If the Ftse Mib is in contrast with the other European indices, it is also due to the maneuvers on Mediobanca. The shares of the investment bank rise by 1% in Milan, while the Ftse Mib advances by 0,4%.
The stock is driven by rumors according to which Leonardo Del Vecchio's Delfin is considering asking the Supervisory Authorities (ECB and Bank of Italy) for authorization to raise more than 10% of Mediobanca. So far Del Vecchio has announced that he has purchased 6,94% of the bank on the market but the intention is to go further. The legal staff appointed by the patron of Luxottica is allegedly working on this, but has not yet presented the formal request.
The rumors that have already been circulating for several days confirm a more far-reaching plan for Del Vecchio which, after the purchase of 6,94% of the capital, would aim target CEO Nagel and increase his weight in Generali.
The opinion of Bank of Italy's Supervisory Authority on Del Vecchio's possible request should arrive within 60 days of the notification. In the event of a positive response, Del Vecchio could in fact go as high as 20%. In this case, the methods for acquiring the shares would have to be evaluated, whether on the market or a share package in the hands of the current shareholders (among the alternatives, the package of 7,85% of Bolloré and 8,8% of Unicredit).
"Unicredit holds an 8,8% stake at an average carrying price of 9,89 euros and at current prices it would not be able to obtain a significant benefit in terms of capital (12,1% in the second quarter of 2019)", they comment the Equita analysts quoted by Radiocor who confirm the view according to which "Del Vecchio's move and a possible further strengthening of the capital increase the speculative appeal of Mediobanca which is supported by very solid fundamentals and an attractive valuation". Equita has a buy opinion on the stock with a target price of 10,3 euros.
