The request of the entrepreneur Leonardo Del Vecchio up from 9,89% to 20% of the share capital of Mediobanca, if accepted by the Ecb that it is considering, could have disruptive effects on the balance of the Italian finance. Starting from the direct and indirect consequences on the shareholding structure of the bank’s investment milanese led by Alberto Nagel, the historical crossroads of the business and the italics besides that main partner, with almost 13% of the General Insurance.
With regard to the direct consequences, it would be the first time that a single contractor is scheduled to hold a quota so high Mediobancawhose equity has been over the years cleverly distributed between men of industry and financiers of French and Italian historically gathered in a shareholders ‘ agreementin order to avoid that one of them could concentrate too much power. Not to case any doubt on the response of the Ecb would have to do precisely with this aspect, with the opportunity that is, to allow a single shareholder, owner of the Italian-French group Essilor, Luxottica, having in hand a portion so important of the capital.
The syndicate that for years has governed and monitored on the power of the Piazzetta Cuccia was little: an agreement consultation meeting the 12,61% of the share capital of Mediobanca and that brings together major industry representatives and the Italian finance. It is necessary to look here to look at the possible indirect consequences of a growth Of the Old in the shareholder base.
The slice the more substantial actions of the agreement of consultation, equal to 3.28 per cent of the bank led by Nagel, is in the hands of the Mediolanum Group for the family of Doris. The exponent of the Maximum, the son of Ennio, last January, had made it clear without mincing words that if the owner of Luxottica had gained further weight in the shareholder structure, Mediolanum would have kept the hands free to sell the securities.
“If The Old decides to climb over the 10% he said, ” Massimo Doris – it would exceed the quota of the covenant and it would vote in the assembly. It must be renewed by the council and if The Old man goes up to 15 or 20%, it is difficult for Mediolanum can still have a representative in the board of directors. That line will give Mediobanca? Are all questions that we have posed. We do not know what will happen. If nothing will change maybe we. If changes want to be free to sell”.
Accordingly, the group controlled by the family Doris with 40.4% had “downgraded” the share in the Piazzetta Cuccia from “strategic” to the status of “available for sale”, at an average carrying value of 9,826 euro for the title, preludendo precisely to an exit that you would be made most likely on the basis of the prices. But the courses of the Stock exchange, where also taking into account the leap: June 1, linked to the effect Of the Old (+8% to 6.3 euros), the actions from the beginning of the year suffered from the pandemic Covid-19, they could at least for the moment curb the anxiety of the exit of the family, Doris.
If Massimo Doris had clearly expressed the inability to remain members strong with Old-growth, the family of Silvio Berlusconi, through Fininvest, has 2% of Mediobanca well as to the pact of union, had not been equally explicit. Yet some clue that, as a result of the strengthening of the owner of Luxottica, also financial, of the family of former Italian premier can think of to earn gradually the output from the investment bank led by Nagel is there.
For example, at the end of last October, the deputy of Forza Italy Mauro D Attis had presented a parliamentary question to the minister of Economy, Roberto Gualtieri, its about the possibility of a change of “wind” in Mediobanca and of its main subsidiary, Insurance General, of which the Old man has in his hand a 4.84 per cent, direct. The author of this change, according to the deputy, his own Of Old, whose advent in the capital of Mediobanca, combined with the participation in the Lion of Trieste, sancirebbe the passage under the French flag of the two groups.
Families Doris and Berlusconi are not the only ones who will evaluate what can be done after the strengthening Of the Old in Mediobanca (the request of up to 20% has been anticipated by Republic Sunday, may 31,). Within the agreement of the consultation together with them, there were also other representatives of the world of business and finance, Italian the Benetton family, with a share of 2.10% of the Piazzetta Cucciathe Gavio group, with 0.66%, and the Ferrero group with the of 0.64 percent.
These shareholders certainly will have to evaluate how much sense will keep still the feet a consultation agreementalthough no commitments on the block and vote on the underlying shares, with a partner single 20% of capital. And will have to eventually decide what to do with their shares in Mediobanca. To choose how to behave will rarely be able to ignore the fact that, in the the battle now always the most obvious between Intesa Sanpaolo and Unicredit, Mediobanca is now siding with the first, and the Old man with the second.