Mediobanca in the spotlight, on 21 August the decisive date with the shareholders' meeting for the takeover bid on Banca Generali
Shareholders will be called upon to choose between the management's strategy, which involves an aggregation with the Leone subsidiary to create the Italian wealth management pole, and the competing ops launched by Banca Mps
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(Il Sole 24 Ore Radiocor) - Mediobanca in the spotlight at Piazza Affari, in the first session of a week that will be decisive for the fate of Piazzetta Cuccia. In a difficult morning for the banking sector, the stock is limiting the damage while waiting for Thursday's shareholders' meeting called to give the green light to the takeover bid onBanca Generali . The shareholders, in fact, will be called upon to choose between the management's strategy, which passes from the aggregation with the subsidiary of the Leone to create the Italian wealth management pole, and the competing ops launched by Banca Mps , which in these days is beginning to register the adhesion of important packages of shares in the hands of relevant shareholders.
As far as the shareholders' meeting is concerned, according to reconstructions, the patrol of shareholders ready to vote against or abstain is close to 40% of the capital, considering the shareholders Delfin and Caltagirone (who together control around 30%) and a number of other entities and private individuals. In favour, however, is the market, as well as the members of the consultation agreement. What will decide will therefore be the shareholders' turnout, solely through the designated representative, which last week's rumours put at around 70-75%: for the 'yes' vote to have a chance of prevailing, it will have to exceed 80%. The Banca Generali transaction, meanwhile, is expected to receive the ECB's approval on the same day. On the Mps offer front, on the other hand, adhesions have jumped to 13.5% in the last few days (previously they were practically nil) thanks also to the contribution of Delfin, which has handed over part of its 20%. Considering also the support, which appears to be taken for granted, of Caltagirone (holder of 10%), the minimum threshold of 35% thus appears to be closer, even in the presence of an offer that remains at a discount with respect to stock market prices: the gap at the moment is 3.2%, equal to around EUR 565m.
