The Board of Directors of Mediobanca has decided to To postpone the assembly for the approval of the public exchange offer with Generali for the control of Banca Generali to 25 September. A board convened in extremis, given that the assembly was scheduled for today, who decided to postpone the vote. The decision seems to have been made after strengthening the no of the no to the operation and the number of undecided, forcing Mediobanca to take more time to achieve the necessary consent on the operation.
The explanation of Mediobanca
The offer does not change and remains valid in all its terms, including the conclusion, expected for September/October, but gives more space to the evaluations in progress in Mediobanca, underlined the institute.
“Some partners, owners of an investment both in Mediobanca and in Generali, underlined theneed to know the company’s evaluations and orientation “
Mediobanca explained in a note.
“In this regard, only last Thursday 12 June, close to the meeting meeting of 16 June, AG (Assicurazioni Generali, editor’s note) has disclosed a press release by reporting – for the first time – that it has started a process of analyzing the proposal made by MB (Mediobanca, ed) and its commercial, economic and value implications. This element of novelty requires to take into account the availability and the timing of AG, in the light of the part of the social team, to know the position of the company on the offer “
Piazzetta Cuccia explained in a note.
The movements of the great shareholders
The board decision changes the hot position only about ten days ago, when the company VM 2006 of Group Caltagirone had asked as a shareholder to postpone the assembly after the definition of the partnership agreements. Mediobanca had then defended his choice as a “transparency towards the market and authority” question. However, it was noticed that not knowing what the impact on the lion engraves on Voting choices of some shareholdersespecially on those who have a more ‘heavier’ participation in Generali, such as Delfin. In recent weeks, almost 11% of Mediobanca’s capital has been “repositioned”: Caltagirone has risen to the 10%, Empam and Enasarco rounded their quotas, in addition to Unicredit, accredited with 1.9% on customer account but which, according to printing, can count on a 4%. Finally, the doubts about Delfin that has not clearly sided.
Banking Risiko
The decision of the Board of Directors overturns the time schedule of consolidation operations that are concerning the banking sector in Italy. Before the Assembly on Banca Generali the MPS OPS on Mediobanca is expected, while until yesterday it was the reverse. The date hypothesized for the operation launched by the CEO of Monte, Luigi Lovaglio, is the beginning of July, but The opinion of the European Central Bank is still awaited. In addition, the start of the survey of the Milan Prosecutor’s Office on the transfer process of the 15% share of the MEF to Caltagirone, Delfin, Soul and Banco Bpm places a veil of uncertainty on the scenarios of the Italian bank reorganization.
