Mediobanca in evidence in Piazza Affari (+0,68% at 11,15 when the Ftse Mib is up 0,3%), while investors wonder if Unicredit will sell the stake in the shareholding. La Repubblica has published rumors according to which a plan is being studied to dissolve the link between Unicredit and Mediobanca and to loosen Mediobanca's grip on Generali.
The institute headed by Jean Pierre Mustier (-0,4% on the Stock Exchange) holds 8,6% of Mediobanca, which it would have in charge at 10,1 euros per share. In addition, Mediobanca, which is already planning to reduce its stake in Generali from 13% to 10%, could further decrease by selling other packages to Italian institutional investors.
"We think that Unicredit's exit from Mediobanca is possible and perhaps even probable, if and when the sale does not involve a capital loss - commented the analysts of Equita - We are instead more skeptical about the fact that Mediobanca falls below 10% of Generali both because the participation guarantees a high return on capital (17%), both for the need to defend Generali from attempts to acquire foreign groups and for status issues".
Meanwhile, Generali's number one, Philippe Donnet, on the occasion of the conference call on semi-annual accounts, limited himself to saying on the subject: “I don't comment on press articles. I understand that Generali, Mediobanca and Unicredit are already separate companies, so I don't see any news". Equita analysts reiterated the Hold on Mediobanca, indicating a price target of 9,7 euros.
