In a significant development regarding the future of MPS-Mediobanca, crucial board meetings took place in Siena and Milan while the chief prosecutor of Milan, Marcello Viola, raised concerns about alleged collusion between the Delfin investment fund, led by Francesco Milleri, and entrepreneur Francesco Gaetano Caltagirone. During a hearing before the Senate Banking Committee, Viola asserted that there has been a shared intent between Delfin and Caltagirone to gain control over Generali since 2019. He highlighted that this collaboration surfaced during the public exchange offer on Mediobanca by MPS, revealing a blend of longstanding interests with newer ones related to MPS without making these interests transparent to the market.

The investigation suggested that the proposed collusion between Delfin and Caltagirone has been operational since as early as 2019, evidenced by "absolutely parallel conduct" maintained over time in their acquisition of shares, both in Generali and in Mediobanca. This raises serious questions about market transparency and the ethical considerations surrounding such financial maneuvers. The implications of this investigation could potentially recalibrate the influence of these entities on Italian financial markets and challenge existing governance structures.

Overall, as the prosecutor's office intensifies its scrutiny, this scenario exemplifies the ongoing tensions within Italy's financial landscape, highlighting the need for greater oversight and regulatory clarity in high-stakes corporate acquisitions. The outcomes of this investigation will not only affect the parties involved but will also resonate throughout the broader financial community in Italy and beyond.