In the infinite risk there is also the hypothesis that Delfin will sell the MPS share to Orcel

In the Milanese financial circles, those where rumors travel before press releases, a rumor has been circulating for a few days that deserves more than one check. It concerns Delfin and its position in the capital of MPS, today one of the most sensitive tables of banking risk in 2025. According to what is rumoured, the holding company of the Del Vecchio heirs led by Francesco Milleri and Romolo Bardin is seriously considering the possibility of selling its 17.5% of MPS, strongly courted by Unicredit. In Piazza Gae Aulenti, moreover, CEO Andrea Orcel has never made a secret of his interest in the Sienese bank, also ready to share the partnership with the Treasury (4.8%) and the Caltagirone group (10.2%).

For Orcel, the operation is in perfect harmony with his ambitions: getting his hands on that strategic package means strengthening his centrality in the system as well as being participants in a game that goes well beyond Siena.

More complex, however, is the reasoning that is being made within Delfin, where the shareholders do not seem united in judging the holding’s banking activism positively. There are those among Del Vecchio’s heirs who view direct involvement in major financial power maneuvers with impatience. And it is precisely from here that the first motivation for a possible disengagement would arise: Milleri’s desire to finally arrive at a shared settlement of the inheritance, reducing the factors of tension in the family. But that wouldn’t be the only reason. Also weighing in the background is the investigation by the Milan Prosecutor’s Office, which transformed a financial issue into a judicial file, into the idea of ​​an alleged concert between Delfin and Caltagirone. An investigation which, to date, rests on foundations considered fragile by many observers, but which nevertheless remains a disturbing element in an already complex context.

According to the most insistent rumors, the possible exit from MPS capital could also serve to

this: demonstrate with facts that the hypothesis of a stable axis between Delfin and the Roman entrepreneur is little more than a suggestion, fueled by the press close to the former leaders of Mediobanca, today on the fringes of the big game.