Banca Generali approaches Mediobanca: but the negotiation is still to be defined

Banca Generali to Mediobanca? Nothing is decided yet

Bloomberg’s indiscretions made a lot of noise. On a positive day for the markets Banca Generali closed up 19.1%, while Mediobanca gained over 5%. All done, then, with Piazzetta Cuccia ready to conquer the Leone bank?

In reality, according to what is reported by Affaritaliani.it, perhaps it is a step that is a bit too hasty. Let’s be clear: the company led by Gian Maria Mossa is a real gem that appeals to many. But from here to say that it has already entered the galaxy of Mediobanca it is definitely premature. What’s more: there are currently no open negotiations. What is known for sure is that General is considering acquiring an asset management company in the United States and would be looking for the resources necessary to do so.

But this does not mean that Banca Generali must necessarily be the silverware to be sacrificed. If anything, it is a suggestion that the market likes and that is grafted on to past arguments that were still made in 2020, in a completely different competitive scenario. According to reports to Affaritaliani.it from a qualified sourceamong other things, some even think that the disclosure of these news has served above all to raise the price and that the various “dossier”Represent a bit of a stretch.

Mediolanum ready to leave Mediobanca?

On the day of today 30 September, among other things, the CEO of Banca Mediolanum, Massimo Doris, gave an interview to Reuters in which, among other things, he also spoke about the institution’s position within Mediobanca. From this point of view, the Venetian family excludes returning to reclassify to “strategic” own participation of 3.53% primarily because the weight of the trade union agreement that once pulled the strings of the institute has been reduced. “We are long-term shareholders of Mediobanca, satisfied with Alberto Nagel’s work,” he said Massimo Doris. The CEO of Piazzetta Cucciawhich ended up in the crosshairs of the criticisms of the first shareholder Leonardo del Vecchio, “has progressively expanded the diversification of the business as well as having consolidated its leadership as an investment bank, with an important role in the main recent deals”, underlined Doris.

According to Affaritaliani.it, Mediolanum he considered the end of the famous pact that governed the bank as the moment in which to switch the stake from strategic to “available for sale”. This is not because there is the intention on the part of the Doris to sell their stake in Piazzetta Cuccia but, more than anything else, to be able to have a free hand in case there is someone who wants to carry out special operations. In this sense we must read Doris’ relaxing statements towards Nagel: after the death of Leonardo Del Vecchioin fact, the question of Delfin’s stake in Piazzetta Cuccia has been temporarily frozen. But it is to be believed that in the coming months, given that Mediobanca’s board will expire in 2023, we will return to talking about strategies. And Doris wants to protect her investment in front of any kind of choice.