Mediobanca Rebuffs Caltagirone’s Criticism of Banca Generali Bid

Mediobanca SpA rejected criticism from a key investor, Francesco Gaetano Caltagirone, about its takeover bid for a local wealth manager, Banca Generali, escalating tensions with the billionaire.

The Italian bank said in a statement on Wednesday that it has proposed to expand existing agreements between Banca Generali and its majority owner, Assicurazioni Generali SpA, if it buys the unit, rebuffing Caltagirone’s criticism that relevant details remain undisclosed.