Overview

• VM2006 Srl, led by Francesco Gaetano Caltagirone, formally asked Mediobanca’s board to delay the June 16 shareholder meeting until long-term bancassurance and distribution agreements with Generali and Banca Generali are fully defined.
• Mediobanca maintains that holding the vote before finalizing partnership terms is a transparency measure designed to inform the market and regulators in good time.
• The bank’s board has accused Caltagirone of a conflict of interest given his stakes in Mediobanca, Assicurazioni Generali and Mps.
• A shareholder pact representing 11.87% of Mediobanca’s capital will convene on June 4 to assess the strategic and industrial merits of the proposed takeover.
• Uncertainty over deal specifics has weighed on investor confidence, sending Mediobanca shares down about 3% and Generali stock off roughly 2%.