Banca Mediolanum exits Mediobanca, placement accelerated by 3.5%

Banca Mediolanum exits Mediobanca. A board of directors of the bank has decided to liquidate the historic shareholding. As anticipated on Thursday 26 June by Il Sole 24 Ore, the group led by Masssimo Doris has decided to call itself out of the heated clash for control of Mediobanca and to take the benefits of the mad rush of the Mediobanca share price by selling its stake in Piazzetta Cuccia. A note announced that the institution, on its own behalf and on behalf of Mediolanum Vita, is launching an accelerated sale transaction - aimed at institutional investors - of up to 29.1 million shares in Piazzetta Cuccia corresponding to 3.5% of the capital. Morgan Stanley will act as director of the operation, which will begin immediately: the selling shareholders reserve the right to close it at any time. This means that the first partner in the shareholder consultation agreement of Mediobanca, which until now held 11.6% of the capital, will also cease to exist.

Banca Mediolanum, after having closed a record 2024 balance sheet with 1.1 billion in profits (+36%), has also started 2025 well with quarterly profits up another 10% and seems interested in focusing its energies on its core business. The transaction is permitted by the consultation agreement: 'The participants,' the agreement explains, 'retain full availability of the Shares, for any reason whatsoever, being able to transfer, even temporarily, the ownership or availability to third parties, without conditions or limitations, and to purchase new Shares freely, in compliance with applicable regulations'. In short, the only contractual obligation that Mediolanum has is to 'notify the chairman of the agreement, within 5 days, of every purchase and sale transaction carried out - also on a forward basis or by means of convertible instruments, so that the chairman may have a constantly updated picture of the shares owned by each shareholder adhering to this agreement'.