High voltage between Mps and Mediobanca: Siena relaunches with useful records, Piazzetta Cuccia remains at least while Generali refers his strategic decision
It is the Pietra, Mediobanca Convenient. Invisible but omnipresent, silent but decisive. Whether it’s the general dossier or the public offer launched by Mps, Piazzetta Cuccia is the center of gravity around which the strategic moves of two of the main Italian financial institutions revolve.
In Trieste, the Leone Board of Directors gathered to examine the accounts of the first semester closed with a profit of 2.2 billion euros (+10.4%) does not dissolve the nodes on the adhesion to the Mediobanca offer for a partnership with Banca Generali. The CEO Philippe Kminit reiterated: «There is an articulated and rigorous process, being an operation with related parties. We have not made any commitment and the times will be dictated by governance ».
A cuccia piazzetta, however, grows urgency. After the postponement of the shareholders’ meeting from 16 June to 25 September, Mediobanca is now oriented to convene it on August 21st. But without a clear position by Generali, it will be difficult to convince the members – many of which present in both sides – to vote on an operation with a strong strategic impact. The wait, therefore, extends, and uncertainties grow in decision -making void.
If in Trieste the prudence reigns, in Siena instead you can breathe the air of attack. MPS presented the half -yearly results in a key moment: halfway through the period of adhesion to the public offer of 13.3 billion on Mediobanca. And the CEO Luigi Lovaglio has not missed an opportunity to relaunch, thanks to solid numbers and clear messages.
“Today we present spectacular results, with a quarterly profit of about 479 million and about 900 million in the first six months of the year”, underlined the banker, highlighting “sustainable growth, high profitability and a clear strategy that pays for customers, employees and shareholders”. All accompanied by a robust property position: excess of capital equal to 2.8 billion and forecast to distribute 100% of the profit.
But it is on the OPS front that Lovaglio has been more direct, tracing a clear line of distinction between the industrial vision of MPS and the Mediobanca approach: «We offer a stable growth platform and with clear perspectives starting from the first day. Mediobanca, on the other hand, follows an erratic approach, often changing position and placing the emphasis more on the defense than on the creation of value. Our proposal does not aim to replace the points of view of Piazzetta Cuccia, but to free the potential ».
The Sienese project provides for the acquisition of 66.67% of Mediobanca, even if the minimum threshold set is 35% and already approved by the ECB. An ambitious strategy, which aims to create a new Italian banking center, combining MPS’s widespread commercial network with the investment banking and Wealth Management skills in Mediobanca.
However, there remains a great question mark: the counter -bearing of Piazzetta Cuccia. The offer on Banca Generali could be read as an attempt to strengthen in view of the clash with Siena. Lovaglio has avoided explicit comments: «I honestly do not feel like commenting, considering that Generali’s board of directors meets today. But the result will be crucial for the next steps ».
