Overview

• Banca Mediolanum completed an accelerated sale of its entire 3.5% stake in Mediobanca, reducing the Piazzetta Cuccia shareholders’ pact to about 8%.
• Mediobanca’s board shuffled its governance by naming Vittorio Pignatti Morano president of the related-parties committee in place of Sandro Panizza.
• Shares of Mediobanca slid more than 4% to €18.90 on July 2 as trading volumes surged amid the pact’s erosion.
• Consob approved Monte dei Paschi’s exchange-offer prospectus and the Italian Antitrust Authority granted unconditional clearance.
• Monte dei Paschi targets up to 66.7% of Mediobanca’s capital in the swap offer, with control attainable if just over 50% of shares are tendered.