First step of Fininvest towards the exit from Mediolanum. The board of directors, chaired by Marina Berlusconi, "examined the provision with which the Bank of Italy has, among other things, deemed compatible with the applicable legislation the hypothesized transfer of the equity investment in Mediolanum spa to a trust for the purposes of the subsequent sale to third parties within thirty months, gave the Chief Executive Officer a mandate to verify the aforementioned provision and to continue, in compliance with the terms set forth therein, the necessary discussions with the Authority, without prejudice to the competence of the Board itself for the resolutions as may be appropriate or necessary".
This is the essential passage of the Fininvest press release, released in the early morning, after the decision by the Bank of Italy and IVASS announced last October 10 on the loss of the honourability requirements of Silvio Berlusconi and therefore the consequent sale of the part that exceeds 9,9% of the capital of the bank led by Ennio Doris, i.e. approximately 20%.
The board of directors of Finivest – continues the press release – “has also mandated the managing director to agree with FinProg Italia Sapa of Ennio Doris & C. the formalization of the early and consensual dissolution of the Mediolanum Shareholders' Agreement”.
