This is how the French Bnp and Axa shore up Mediobanca’s Nagel for Generali
Here is how the French groups Bnp Paribas and Axa work with Mediobanca of Nagel to shore up the counter-offensive of Piazzetta Cuccia in Generali against the maneuvers of Del Vecchio and Caltagirone
French support in Mediobanca's action in Generali to confirm French Philippe Donnet at the top of the Lion.
Bnp Paribas acted as an intermediary by putting together a package equal to 4.3% of Generali's voting rights for Mediobanca, allowing the institution of Piazzetta Cuccia to strengthen its position in view of the renewal of the board of the Trieste insurance group. This is what an article in the newspaper la Repubblica signed by Sara Bennewits reconstructs today, explaining that Bnp Paribas has organized securities lending on behalf of some important financial institutions including Axa. This is a fairly common procedure in insurance companies and institutional funds, says the La Presse agency.
THE BLITZ OF MEDIOBANCA IN GENERALI WITH THE SUPPORT OF THE FRENCH BANK BNP PARIBAS
Therefore, new details emerge with respect to Nagel's move on Mediobanca. Mediobanca's blitz, with a sort of 1.3 billion euro castling on the capital of the insurance company, aims above all at the reconfirmation of Generali's number one, Philippe Donnet.
THE REASONS FOR NAGEL'S MOVE ACCORDING TO IL SOLE 24 ORE
The move of the Institute led by the CEO, Alberto Nagel, wrote Il Sole 24 Ore in recent days, "is justified by the need to" protect "the industrial plan of Piazzetta Cuccia which has a key element in the shareholding in Generali, so much so that about 30% of the group's profit comes from there ”. An important return – added the economic-financial daily, giving account of Medibanca's objectives – “which is not to be endangered by possible deviations from the strategic line carried out by the company which, under the leadership of Philippe Donnet, obtained on the stock market the best performances, both in terms of revaluation of the stock and, also taking into account the dividends distributed, total shareholder return: + 54% the revaluation of the stock from the presentation of the first plan of the French manager, at the end of November 2016, and + 100% the total shareholder return, clearly above the results of all competitors ".
NAGEL'S MOVES WITH MEDIOBANCA ON GENERALI
Piazzetta Cuccia confirmed with this move the presentation of the board list with Donnet, which also obtained the approval of eight non-executive directors, including the two directors expressed by the funds, out of the 12 who attended the meeting. Against the vice president Francesco Gaetano Caltagirone and the CEO of Delfin (Luxembourg financial company of the Del Vecchio family also financed by Intesa Sanpaolo and Unicredit) Romolo Bardin, with the no of Paolo Di Benedetto and the abstention of Sabina Pucci, both independent.
THE ARCHA OF MEDIOBANCA AGAINST CALTAGIRONE, DEL VECCHIO AND CRT
A move – that of Nagel – which is a response to the forcing of Mediobanca's two largest private shareholders, Gaetano Caltagirone and Leonardo Del Vecchio, who have in fact been raking up Generali shares since the beginning of September, so much so that by now the share of their Agreement (which includes also the CrT Foundation) reached 12.53%, a step away from 12, (before this last night signed the securities lending operation for a further 4.42% of the company, taking to 17.22% of the rights voting).
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/bnp-paribas-axa-nagel-mediobanca-generali/ on Thu, 30 Sep 2021 10:04:05 +0000.