Unicredit will not use the early exit window from the Mediobanca agreement which is valid until the end of September. In yesterday's board meeting of the bank in Piazza Gae Aulenti, CEO Jean Pierre Mustier informed of his intention to remain in the Mediobanca syndicate pact for now because an early exit would result in a capital loss for Unicredit. To date, in fact, the Mediobanca share is worth 9,17 euros while Unicredit, which holds 8,4% of the Piazzetta Cuccia institution, has the securities in charge at 10,2 euros.
All this does not change Unicredit's opinion on the 8% stake in Mediobanca, which is considered purely financial and therefore disinvestable as soon as market conditions make it convenient since Unicredit and Mediobanca, unlike in the past, are now increasingly competitors.
Despite the Mediobanca syndicate agreement, which holds 28% of the capital, expires in 2019, Mustier will ask to be able to insert a derogation that allows him to withdraw before expiry, should favorable conditions accrue.
Remaining within the pact for now, Unicredit will avoid capital losses and above all will influence the appointments to the top management of Generali, the main investee of Mediobanca which holds 13%, asserting its weight both on the choice of the future president and on the confirmation of the to Philippe Donnet.
Meanwhile, yesterday Mediobanca's board of directors approved the draft budget to be presented to the shareholders' meeting on 27 October (impossible, because on Sunday, to keep the traditional date of 28 October, on which Enrico Cuccia used to convene the shareholders' meeting in defiance of the fascist holiday ) with the confirmation of a net result of 337 million euros for the parent company and 863,9 million for the entire group. The dividend of 0,47 euro per share to be distributed from 21 November has also been confirmed.
