The Benettons withdraw from the Mediobanca agreement to remain “neutral” in the dispute over Generali insurance

The Benettons leave the Mediobanca agreement. Edition, the finance company of the Venetian family, announced that the consultation agreement between Mediobanca shareholders has been sent, an agreement to which the Benettons bound a share of 2.1% of the Milanese investment bank. The real game, however, takes place over 400 kilometers from the “Madonnina”. Mediobanca is in fact the first shareholder of the Generali of Trieste, the first Italian insurance group, with a stake 12.8%. In turn, the Benettons have a direct stake in Generali of 3.9%.

The notice given by the Benettons, writes Edition, “is part of the process of redefining the strategic lines of the Group and aims to maintain the absolute neutrality of the Edition vision in relation to the financial shareholdings held, with the desire not to take sides in the current events affecting Mediobanca, while expressing full appreciation for the activity carried out by its management “. He sits at the chairmanship of Edizioni Enrico Laghi, who, among his numerous posts, was also the extraordinary commissioner of Ilva in Taranto, ended up at the House arrest on charges of corruption in judicial acts in an investigation by the Power Prosecutor’s Office.

On Generali a arm wrestling between major shareholders on strategic lines and top management appointments. A dispute destined to last until next April when the group will gather the assembly to choose the board of directors. The current leadership led by the French Philippe Donnet and supported by Mediobanca, is invited by the patron of Luxottica Leonardo Del Vecchio which brought its stake in Generali to 5.1% and also owns 18.9% of Mediobanca. Next to Del Vecchio there is Francesco Gaetano Caltagirone, in turn the owner of a 4.4% stake in Generali and 3% of small square Cuccia. The fourth shareholder is the Benetton family. The Turin Savings Bank Foundation has another 1.3% and sided with Caltagirone and Del Vecchio. Leaving the Mediobanca agreement Benettons avoid taking sides “automatically” against the two entrepreneurs. Yesterday, the Milanese bank announced that it had set up a financial transaction that will allow it to have a 17.2% share of voting rights in Generali at the date of the shareholders’ meeting.

Today Philippe Donnet, declined to comment on the shareholders’ moves. Questioned by journalists in Brussels during a press conference to present the first edition of the SME EnterPrize, dedicated to European small and medium-sized enterprises, the French manager replied “Thank you for the question but I will not answer since it is not the topic of the press conference of today”.

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