Latest news with #Mediobanca
Bloomberg
2 days ago
- Business
- Bloomberg
UniCredit CEO, Mediobanca Counsel Quizzed in Paschi Sale Probe
By and Antonio Vanuzzo Save UniCredit SpA Chief Executive Officer Andrea Orcel has been quizzed by Milan prosecutors as part of a probe into Italy 's sale of a stake of Banca Monte dei Paschi di Siena SpA, according to people familiar with the matter. Orcel as well as Mediobanca SpA General Counsel Stefano Vincenzi were asked to give information to prosecutors in recent months because of their knowledge of the transaction and neither are under investigation or accused of any wrongdoing, added the people, who spoke on condition of anonymity.
Reuters
2 days ago
- Business
- Reuters
UniCredit CEO, Mediobanca executive give testimony in Monte dei Paschi share probe, source says
MILAN, June 18 (Reuters) - Milan state prosecutors have heard testimony from UniCredit CEO Andrea Orcel and a Mediobanca executive as they look into the government's sale of a 15% stake in Monte dei Paschi di Siena ( opens new tab to a small group of investors in November, a source with knowledge of the matter said. The source, speaking anonymously as the investigation is ongoing, did not say when the pair were questioned and emphasised that neither were under investigation. Mediobanca ( opens new tab declined to comment. A representative for UniCredit ( opens new tab was not immediately able to comment. The Treasury was looking to build a stable core of domestic shareholders in MPS which it rescued in 2017, according to sources ahead of the sale. It sold stakes to Banco BPM , fund manager Anima Holding ( opens new tab, construction tycoon Francesco Gaetano Caltagirone and the holding company of late Ray-Ban owner Leonardo Del Vecchio. Soon after buying its stake, BPM became a takeover target of UniCredit as Orcel moved to thwart government plans to promote a tie-up between BPM and Tuscan bank MPS. The Financial Times reported last year that UniCredit sought in vain to buy a 10% stake in MPS during the sale process. The Economy Ministry said the sale was handled "transparently". It is not known which alleged crimes Milan prosecutors are investigating or who is under investigation. UniCredit is now locked in a legal battle with the government over conditions Rome has imposed on its bid for Banco BPM. Economy Minister Giancarlo Giorgetti has threatened to resign if the government were to budge on the conditions. On Wednesday, Giorgetti declined to answer when asked if anyone from his ministry was under investigation over the MPS stake placement. "Prosecutors do their job, what can I say?," he told reporters on the sidelines of a parliamentary hearing. The takeover war unfolding in Italy and the role the government is playing has raised alarm bells in the European Union and has disconcerted investors. On Thursday, a ruling on UniCredit's takeover of BPM is expected from EU competition authorities, who are looking into the conditions Italy has set. A separate EU scrutiny of how Italy vets banking deals is ongoing and could lead to fines. As part of the Milan investigation police has secured documents relating to the transaction from the offices of Banca Akros, the broker that handled the process which is a Banco BPM subsidiary. Banca Akros has said it handled the process "correctly and transparently", fully complying with applicable regulations.
Reuters
3 days ago
- Business
- Reuters
UniCredit CEO says to gradually exit Generali investment
MILAN, June 17 (Reuters) - UniCredit's ( opens new tab Chief Executive Andrea Orcel on Tuesday vowed to gradually reduce the stake it has built in the country's top insurer Generali ( opens new tab, ruling out large insurance deals for Italy's second-biggest lender. Speaking at a conference organised by rival Mediobanca, Orcel said building stakes in a target company as a first step towards potential tie-ups could be a good strategy, given widespread government hostility across Europe to bank M&A. However, "I want to be very clear, the investment in Generali is not that," Orcel said. "We will be reducing it and exiting it over time."
Yahoo
4 days ago
- Business
- Yahoo
Mediobanca's Banca Generali vote delay prevented possible defeat, sources say
By Gianluca Semeraro, Valentina Za and Giuseppe Fonte MILAN (Reuters) -Mediobanca's decision to delay the shareholder vote on its bid for Banca Generali prevented a likely defeat from shareholders who oppose the deal and have beefed up their holdings in recent weeks, four sources close to the matter said. On Sunday, Mediobanca said it would delay until September 25 the vote that had been scheduled for Monday. The proposed Banca Generali acquisition was announced in April as Mediobanca strived to fend off a takeover bid by state-backed Monte dei Paschi di Siena, or MPS. MPS is expected to formally launch its hostile offer for Mediobanca, one of many takeover bids reshaping Italian finance, in July. The bid was announced in January but several months are necessary for the all required authorisations. Were it to succeed, it would cast doubt over whether Mediobanca would be able to pursue the Banca Generali acquisition. Mediobanca CEO Alberto Nagel had bet on the Banca Generali deal as an alternative to the MPS project, hoping it would also make Mediobanca too big for the smaller rival to swallow. But Mediobanca shareholders looking to thwart the Banca Generali deal have accumulated an additional combined near 11% stake in the bank with their allies in the last few weeks, one of the sources said. That tilted the odds of Monday's vote against Nagel, prompting the board of the bank to opt to delay the shareholder meeting, the sources said, declining to be named because of the sensitivity of the issue. The deal risked lacking the support of some 40% of Mediobanca's capital, including also shareholders who would have abstained, a fifth source separately said. JUDICIAL PROBE Opposition to the deal is led by Francesco Gaetano Caltagirone who has increased his Mediobanca stake to 10% and 7%, and can count on the support of UniCredit CEO Andrea Orcel. UniCredit, which faces government opposition to its own bid for Banco BPM, held 1.9% of Mediobanca ahead of Monday's vote as part of its equity trading activity. By abstaining, it would have helped the "against" front. Nagel has long faced opposition by both Caltagirone and Mediobanca's biggest investor, Delfin, the holding company of late Ray-Ban billionaire Leonardo Del Vecchio. Delfin and Caltagirone became investors in MPS when the Italian Treasury in November sold a stake in the bailed out bank. That sale is being investigated by Milan prosecutors who are investigating how the process was handled. The sources said the vote postponement had also bought time to see how the criminal investigation unfolded. While Delfin Chairman Francesco Milleri has welcomed Nagel's efforts to promote change at Mediobanca, Caltagirone has criticised the Banca Generali deal saying he saw no value in it. The two are also some of the biggest shareholders in Assicurazioni Generali, Italy's biggest insurer, which owns private bank Banca Generali. By using its Generali shares as payment for the Banca Generali deal, Nagel hoped to win over Delfin and Caltagirone who have repeatedly criticised Mediobanca's influence over Generali. The three latest clashed in April when Generali shareholders picked a new board. At the time, following a last minute U-turn, UniCredit CEO Andrea Orcel sided with Caltagirone after amassing a 6.7% Generali stake. (Additional reporting by Giulio Piovaccari; editing by Barbara Lewis) Sign in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
Mediobanca's Banca Generali vote delay prevented possible defeat, sources say
By Gianluca Semeraro, Valentina Za and Giuseppe Fonte MILAN (Reuters) -Mediobanca's decision to delay the shareholder vote on its bid for Banca Generali prevented a likely defeat from shareholders who oppose the deal and have beefed up their holdings in recent weeks, four sources close to the matter said. On Sunday, Mediobanca said it would delay until September 25 the vote that had been scheduled for Monday. The proposed Banca Generali acquisition was announced in April as Mediobanca strived to fend off a takeover bid by state-backed Monte dei Paschi di Siena, or MPS. MPS is expected to formally launch its hostile offer for Mediobanca, one of many takeover bids reshaping Italian finance, in July. The bid was announced in January but several months are necessary for the all required authorisations. Were it to succeed, it would cast doubt over whether Mediobanca would be able to pursue the Banca Generali acquisition. Mediobanca CEO Alberto Nagel had bet on the Banca Generali deal as an alternative to the MPS project, hoping it would also make Mediobanca too big for the smaller rival to swallow. But Mediobanca shareholders looking to thwart the Banca Generali deal have accumulated an additional combined near 11% stake in the bank with their allies in the last few weeks, one of the sources said. That tilted the odds of Monday's vote against Nagel, prompting the board of the bank to opt to delay the shareholder meeting, the sources said, declining to be named because of the sensitivity of the issue. The deal risked lacking the support of some 40% of Mediobanca's capital, including also shareholders who would have abstained, a fifth source separately said. JUDICIAL PROBE Opposition to the deal is led by Francesco Gaetano Caltagirone who has increased his Mediobanca stake to 10% and 7%, and can count on the support of UniCredit CEO Andrea Orcel. UniCredit, which faces government opposition to its own bid for Banco BPM, held 1.9% of Mediobanca ahead of Monday's vote as part of its equity trading activity. By abstaining, it would have helped the "against" front. Nagel has long faced opposition by both Caltagirone and Mediobanca's biggest investor, Delfin, the holding company of late Ray-Ban billionaire Leonardo Del Vecchio. Delfin and Caltagirone became investors in MPS when the Italian Treasury in November sold a stake in the bailed out bank. That sale is being investigated by Milan prosecutors who are investigating how the process was handled. The sources said the vote postponement had also bought time to see how the criminal investigation unfolded. While Delfin Chairman Francesco Milleri has welcomed Nagel's efforts to promote change at Mediobanca, Caltagirone has criticised the Banca Generali deal saying he saw no value in it. The two are also some of the biggest shareholders in Assicurazioni Generali, Italy's biggest insurer, which owns private bank Banca Generali. By using its Generali shares as payment for the Banca Generali deal, Nagel hoped to win over Delfin and Caltagirone who have repeatedly criticised Mediobanca's influence over Generali. The three latest clashed in April when Generali shareholders picked a new board. At the time, following a last minute U-turn, UniCredit CEO Andrea Orcel sided with Caltagirone after amassing a 6.7% Generali stake. (Additional reporting by Giulio Piovaccari; editing by Barbara Lewis) Sign in to access your portfolio
