ROME, April 28, 2025 (BSS/AFP) - Italian bank Mediobanca, itself battling to fend off a hostile takeover by a rival, announced on Monday a 6.3-billion-euro ($7.2 billion) bid to buy wealth management firm Banca Generali.

Mediobanca is planning to use its 13.1 percent stake in the insurance group Generali to pay for the acquisition of Banca Generali, the statement said.

"The combination between the two companies will produce a European market leader," Mediobanca said.

Mediobanca is itself trying to fend off a hostile takeover by state-backed Banca Monte Paschi di Siena (MPS) as the Italian banking industry sees a wave of hostile bids.

Mediobanca's offer stipulates that if it does not manage to acquire a minimum of 50 percent plus one of the total number of Banca Generali shares, then it would abandon its takeover bid.

It said the takeover would result in its wealth management revenues doubling to two billion euros and such profits increasing fourfold to 800 million euros.

The statement said the acquisition would "transform the relationship between Mediobanca and AG from a financial to a strong industrial partnership".