Mediobanca reduced its stake in Pirelli to 3,02% from the 4,13% it held at the end of 2014. This is what emerges from the report on the first nine months – as of last March 31 – of the 2014-15 financial year of the institute of Cuccia square. The book value of the stake is 222 million euros with an AFS reserve of 94,3 million, against 220,5 million as at 31 December last year, with a reserve of 45,5 million. The report also indicates that the share in RCS remains at 6,2%, with a value of 37 million from 30,5 million three months earlier. The 7,34% stake in Telco, the holding company undergoing spin-off which controls a total of 22% of Telecom, had a book value of 31 million for Mediobanca as at 240,8 March compared to 122,5 million as at 31 December .
The increase - explains the report - "reflects the repayment on maturity at the nominal value of the bank loan and the previous shareholder loan pending the completion of the demerger". The repayment of the shareholders' loan (121 million) led to a write-back of 78 million compared to the write-down recorded in June 2013. Last Friday, in the conference call with analysts, the CEO of Mediobanca, Alberto Nagel said that the shares in Pirelli and Telecom will be "among the equity investments that Mediobanca will sell in the first quarter of next year", i.e. between July and September.
