Unicredit sells 8% of Mediobanca. Del Vecchio is now the first shareholder

Unicredit sold the entire 8.4% stake it held in Mediobanca to a diversified group of investors.The share of the Piazzetta Cuccia institute was sold by Unicredit at a discounted price of 2% (10.57 euros) compared to the closing price on the Stock Exchange (10.78 euros), which enhances the participation of almost 800 million (787) and allows it to realize a capital gain in excess of 50 million if the carrying price of 9.89 euros is included in the 2018 budget.

Leonardo Del Vecchio, who has just rounded up the stake to Mediobanca and with a month from his entry with 6.94% has reached 7.52%, is now the first shareholder of the institute. Meanwhile, Frenchman Vincent Bollore stood at 6.73 from 7.85% a year ago.

The proceeds of the sale, Unicredit explained, will be used to support the development of the institution's clients. For this transaction, Unicredit availed itself of BofA Securities, Morgan Stanley and UniCredit Corporate & Investment Banking as Joint Bookrunners. Mediobanca stated that in the transaction "it undertook not to interfere with the allocation of shares".

Unicredit therefore gives a shock to the structures that have so far held Piazzetta Cuccia, who has always been Generali's first shareholder. With the placement on the market of the entire stake in Mediobanca, the institute dismisses the idea, which is widespread among many investors, including foreign ones, that the group was alongside Leonardo Del Vecchio. He also has this objective, in addition to making cash as happened with the sale of Fineco made in the same way, the move of the number one Jean Pierre Mustier who informed the CEO of Mediobanca, Alberto Nagel, of the operation. In Piazzetta Cuccia the exit of the main shareholder is well seen as 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 investment banking like its now former subsidiary.
Last update: 09.10pm


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