Overview

• Mediobanca’s board rescheduled the €6.3 billion voluntary exchange offer vote on Banca Generali from June 16 to September 25.
• Francesco Gaetano Caltagirone’s VM2006 and Delfin, which together control nearly 30% of Mediobanca’s shares, indicated they would vote against or abstain from the offer.
• Unicredit’s 1.9% stake is poised to abstain, bolstering a bloc of pension funds and other institutional investors that could block the deal.
• The delay gives CEO Alberto Nagel additional time to finalise an industrial partnership with Assicurazioni Generali and win over sceptical shareholders.
• Monte dei Paschi di Siena’s counter-offer for Mediobanca continues to pose a significant threat to Nagel’s strategic plans.