Mediolanum exits Mediobanca, leaving Nagel more alone
Alberto Nagel, CEO of Mediobanca (ANSA photo)
The Lost Ally
It is difficult to say how this will affect the MPS operation, but for the CEO it is not good news that the Doris family has chosen to leave after thirty years, effectively denying him support in the battle that could determine the end of Piazzetta Cuccia as it is today.
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After Vittoria Assicurazioni and the Gavio group, Banca Mediolanum is also exiting Piazzetta Cuccia by selling its 3.5 percent through an accelerated sale procedure on the market that the international investment bank Morgan Stanley has been entrusted with . Usually ABBs (Accelerated book building) are very fast and intended for institutional investors and it is likely that by tomorrow morning at least the number of subjects who have purchased will be known: generally there are several dozen, even 70-80. So, what will happen is that the stake held in Mediobanca by Mediolanum will be scattered among a multitude of investors. It is difficult to say how this will influence the outcome of the takeover bid by Montepaschi (which should start by mid-July) . Institutional investors are generally on the side of CEO Alberto Nagel , but this time they could also have different orientations, depending on who bought the shares (for example, pension funds can participate in the ABB).
It is not good news for Nagel that another historic partner of the consultation pact, the Doris family, has chosen to leave after thirty years, effectively denying him support in the battle that could determine the end of Mediobanca as it is today. But the farewell is a surprise up to a certain point. Doris had long made it clear that it had no intention of taking sides in a dispute in which on one side there is the public exchange offer of a bank, Monte, owned by the state, and on the other the preservation of a strategic model questioned by a group of large shareholders . With the departure of Mediolanum, the Mediobanca pact should fall from 11.6 percent to around 8 percent, very thin to be considered, as it once was, a bulwark in defense of Nagel. On the other hand, the pressure felt by Mediolanum, which has as a major shareholder in the Berlusconi family's Fininvest capital at 30 percent, can justify the choice of neutrality made by Doris. Nagel certainly loses an ally, and the move will have an impact. Even symbolic.
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