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.
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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.