Mediobanca, Del Vecchio expects to exceed 20% of the capital
A move that goes straight to the heart of the Northern financial galaxy Mediobanca-Assicurazioni Generali. The patron of Delfin Leonardo Del Vecchio it would be evaluating further growth in Piazzetta Cuccia’s capital by exceeding the threshold of 20% of the capital.
He writes it Milan Finance, according to which no decision has yet been made, but the plan is there and the insights from the giant’s entrepreneur Essilux and of your own team (on the dossier the CEO by Delfin Romolo Bardin also director of Assicurazioni Generali and the president of Corporate and Investment Banking Emea from JP Morgan Vittorio Grilli) would be ongoing.
Especially since the move would be challenging, given that a new ok of the Supervision of the ECB after the one collected in the summer of 2020 to exceed 10%. The maneuvers are therefore not only about General, with the board of directors due next spring, but the whole is moving Northern Galaxy, which is going through a phase of great change and where, in particular in the Trieste insurance company, an almost unprecedented clash is taking place between the pact members, including Del Vecchio himself, Francesco Caltagirone and the Crt Foundation and the CEO from Mediobanca Alberto Nagel.
If in the 2020 assembly, the holding he supported the Assogestioni list as a normal investment fund, in the meeting held on 28 October last he voted in favor of almost all the items on the agenda, rejecting only the one on remuneration policies. We will see if this line will be confirmed also in the coming months or if, thanks to the possible increase in altitude, there will be course changes.
Exceeding the threshold of 20% Delfin would become banking conglomerate and would abandon the role of pure financial investor, that is, not interested in governance, instead putting those of shareholder aiming for control, with the aim of having a profound influence in the future on the future structure of corporate governance. The reason? According to the exegetes of the match, propose a change in the leadership of Piazzetta Cuccia in 2023 to archive the story taken on the Generali.
Consob’s response to Caltagirone’s questions on Assicurazioni Generali is on the way
Meanwhile, the response from Consob on the questions presented by Caltagirone on the list of the board of the Lion and on Mediobanca securities lending. By the Commission chaired by Paolo Savona, concludes the group’s newspaper Class, it could comeand a system response valid for all companies that have adopted the lists of board outgoing.
Caltagirone buys again and rises to 7.257% of the Lion
In the meantime, after the last purchases made between 12 and 15 November, the businessman from Rome has scored a new blitz in the capital of Generali. Through the holding company Fincal, the patron of the Messenger bought a total of 3.65 million shares (0.23% of the capital) between 16 and 17 November, rising to 7.257% of the Lion. In this way the consultation agreement goes to 14.04%.
The reaction of the stock exchange
In a Business Square negative in mid-session, the title Mediobanca it travels against the trend in widely positive territory, taking home an increase of 0.33% to 10.645 euros. On the other hand, Generali shares were weak, despite it shopping continuous of Caltagirone. The shares sell 0.4%, reaching € 18.69. The market wonders about the projects that Del Vecchio and Caltagirone have in mind both for the Trieste group and for its first partner.
Among the broke, r Equity recommends a Hold on Generali, identifying a price target of 19.5 euros. The experts of the sim instead recommend buying the shares of Piazzetta Cuccia, for which they have identified a price target of 12.3 euros. “Del Vecchio’s eventual decision to further strengthen its stake in Mediobanca increases theappeal speculative on the stock, on which we remain positive based on very solid fundamentals “, they explained.
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