Mediobanca: Doris, Ops Banca Generali? Nice operation, makes industrial sense
The board meetings will also assess Mps' takeover bid for Mediobanca, on which Banca Generali must decide "whether to accept it or not".
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Mediobanca's takeover bid for Banca Generali, with underlying Generali shares, "is a good deal for Mediobanca, assuming it goes through," and "makes a lot of sense from an industrial point of view," said Massimo Doris, CEO of Banca Mediolanum, when questioned by journalists at the national convention of the institute, which holds a 3.49% stake in Piazzetta Cuccia (split between Banca Mediolanum and Mediolanum Vita).
"The fact of wanting to strengthen in wealth management was stated as an objective. Doing it through this takeover bid on Banca Generali makes absolute sense from an industrial point of view,' said Doris, convinced that it makes sense, considering 'the various steps taken by Mediobanca, with the creation of CheBanca! and the subsequent transformation into Mediobanca Premier'.
Doris pointed out that Banca Mediolanum will convene an "ad hoc" board of directors meeting to consider how to vote on Mediobanca's takeover bid and also to decide whether to join Mps's offer on Piazzetta Cuccia. For the time being,' he also specified, 'there has not yet been a meeting with Mediobanca's number one, Alberto Nagel, who has, however, explained the offer on Banca Generali to him by telephone.
Moreover, to those who asked him whether the takeover bid on Banca Generali and that of Mps on Mediobanca are incompatible, Doris clarified: 'More than answering me, Lovaglio (Mps' CEO, ed.) answered, saying that the operation becomes even more interesting. And this is decided by the person who launched the offer'.
Finally, regarding the possibility of remaining shareholders in Mediobanca even if the Banca Generali deal goes through, Doris clarified: 'I think we will, even though they will be our competitors even more'.
