Which armchair will Alberto Nagel and Vincent Bollorè choose? That of Mediobanca or that of Generali? Never as this year has the eve of the major corporate meetings been charged with tensions due to the application of article 36 of the Salva Italia decree which prohibits the duplication of offices in competing companies in banks, insurance companies and finance. The prohibition does not take place in groups and in the presence of control, which can also be de facto and joint. The new, even if not complete, implementing rules released yesterday by the Bank of Italy, Consob and Isvap in application of the first reform of the Monti government require rapid choices. Otherwise you run the risk of losing all your assignments.
Some big names have already resolved their incompatibilities: the president of Intesa Giovanni Bazoli has left Ubi, Carlo Pesenti has opted for Mediobanca leaving Unicredit, Francesco Gaetano Caltagirone has preferred Generali to Mps. But there are still many thorny cases. And there are 250 seats up for grabs. What will Palenzona (Mediobanca or Unicredit?), Vita (Unicredit or Allianz?), Jonella Ligresti (Fonsai or Mediobanca?), Doris (Mediobanca or Mediolanum?), Gabriele Villa (mayor in Mediobanca or in Credito Artigiano?).
But the most politically sensitive plots are those linking Mediobanca to Generali, where Piazzetta Cuccia, who has always denied exercising control, is in any case the leading shareholder of the Leone with 13,5%. Next Saturday there is the Generali meeting in Trieste and by Thursday 26 Alberto Nagel, who is vice president of Leone and CEO of Mediobanca, Saverio Vinci and Vincent Bollorè will have to choose. And the decision will not be painless, even if in Nagel's case it is obviously obvious.
