Mediobanca: Nagel assists in betting on Fineco. The Generali bone doesn't give up

Banca Generali seems to be excluded: the Fineco option therefore remains, logically. On the occasion of the shareholders' meeting that was convened to approve the financial statements of Mediobanca closed on June 30, the CEO of the institute of Piazzetta Cuccia, Alberto Nagel, responded to the question of a shareholder, who asked him about the possibility of evaluating the purchase of Banca Generali.
"To buy something you need someone who wants to sell it. Today it seems to me that Banca Generali is doing well in Generali's portfolio and is successful, "he said, continuing:" Then, when we

were they assets, maybe not like that, available to be bought, we will do our evaluations ”.
Nagel spoke after Mediobanca unveiled its fiscal quarter results on October 24, and in view of the presentation of the industrial plan up to 2023, which will take place on November 12th.

In general, always talking to journalists about rumors about a possible interest in Fineco and Banca Generali, Nagel emphasized that "Mediobanca has for years been committed to accelerating the growth of its businesses also with M&A".
"That said, Fineco and Banca Generali are two important and successful Italian operators, having started a journey 20 years before CheBanca !, from which we also draw operational ideas for our operations ”. The CEO was not exposed so much.
However, the specific phrase on Banca Generali, which would be – according to the manager – good in the Generali portfolio led the market to bet on the aims of acquiring Mediobanca towards Fineco.
They were the same analysts as Deutsche Bank, in mid-October, to write in a note how Piazzetta Cuccia had targeted or the acquisition of Fineco or that of Banca Generali, highlighting the synergies that could arise between CheBanca! and Fineco.
Over the last few days, however, Fineco has also been highlighted due to some negative news that have heavily influenced the trend on the stock market.
Rumors of its possible acquisition have become more insistent since it remained, a few months ago, orphan of UniCredit. Will Mediobanca incorporate it by focusing on synergies with CheBanca?
Alberto Nagel today also addressed other different topics, pointing out that, although the performance is excellent, Mediobanca does not depend on Generali, rather the opposite.
No intention to proceed with a capital increase, the CEO underlined, while, still with regard to Generali and the stake that Mediobanca holds in the Leone di Trieste, Nagel stated that the sale of the shares held in the insurance giant is a need that has failed.
"There are no programs" to sell Generali's 3% stake, he underlined, adding, however, that if "M&A opportunities should arrive, especially in wealth management, Mediobanca could take it into consideration".
That said, "it is useless to talk about it today, the bank has more than abundant capital, we don't need to sell" Generali shares. Among other things, the manager pointed out, the EU rules have also changed, which means that Mediobanca it has time until 2024 to deduct the share in Generali from assets.
With regard to Mediobanca's shareholder information at the beginning of the meeting, the results of the shareholders' register read by the chairman Renato Pagliaro, it was announced that the owner of Luxottica Leonardo Del Vecchio rose to 7.52% in Mediobanca's capital compared to 6.94% announced in September. The share of the first Unicredit member at 8.81% while the Bollore group fell to 6.73% compared to the previous 7.85%.
The shares of Blackrock (4.98%) and Mediolanum (3.28%). Del Vecchio became the second shareholder of Mediobanca to represent Luxottica's patron in the assembly – there was Romolo Bardin, CEO of the Delfin holding company.