Mediobanca and Generali on the Stock Exchange – BBC

the title Mediobanca warms the stock Exchange of August with the scenarios that could relate to the same bank of Piazzetta Cuccia and its main holding, General (has 13%). In particular they would be in the crosshairs of the Breton financier Vincent Bollore, who with Vivendi – of which he is president and prime partner – is already the largest shareholder of Telecom and showed even designs on Mediaset, after breaking the terms with the alliance group Mediaset Premium. That, at least, according to the rumors .

Piazzetta Cuccia yesterday gained 3,01% to 6,34 euro. Two pressures: on the one hand the upward trend of the accounts and the positive judgments of the analysts as Kepler Chervreux, Imi and Akros. Other rumors about the intention of Bolloré to grow in Mediobanca from the current 7.9%, although the assumed path, ie the purchase of the shares of Unicredit (8%) or Mediolanum (3%), appears articulated . The reason? The strict rules of the shareholders’ agreement and the eventual loss should count the bank led by Jean Pierre Mustier. The goal of Bolloré would become the most influential shareholder in Generali, perhaps in view of a possible merger with the French Axa. Generali also rose, up 2% to 11.96 euro in a positive day for financial (Banco Popolare + 5%, Unipol + 4.4%) apart Mps (-4.6%).

Bollore would not comment on rumors and sources close to him speak of scenarios” not topical “. On the Italian front, observers point out that any move would be complex Bolloré also politically. The activism of Telecom, with the climb first, then with the appointment (without disclosure courtesy to Flavio Cattaneo government) as CEO, and the coldness of the Palazzo Chigi plan for large bank would make it difficult relations between the French and the government of Matteo Renzi. Also it weighs the breach of contract to purchase with Mediaset Premium. In short, reading running is that Bolloré would find no easy ground in case of an aggression to Generali via Mediobanca, with the government ready to side with Italians. Renzi would get so also the support of Berlusconi in the constitutional referendum.

But there are also technical aspects that make the move : to go over 10% in a bank need the okay of the bank of Italy and on the basis of the banking Law, the government (Treasury and the Presidency of the Council) may refuse to authorize investors of third countries “which do not ensure conditions reciprocity”. Unicredit also could not give up her 8% it will lose about 250 million; and even Mediolanum does not appear seller. Also Italians General can count on the face of strong partners like Caltagirone (3.5%), Del Vecchio (3%), De Agostini (1.5%), Benetton (1%).

9 August 2016 (modified August 9, 2016 | 07:32)

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