It tightens the circle around Mediobanca. After Del Vecchio, who already holds 19% of the Piazzetta Cuccia institute and contemplates further growth if the ECB will allow it, the news of Francesco Gaetano Caltagirone, the Roman manufacturer and publisher, which in one fell swoop tripled its stake in Mediobanca, taking it from 1 to 2,88% and optioning a further climb up to 5,054% between 20 August and 17 September next, i.e. before the meeting of the Milanese investment bank scheduled for 28 October. Despite Caltagirone and Del Vecchio denying to act in concert, as it is obvious that it is to avoid incurring Consob restrictions, it is clear that they increasingly have Mediobanca in their hands with the eye on Generali where the renewal of the board will be decided next spring.
Certainly, with 24% of the share capital (19% plus 5%), Del Vecchio and Caltagirone will in fact be able guide the choices of Mediobanca, preventing any autonomous moves by the CEO Alberto Nagel, who has the support of foreign funds but sees himself increasingly besieged by cumbersome Italian shareholders and will no longer be able to do the good and the bad times in Generali, the prestigious shareholding of Piazzetta Cuccia which alone contributes significantly to Mediobanca's profits. Precisely at Generali, both Del Vecchio (which holds 4,8%) and Caltagirone (which holds 5,6% of Generali) are looking with increasing attention and impatience with the aim of making their share packages weigh at the moment in which the leadership of the Lion of Trieste will have to be decided and, in essence, if confirm the CEO Philippe Donnet or choose a less independent one. From this point of view, the litmus test will be represented by the decision of the outgoing board of Generali to present or not, as the new statute permits, a list of candidates for the renewal of the board of directors which, if launched, would bypass the shareholding strength of Del Vecchio and Caltagirone who have long dreamed of getting their hands on the Leone in the prospect of a large finance hub made up of Unicredit, Mediobanca and Generali.
It was all too easy to imagine that with the arrival of Andrea Orcel at the helm of Unicredit and with the interventionism of Del Vecchio and Caltagirone, the noble axis of Italian finance would be red-hot and that is exactly what is happening even if the next few weeks and months promise more sparks.
In the meantime, on the stock exchange, investors are reacting to the news: in Piazza Affari, Mediobanca shares gain almost 2% to 9,72 euros, while Generali shares rise by 1,71% to 16,67 euros.
(Last update: 11.20 on 21 July).
