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Beatings in Bonafede, crafty insurance companies, Ivass sibylline, Del Vecchio beats Nagel (and Donnet?)

3 years ago babelfish

Beatings in Bonafede, crafty insurance companies, Ivass sibylline, Del Vecchio beats Nagel (and Donnet?)

Not only Bonafede, Rc auto, Ivass, Del Vecchio and Mediobanca. Facts, names, numbers, curiosities and controversies. Bits of press review in the tweets of Michele Arnese, director of Start

BREAKFAST IN BONAFEDE

WHY THE BILLS ARE GASED

US BARRIERS TO EUROPEANS

INSURANCE TOAST WITH LOCKDOWN

IVASS SAYS SINS BUT NOT SINNERS …

FURBETTE COMPANIES

THE GROWING BUSINESS OF SYNTHETIC MEAT

TRUMPIANE TRAVERSIES

PENTASTELLED AMNESIA

THE EFFECTS OF 5-STAR TRAVELS

DEL VECCHIO GOES ON NAGEL AND DONNET

QUISQUILIE & PINZILLACCHERE

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EXCERPT FROM AN ARTICLE FROM THE SUN 24 ORE SU DEL VECCHIO, MEDIOBANCA AND GENERALI:

Next month Leonardo Del Vecchio will probably reach the goal in Piazzetta Cuccia. With a backlash set in mid-June, Delfin, the Luxembourg holding company of the eyewear entrepreneur, has brought close to 19% of Mediobanca, adding another 31 million shares, a package equal to 3.5% of the capital, to the ones he already had in his wallet.

The purchase took place through a derivative contract, maturing on 8 July 2024, called "Initial share forward transaction and collar share forward transaction", with 31 million Mediobanca ordinary shares as underlying.

It looks like an operation scheme, used to build equity positions, with the use of put options (to sell) and call options (to buy), within a certain price range. In this case, the average price per share is € 9.9214, but at maturity – July 8, 2024 – if the market price is lower than the defined price "corridor", Delfin will have the right to sell the shares and buy them back at Conversely, if the market prices are higher, he will have to add the difference in cash to keep the shares. The derivative should have been constructed with the help of Natixis, in any case the ownership of the shares, with related economic and voting rights, belongs to Delfin .

Within a year, therefore, Del Vecchio will have doubled its stake in Mediobanca, reaching almost 20% as he had asked the ECB, which had granted a green light in September last year to the increase in the declared investment of a financial nature. And in fact the modalities of the construction of the quota, paying attention to the carrying price and with recourse to the debt, would suggest a financial position.

Except that on Piazzetta Cuccia Delfin was exposed for a figure of the order of 2 billion and it is difficult to believe that Del Vecchio has no other claims than to collect a good dividend that compensates the financing interests. Especially since the owner of Luxottica, with a 5% stake, is already one of the main shareholders of Generali, which has its first shareholder at 13% in Mediobanca. So far, however, Del Vecchio has not asked for anything, nor to have seats on the board, nor to have a say in the bank's strategies and has not even clarified what his intentions are in general, in line with the authorization of the ECB. Nothing prevents Del Vecchio from requesting further authorization from the Supervisory Authority to further rise above the 20% threshold (the takeover bid would be triggered at 30%), but at the moment there are no indications in this regard.

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/mondo/pestaggi-in-bonafede-assicurazioni-furbette-ivass-sibillino-del-vecchio-azzanna-nagel-e-donnet/ on Fri, 02 Jul 2021 07:27:39 +0000.