Meeting at the summit between Unicredit and Generali. According to reports The sun 24 hoursyesterday, Monday 17 February, there would have been a reserved meeting between the number one of the bank in Piazza Gae Aulenti, Andrea Orceland the CEO of the lion, Philippe Kminit. The content of the dialogue is not known, but falls in a delicate moment in the light of dispute for the renewal of the top of Generali And, just now that the scenario of a possible withdrawal of Unicredit from the conquest of Banco Bpm has opened.
The Assembly for the renewal of Generali’s leaders on May 8th
No comments to the rumors has come from both companies, but it is certain that the weight of Unicredit in this scenario is destined to be relevant, given that to date it holds a Package of shares of 5.22% of the lionof which 4.184% with voting rights referable to shares.
In all likelihood, another mandate of CEO of Generali, to Philippe Kminit, will find the support of a majority list, presented as already happened in the past by the first shareholder Mediobanca and, after the industrial plan presented by the top manager has found support from the board.
Delfin “short” ready to round off the share in the lion
However, the fact that a strengthening of the positions of the great members, or the dolphin of the family, should not be overlooked. Del Vecchio and Caltagirone, who contest the Midit Management And in recent times he has given the opposite opinion regarding the company’s decision to sign an alliance in the world of savings managed with the French of Natixis.
Delfin asked IVASS to go up to the 20% threshold. Regarding the authorization to climb the generals, he said: “We are completing the authorization path in all the jurisdictions involved. We have the Ok of IVASS to maintain a share above 10%, following the exceeding of this threshold due to the general buyback of the generals. We then asked for authorization to be able to voluntarily go up to 20% and are completing the bureaucratic process that requires obtaining the authorization from the authorities of all the markets in which the company operates. A few steps are still missing, but I would say that we will soon be ready to round off our share “.
Unicredit reached 5.22%
Meanwhile, according to the updates of the Consob on relevant participations, the total aggregate share detained by Unicredit in general It is overall climb to the 5,229% from the previous 5.118%. The update of the share in the lion is dated February 10th.
In particular, 4.184% in voting rights, referable to shares, remained stable compared to the previous survey, while long positions with physical regulation, are now equal to 0.890% of the capital (from 0.772% to 7 February), the positions long with cash regulation, are 0.155% (from 0.162% to 7 February).
MPS OPS on Mediobanca’s OPS
The MPS-Medibanca operation “seems to have strong rational in integrating two strongly complementary financial realities and the stock exchange values very similar to the participation of Mediobanca in Generali. I don’t see criticality. In addition, it is one of the potential combinations that will not produce social impacts with the cutting of jobs “. Last week, the President of Delfin, Francesco Milleriin an interview with Il Sole 24 Ore. “Mediobanca, on the other hand, as often often highlighted by many observers, would benefit from making a dimensional leap, he added, underlining that generous buybacks and dividends are important but cannot be the only lever to support growth in the long run”. Milleri also believes that “Important capital gains could free themselves from MPS-MEdIBANCA integration And to ensure that our participations begin to generate synergies with each other ”. On Unicredit he said: “We believe that Unicredit’s growth potential, both organic and through the operations that Orcel is realizing, is still very high. For this we have not currently taken any initiative “on the portfolio fee.
To a question about General-Natixis planMilleri replied: “It is said that the French of Natixis had previously tried to do a similar operation with many other players in the sector, but without success. On Generali there is some element of perplexity; It will be essential to know the conditions and actual synergies between the two realities as well as the rules of governance to correctly evaluate the strategic value of this long -term operation “.
