The highly anticipated meeting will be held on the morning of October 28th Mediobanca which, in addition to approving the budget, dividend and compensation, must renew the board of directors for the three-year period 2024-26. Barring last-minute agreements between the parties, the meeting promises to be very uncertain, especially if the financial Dolphin Family Del Vecchio, which holds 19,8% of the capital, will present an alternative list to that of the outgoing Board of Directors and will collect, as is likely, the votes of Caltagirone (5,6% but credited to 9,9%) and perhaps those of Benetton (2%) who freed himself from the consultation agreement of the Piazzetta Cuccia institute. On paper, the list of the outgoing Board of Directors, headed by the CEO Albert Nagel, it is in pole position for at least two reasons but with one unknown that should not be overlooked.
Mediobanca Assembly: Nagel's two assets and an unknown
Nagel, who has always presented good financial results, has the favor of the market and above all of international funds on his side, which in 2022 proved to be decisive in making the Mediobanca list win in Generali headed by the CEO of the Lion, Philippe Donnet and who usually don't like jolts when they believe that the management in charge is reliable and efficient. Furthermore, Nagel avoided the unknowns of the increased vote for listed companies being examined by the Senate in Capital bill which cannot be approved before October 28th.
Mediobanca Assembly: it will be decided at the last vote
However, there is an unknown factor about the meeting which, unless the parties agree in extremis, makes it incandescent and could reserve surprises. The speech is easy to say: usually the shareholders with voting rights (funds included) present at the meeting amount to 70-72% and the numbers therefore show that an adverse front approaching 30% does not exclude surprises. In the next few days the Mediobanca front and the Delfin front will once again be seen through the lawyers, where Francesco Milleri who leads the holding company of the Del Vecchio family should have no problems in collecting the go-ahead from all of Delfin as the purchase of new Mediobanca shares is not envisaged and therefore new disbursements are excluded. But for now the barometer does not signal any clearings.
