Business tycoon Francesco Gaetano Caltagirone has increased his ownership of Banca Monte dei Paschi (MPS) to 8%. The newspaper and construction magnate was at the centre of a wave of consolidation that swept through the Italian financial sector, driven by Caltagirone’s investments.
The increase in his stake follows MPS’s unexpected 13.3 billion euro all-share offer to acquire Mediobanca in January 2025, which the Milanese merchant bank described as hostile. Francesco Caltagirone, a long-time investor in Mediobanca and Generali, also owns a 2% stake in BPM and a 53.3% stake in Anima Holding, a fund manager that Banco BPM is attempting to acquire.
Francesco Caltagirone, 81, has become an ally of Italy’s conservative government, which has repeatedly stated its intention to re-privatise the bailed-out lender in order to create a third major banking player in the country. In November 2024, when the Italian Treasury sold a portion of the Tuscan bank, Caltagirone purchased 32.5% of MPS. He later increased his investment to 5%.
The Treasury’s long-held preference to merge MPS with Banco BPM was thwarted when larger rival UniCredit made a hostile takeover offer for BPM. Before UniCredit’s aggressive move, BPM had acquired a 5% stake in MPS, increasing the likelihood of a future partnership.
Who Is Francesco Gaetano Caltagirone?
Francesco Gaetano Caltagirone was born in Rome, Italy, into a family with a long history in the construction sector. Exposed to the world of entrepreneurship at a young age, he began working with his brothers and a cousin to revive his late father’s construction company after completing his education. This initial exposure to the field prepared him for his subsequent rise to prominence as a business tycoon.
Caltagirone expanded his business interests and became more involved in significant infrastructure projects during the 1980s. One of his key early moves was purchasing Vianini Lavori, a company engaged in major civil engineering and construction. By supervising extensive infrastructure projects and contributing to Italy’s urban development, this acquisition helped him build a strong reputation in the construction sector. Vianini provided Caltagirone with invaluable experience in project management and expanded his influence in the industry.
During this time, Francesco Caltagirone also began diversifying his business interests outside of construction. In 1992, he acquired Cementir, an Italian cement company. Under his leadership, Cementir expanded and became one of the top cement producers in Italy and internationally. Cementir became one of the cornerstones of his business empire, and Caltagirone expanded its operations globally, solidifying his standing as a shrewd entrepreneur with a keen eye for investment opportunities across various industries.
In 1999, Francesco Caltagirone entered the publishing and media sectors, further diversifying his business endeavours. He founded the media conglomerate Caltagirone Editore, which grew into one of the largest newspaper publishers in Italy.
The group’s ownership of prominent newspapers such as Il Messaggero, Il Mattino, and Il Gazzettino cemented Caltagirone’s position as a major media force. His expansion into other sectors illustrates his strategic vision and ability to identify lucrative business opportunities.
Francesco Caltagirone’s career has extended beyond media and construction. Over time, he has accumulated significant holdings in a range of businesses, particularly in the insurance and financial sectors. His investments include Anima Holding, a leading asset management company in Italy, and Assicurazioni Generali, the country’s largest insurance provider.
He also holds substantial stakes in Banco BPM, one of Italy’s top financial institutions, demonstrating his influence in the banking sector. These investments highlight his versatility across industries and his ability to make calculated decisions that align with his corporate objectives.
Throughout his career, Caltagirone has consistently sought to grow his company through mergers, acquisitions, and strategic investments. His success and fortune are a result of his excellent timing and ability to identify profitable opportunities.
Francesco Caltagirone is among the wealthiest individuals in Italy, with an estimated net worth of USD 6.33 billion as of 2025. Through a combination of strategic diversification and visionary leadership, he has established a lasting legacy across multiple industries.
A Pivotal Figure In The Banking Industry
After Francesco Caltagirone bailed out Monte dei Paschi di Siena (MPS) and fund manager Anima Holding in 2024, MPS seized the opportunity in January 2025 by launching a surprise 13.3 billion euro all-share offer to acquire merchant bank Mediobanca, in which the Italian tycoon had become the second-largest investor over the past five years.
Caltagirone’s relationship with the Italian banking industry is also significant: he is the third-largest shareholder in Italy’s top insurer, Generali, with a 6.9% stake. Mediobanca is the largest investor in Generali, holding a 13% stake.
However, Caltagirone has been a critic of Mediobanca, accusing it of exerting excessive influence over Generali through its board and a governance system that allows outgoing directors to appoint their successors. As a long-standing investor and board member at Generali, Caltagirone, along with the late billionaire Leonardo Del Vecchio, unsuccessfully attempted to oust Mediobanca CEO Philippe Donnet in 2022.
Francesco Caltagirone maintains a cordial relationship with the Italian administration. Prime Minister Giorgia Meloni’s conservative government has approved contested corporate governance reforms championed by the tycoon. These reforms, however, have been criticised by fund managers for tightening the terms under which a company’s outgoing board can propose a list of successors.
Through his involvement with MPS, Caltagirone may now find himself in competition with UniCredit CEO Andrea Orcel, who, in November 2024, launched a buyout offer for Banco BPM, shortly after BPM had made its own bid for Anima and acquired a 5% stake in MPS.
A Reuters report stated, “The Treasury in Rome has long favoured combining BPM with MPS, which both partner with Anima, and building a core of long-term shareholders as it re-privatises the Siena-based bank it rescued in 2017. Before UniCredit upended Rome’s plans, Caltagirone, with a 5% stake in MPS, a 5.3% stake in Anima, and 2% of BPM, looked set to become a significant shareholder in the combined entity. In December 2024, Caltagirone named two representatives to the MPS board, including his son Alessandro.”