Mediobanca, more sales from top managers: Nagel collects over 44 million in three days
The board meeting of Piazzetta Cuccia is scheduled for today: the resignation of the board is expected after the successful Opas by Mps.
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Key points
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Sales of Mediobanca shares by the top management and top managers of Piazzetta Cuccia continue. According to last night's internal dealing communications, CEO Alberto Nagel sold another 1,000,000 shares at 21.306 euro each for a total of about 21.3 million. The chairman, Renato Pagliaro, sold 100,000 shares at EUR 21.1743 for EUR 2.1 million, while the managing director, Francesco Saverio Vinci, sold 400,000 shares at EUR 21.3293 per share, for a total of about EUR 8.5 million. In addition, Ryan Sinnott, director of Polus Capital Management Limited sold 560 shares at €21.30 (just under €12,000 in proceeds) while Raffaella Maria Robbiani, director of MbCredit Solution, reported a sale of 280 shares at €21.5 (€6,000 total).
This is the third consecutive day of share disposals by top management: adding up the transactions of 15, 16 and 17 September, Alberto Nagel cashed in over EUR 44 million, Renato Pagliaro around EUR 6.5 million and Francesco Saverio Vinci over EUR 18 million.
Stepping backwards
.Today, the board meeting of Piazzetta Cuccia is scheduled, during which the board is expected to resign after the successful opas by Mps.
The takeover offer for Monte Paschi was accepted by investors representing about 63% of Mediobanca's shares. The outgoing management strongly opposed the deal, arguing that it lacked industrial and financial logic.
Nagel, 60, has led Mediobanca for 17 years, making him one of the longest-serving banking CEOs in Europe. He has helped grow Italy's only listed investment bank, holding leadership positions in retail banking and wealth management. Earlier this week, he had already raised around EUR 22 million by selling an initial block of 1 million shares in the bank at an average price of EUR 22.08 per share.
