Decode the world through high-stakes dealmaking. Welcome to Backchannel, the subscriber-only weekend edition of The Closer. Each week, we unpack the strategies and intrigue behind major deals shaping the market.
A quick reminder: Backchannel and the Monday jumpstart editions are now subscriber-only editions, but starting next week we are going to do free Negotiation Nuggets on Tuesday, Wednesday and Thursday. We’re building something premium and unflinching here at The Closer—deals analysis you won’t find in the FT or Bloomberg, layered with strategic takeaways, playbooks, and tools you can actually use. There's a lot more coming: podcast, book and more. If you’re already a paid reader, thank you. You’re helping us raise the bar.
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– Bradley
Deep Dive | Monte dei Paschi and Mediobanca
In a twist few saw coming, the world’s oldest bank – resurrected by the state – has gone on the offensive, aiming to swallow a pillar of Italian high finance. Monte dei Paschi di Siena’s audacious bid for Mediobanca is a tale of reversal and intrigue, pitting a once-dying lender against the very institution that long pulled the strings of Italian capitalism. It’s a high-stakes drama with characters straight out of a banking thriller: a turnaround specialist CEO on the attack, an establishment kingpin defending his turf, powerful family shareholders, and a nationalist government eager to reshape strategic industries. This is more than a takeover battle – it’s a revealing chapter in Italy’s new era of strategic capitalism.
