Mediobanca black jersey after Banca Mediolanum's exit
The share price of Piazzetta loses share price in the aftermath of the market placement of 3.5% of the capital by the institution controlled by the Doris family. Eyes on the balance in the Mediobanca shareholding structure in view of the launch of the Mps takeover bid
2' min read
2' min read
(Il Sole 24 Ore Radiocor) - The placement on the market of 3.5% of the capital by Banca Mediolanum weighs down the Mediobanca stock in Piazza Affari. The shares of Piazzetta Cuccia recorded the worst performance of the Ftse Mib dropping more than 3% in the morning. to 19.06 euro. The sale of Banca Mediolanum (which fell slightly on the stock market) took place at 18.85 euro, i.e. at a 4.5% discount to the closing price on the eve of trading. Thanks to the divestment from Mediobanca, the institution controlled by the Doris family has cashed in about 548 million, with a capital gain of about 262 million compared to the values at which it was recorded in the 2024 balance sheet, according to Intermonte. "The transaction was expected in light of the repeatedly reiterated desire on the part of the ceo of Mediolanum, Massimo Doris, to want to remain extraneous with respect to the consolidation process underway in the Italian banking system," point out the Sim's analysts, who estimate "a low-single digit negative impact (around -2%) on Banca Mediolanum's earnings per share estimates over the next few years resulting from the non-collection of dividends relating to the stake in Mediobanca". According to Banca Akros, on the other hand, the transaction will have a positive effect of 100 basis points on Cet 1 and could lead to "an extraordinary dividend in 2026".
As far as Mediobanca is concerned, the exit of Banca Mediolanum also entails a contraction of the share heldby the former shareholders' agreement, historically close to the management led by CEO Alberto Nagel, to about 8%. Therefore, it remains to be seen how the equilibrium in the shareholding structure will evolve in view of the launch of the Mps takeover bid. At Piazza Affari, Rocca Salimbeni's shares also lost share, with a drop (two hours after the start of trading) of about two percentage points to EUR 7.07. At the moment, the public exchange offer of the Sienese bank implies a valuation of Mediobanca still at a 6% discount compared to stock market prices.
