Mediobanca and the challenge on Banca Generali, the race to the titles starts: the Caltagirone front near 44 percent
The match for the acquisition continues while the shareholders of Piazzetta unfavorable kennel go to the count, with Caltagirone and the social security coffers tendentially opposite and the abstentions of the Delfin, edition, Amundi and Unicredit
Under the appearance of a stall that should last until late September, the match on Banca Generali is going forward and will continue throughout the summer. THEThe market remained prudent on Monday, selling the titles of the Lion of Trieste and the subsidiary in the Asset Management, and buying those of Piazzetta Cuccia, A sign that according to operators everything can still happen. Attention is now paid to Montepaschi. If Lovaglio were to be able to respect the times that has been given, Arriving to launch the offer to take control of Piazzetta Cuccia by July, Alberto Nagel’s counter -offensive would complicate.
The count of the votes
According to the voices circulated on the eve of the assembly, The CEO of Mediobanca would have managed to collect about 38% of the capital in favor of the go -ahead for the offer on Banca Generali. The councils of the Assembly the managers of Piazzetta Cuccia and independent councilors, while the representatives of Delfin, Sabrina Pucci and Sandro Panizza went to the other direction, the first by, the first, and the second by voting against, giving a signal to Nagel on the orientation of the Holding of the old man, voted. The members linked by the consultation pact, which collects 11.8% of Mediobanca, in recent weeks have confirmed the interest in the offer on Banca Generali by majorityprobably excluding the Gavio and Roman group Minozzi. In favor of funds such as BlackRock (3.5%) and all that patrol of investors – from Norges to Canada Pension Fund – which cumulating about 25%. Many votes in favor, therefore, would have supported the operation but perhaps not sufficient to support the project to the vote with a good percentage. In the last few days, about 4% of positive votes would have been missing.
Strategic agreements
The opponent front was strengthening, based on the evidence of the assembly deposits. Delfin with 19.9% and Caltagirone with 9.9% (both shareholders also of Generali, respectively with about 7% and 9.9%) They waited to obtain insights on the strategic commercial agreements between Mediobanca and the company itself, on which discussions would already be underway. Caltagirone would have positioned himself contrary and Delfin would in all probability abstained. On the same side he would have lined up edition, also a shareholder of Milan (2.2%) and Trieste (4.8%). And Mediobanca took note of the requests of the members. In total, it can be estimated that The unfavorable front of the Members of Mediobanca at the acquisition of Banca Generali, between Caltagirone and the social security coffers that tend to be against and the probable abstentions of Delfin, edition, Amundi and Unicredit among others, can reach 42-44%.
The next moves
10% of the capital had passed by hand in May But at that moment the institute felt still optimistic despite purchases and rounding of crates such as ENASARCO and ENPAM. And it was also when, on June 3, Caltagirone asked for the survey of the assembly. Then last week other positions emerged. That of Unicredit with 1.9%. So foreign banks including JP Morgan who have ensured 2%.
The game of the reorganization of great finance is now played between Siena and Piazzetta Cuccia. Nagel will try to push and bring the doubtful shareholders aboard his project. The margin is narrowbut Lovaglio has to do anyway soon, if he wants to get to Mediobanca in time to stop the car.
