A new piece is added to the banking-insurance risk on Generali-Intesa. The starting point comes from Mediobanca, following the presentation of the accounts for the first semester: “We remain consistent with what we have resolved, ie that Mediobanca provides for a certain allocation of capital within the plan, functional to the development of the numbers of the income statement and its capital solidity. Mediobanca will therefore proceed to dispose of 3% of Generali by 30 June 2019 and will keep the remaining 10% which is a source of earnings per share and an important dividend".
This was specified by the CEO of Mediobanca, Alberto Nagel during a conference call with press agencies and analysts on the accounts for the first half of the year, when asked about any contacts by Intesa on the stake in Generali and on the possible willingness to evaluate an offer. Nagel said he did not want to add anything else on the Generali-Intesa affair but, prompted by journalists' questions about the price, he added: “Last year we sold some Generali shares, of the 3% we intend to dispose of, between 17 and 18 euros. If you want that is a reference”. Nagel, replied to analysts who asked him at what price the bank is willing to sell Generali shares.
Mario Greco, CEO of Zurich, also spoke on the Generali issue during the conference call of the Lion's competitor group. “I was expecting a question – he replied to an analyst – on M&A and Generali. I reiterate what I said in November about the company's strategy which is based on organic growth. We are looking at companies that are interesting and fit our strategy. Beyond that I cannot say,” added Greco.
At 10 on Thursday i securities of the Trieste company are quoted at 14,40 euros (+0,07%) ei Mediobanca securities 7,85 euros, up 1,23%.
At the start of the day, Mediobanca announced record figures for the first half of 2016-2017: net profit up 30% to 418 million euro, revenues at an all-time high of 1,07 billion (+6%) and operating profit in progress of 14% to 425 million.
VIVENDI-MEDIASET
With regard to the match opened by Vicent Bolloré against Mediaset, “Mediobanca does not take sides with any shareholder in particular – added Nagel – in transactions that concern themselves. My evaluation as an investment banking man is that concentration operations must be carried out in an amicable and agreed manner, because statistics say that uncorded operations are much more expensive and have a much higher execution risk. Mine is a truly technical evaluation”. As is known, the Mediaset-Vivendi affair sees the Berlusconi family and Vincent Bolloré on opposing fronts, both important members of the institute and adherents to the pact.
PACT AND UNICREDIT
The CEO of Mediobanca then stated that there is no sign of disengagement from Unicredit, "with which the bank also maintains professional relations, as can be seen with the capital increase in progress". And again referring to Unicredit: "Regarding the disengagement of the shareholders from the agreement, I have no indications in this sense, quite the contrary".
