Mediobanca and Fiat are preparing to face each other across the table on a hostile takeover bid for the second time in just a few months, according to bankers and analysts in Italy.

The two companies are the biggest shareholders in Holding di Partecipazione Industruali (HdP), the Italian media and fashion company, which is in the process of selling off its fashion interests such as Fila, the sportswear group, and Valentino, the fashion group, to focus on its media interests.