3 billion allocation for the Strait of Messina bridge, an Irpef tax cut, and a bonus for children's extracurricular activities. Tensions within the majority are rising, particularly over the Irpef cuts and the allocation of resources, with various parties pushing for amendments while the Ministry of Economy monitors compliance with funding requirements. Additionally, changes to the oversight of public contribution recipients are anticipated, reflecting broader concerns about fiscal management.
Parliament is set to amend the maneuver with proposals including a €3 billion allocation for the Messina Strait Bridge, a new six-month period for severance pay transfers to supplementary pensions, and a cut in the second Irpef tax rate for incomes up to €60,000. The majority faces potential friction over these changes, particularly regarding the additional Irpef cut and the League's push for a flat tax increase. Meanwhile, the government is also considering reforms to the oversight of companies receiving public funds.
Banco BPM has rejected UniCredit's unexpected €10 billion ($10.5 billion) takeover offer, stating it does not reflect its profitability or potential for growth. The board expressed concerns over the rapid timeline of a merger, which could undermine the bank's legal autonomy and expansion plans, particularly in Germany. UniCredit's CEO emphasized the need for larger banks in Europe to enhance economic competitiveness, while the Italian government has shown mixed reactions to UniCredit's ambitions.
Andrea Orcel, CEO of Unicredit, has launched a surprise €10 billion bid for Banco BPM, offering a minimal premium of 0.5%. This move follows his ongoing efforts to acquire Commerzbank, which is currently stalled due to political uncertainties in Germany. The Italian government is cautiously evaluating the bid, with skepticism about the risks of pursuing two major acquisitions simultaneously.
Giancarlo Giorgetti, the Minister of Economy and Finance, announced a significant boost to the national health care system, with an additional 12 billion allocated over three years, raising total funding from 134 billion in 2024 to 141 billion by 2027. He emphasized that this increase will outpace the growth rate of average per capita spending, reinforcing the government's commitment to healthcare while maintaining control over public spending. Furthermore, 1.3 billion is designated for upgrading and modernizing public health assets from 2027 to 2036, with health expenditures exempt from spending cap revisions.
Italian Finance Minister Giancarlo Giorgetti has engaged the country's wealthiest investors, including billionaire Francesco Gaetano Caltagirone and the Del Vecchio family, to facilitate the return of Banca Monte dei Paschi di Siena SpA to private ownership. Over ten days, he secured support from Banco BPM SpA, along with approvals from the Bank of Italy and the European Central Bank.
Giancarlo Giorgetti
People
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unicredit acquires stake in generali amid competitive insurance market tensions
Euro
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Generali Italian Equity
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Mediobanca SpA
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Commerzbank AG
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