Mediobanca, dolphin at the crossroads: roads

Mediobanca, dolphin at the crossroads: roads

Mediobanca-Delfin, Chapter Two. With the release of the Board of Directors’ list, the Board of Directors of Piazzetta Coccia yesterday ended the first half of the renewal match for the top spot of the Institute with a result that is considered a foregone conclusion in light of the disagreement with the Leonardo Del Vecchio treasury. Now a new stage opens His goal is the rally he called for on October 28. The next step is Delphine’s turn, at the crossroads of presenting a short or long minority list. According to the financial sources interviewed, no decision has been taken yet. The deadline for submitting lists is October 3.

The choice is not of great importance. With Delfin shortlisting three directors, two will be elected plus one from Assogestioni if ​​he submits his list and obtains more than 2% of the capital. The “third share” represents the number due to minorities based on the application of the new governance principles for the first time. The scenario envisaged in presenting a long list of up to seven candidates is completely different. In this case, to get all seven nominees, Delfin would have to seek a majority at the meeting, gathering the approval of another important shareholder, Caltagirone, and other small shareholders. Some sources indicate that the success of the longlisting will determine the situation in which the financial investor becomes a 50% weight on the board with potential implications for the implementation of the industrial scheme, which has been approved and appreciated by the market.

Among the names circulating on Delfin’s potential shortlist are, among others, those of Vittorio Grilli, head of JP Morgan in Italy, and Flavio Valeri, head of Lazard in Italy.

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According to Kepler Cheuvreux, “The Delfin list could receive votes of around 30-35% of the capital (19.8% of Delfin itself, with 9.9% apparently owned by Francesco Caltagirone even if he deposits only a 5% stake. 6%), and perhaps 1-5% of others) compete for the list of the Board of Directors which could depend on 35-40% (11.9% of the consultation agreement plus part of the 45% of shares owned by institutional investors who do not all participate in the Assembly and will partly vote for the Assogestioni list “.

“We would have appreciated – as the report emphasizes – reaching an agreement on governance because it would have increased clarity of vision on the implementation of Mediobanca’s industrial plan and future strategic options. In our opinion, the unexpected result of seven directors chosen by Delfin, and seven by the Board of Directors would be the departure of the Board of Directors. Management and one of the Assogestioni is the worst scenario, leading to a stalemate in the Board of Directors.”

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