Fireworks in Piazza Affari around RCS. After the pyrotechnic pact meeting that ended with Diego Della Valle's exit from the pact (and from the board), the challenge moved to the virtual networks of the Stock Exchange. In fact, the stock marks a price of 0,724 euro around 12. with an increase of 15,29%.
In short, the market believes in the promise of Mr. Diego: the game didn't end there. “The battle goes on and on with hands free – he says -. I wanted to leave the syndicate pact because in RCS I saw a situation managed by a boy and an official with the pretension of deciding for everyone". The boy in question is, of course, John Philip Elkan, the "official" corresponds to the identikit of Renato Pagliaro, president of Mediobanca. Beyond the pictorial and suggestive aspects that Italian capitalism grants in flashes, one has to ask at this point what will be the effects of a "tear" destined to weigh on the entire supply chain of what was once the parlour, already at faced with embarrassing situations also from a criminal point of view (see Fonsai).
1) The clash in RCS, at least officially, concerned the request by two strong shareholders, Fiat and Mediobanca (with the full support of Giovanni Bazoli, in the agreement representing Mittel) to ask the shareholders to take a step back to replace them on the board with as many "independents". Della Valle smelled the will to weaken his position in this way. In recent months, moreover, Della Valle himself had asked to be able to bring new RCS shares to the pact, to be purchased under license from the other shareholders. But a clear refusal had been opposed by Giampiero Pesenti.
2) In the end, once Don Diego furente left the meeting, a mixed formula was adopted with a fiery letter. In the next board there will be shareholders, independents chosen pro rata by the shareholders, a representative for the usual Giuseppe Rotelli, now resigned to not being part of the agreement. And a new managing director who should not emerge, barring surprises, not even in the next meeting on May 2nd. Certainly, in fact, the ousting of Antonello Perricone, a close associate of Luca di Montezemolo and defended on this occasion by Della Valle, has been decided. The outgoing president, Piergaetano Marchetti, will have the beloved (and not inexpensive...) Foundation at his disposal and will be part of the new board of directors, as an "independent", a curious qualification after seven years at the top of the via Solferino group.
3) In the end the "12 Apostles" designated on Ash Wednesday will be: Paolo Merloni (shareholder), Carlo Pesenti (shareholder), Luca Garavoglia (chairman of Campari, and on behalf of Fiat), Vittorio Conti (CEO of Enel, on behalf of Mediobanca), plus the independents Roland Berger, Andrea Bonomi, Umberto Ambrosoli, Giuseppe Vita, Piergaetano Marchetti. Laura Mengoni Bottani and Graziano Molinari complete, for now, the board of directors. But the two will give way to a representative of minorities (namely Giuseppe Rotelli) and to the new CEO, in all likelihood, Giorgio Valerio.
4) The big winner of the match is undoubtedly Renato Pagliaro, who evidently assumed the task of leader of the media matches in Piazzetta Cuccia, as evidenced by Ceccherini's recent participation in the Florentine meetings. In fact, this statement inspired by him filters through the institute: “We are satisfied with today's outcome as it was useful to outline a clearer separation between ownership and company management for the purpose of greater independence and the prospect of relaunching it. It seemed to everyone that it was necessary to evolve the Governance of a company of RCS' importance towards a more modern and international structure, avoiding personalistic requests and favoring cohesion and common objectives". A full-blown response to the challenge of Della Valle, a major shareholder (but not a director) of the institute and a combative member of the Generali board of directors.
5) The RCS reorganization can also be read, in fact, in the light of the rebalancing of the alliances and objectives of Piazzetta Cuccia in a crucial and uncomfortable moment for the bank, halfway through the complicated Fonsai match, in which it will have a weight the relocation of the shares already kept by Don Salvatore is not indifferent in exchange for generous protection which creates considerable embarrassment and problems for Mediobanca. The return to the scene of the Bonomi family, ousted by Corriere della Sera at the time of the Bi-Invest takeover, can also be interpreted in this key. Today the number one of Investindutrial is back on the scene, almost as thanks for the role played in Bpm, where he prevented the break-in of the "spoiler" Matteo Arpe (boring antagonist in Fonsai). Bonomi, moreover, can be more than useful: at the time the financier, already owner of 5% of Recoletos, was one of the beneficiaries of the unfortunate purchase (at a p/e of 53 times) of the Spanish publishing company which creates so many problems to Rcs Media group. On that occasion the advisor was Mediobanca.
6) The clash, as has been said, moves to the stock exchange. Even if the pact still firmly controls more than 58% of the capital to which must be added the abundant 11% of Giuseppe Rotelli. The situation of RCS, which is posting a loss of more than 300 million and struggling to see a way out, after the unfortunate acquisition of Recoletos in Spain for over 1,1 billion (including debts of 272 million), would require an increase of capital, in addition to the sacrifice of the Flammarion jewel. But none of the covenant members hears us out of this ear. From the time of Ricucci's takeover attempt, when only Della Valle reached into his wallet to strengthen the madman against the climber, the stock has plummeted from an abundant 6 euros to today's 0,69 euros. Shareholders like Rotelli accuse about 200 million of capital losses (out of the 350 spent). Finally, the price may favor some raids, but not question control. But don Diego Della Valle, like his friend and partner Luca di Montezemolo, was a man of great resources and imagination. It is unlikely that he will be cut off from the matches running on the Milan-Trieste axis.
