UniCredit leaves Mediobanca, selling the entire 8.4% stake

2 'of reading

UniCredit has launched the exit from the capital of Mediobanca by launching a accelerated bookbuilding on the entire stake held by 8.4%, which is worth about 800 million. The decision of the institute led by the CEO Jean Pierre Mustier a note explains, "it is in line with the strategy of selling non-strategic assets". The moment is propitious: the Mediobanca share is worth € 10.78, while UniCredit has its share in the balance sheet at € 9.89. For a long time there has been a potential capital loss that is no longer there.

The placement would take place, writes Radiocor, in a price range between 10.53 euros per share and 10.78 of the closing price of today's stock exchange. The collection for UniCredit should be between 785 and 805 million euros, with a maximum discount of 2.3% on today's closing price. Considering the price at which the stake is held in UniCredit's 2018 balance sheet, equal to 9.89 euros per share, the gross gain that is looming is at least 50 million euros.

The placement will be carried out «towards some institutional investors». The transaction is handled by BofA Securities, Morgan Stanley and UniCredit Cib as joint bookrunner. UniCredit "requested the placement" of the stake "at a diversified book of investors" and undertook "not to interfere in the placement of the shares". The institute stresses that "it is committed to supporting the real economy of its various markets" and that the proceeds of the sale "will be reinvested in the development of its clients' activities".

In short, as the first shareholder, UniCredit decides to go out completely from Piazzetta Cuccia. Moreover, in every official statement by Mustier (who informed Mediobanca's CEO, Alberto Nagel) of the operation, he defined the participation as purely financial and not strategic. The decision can be made in the light of Leonardo Del Vecchio's entry into force of the Delfin. In essence, UniCredit would have preferred to make the most of the participation – by dissolving a plot that was not very pleasing to the ECB – pushing away the idea, widespread among investors, that the group was instead alongside Del Vecchio.

In Piazzetta Cuccia the exit of the main shareholder is well seen, given that it has the effect of increasing the float by making Mediobanca increasingly a public company. It also resolves the conflict of interest linked to the fact that UniCredit operates in theinvestment banking like his now ex
investee. (Al.An.)