(Finance) – There is no agreement for the renewal of Mediobanca’s board of directors on the occasion of the meeting to be held on October 28th. The shareholders of Dolphinthe Luxembourg financial company of the heirs of the Del Vecchio estate, have considered the proposals put forward by the Board of Directors of Piazzetta Cuccia to arrive at a common list “not in line with the requests made in August”.
So, in the absence of last minute surprises, we will proceed with two separate lists, since, almost certainly, Caltagirone will also align with Delfin’s assessment. However, in the case of a separate list, Delfin would lose two candidatesnaming two instead of four, but he would get two vacant positions on the Board of Directors by the numerous constraints placed in the offer made by Nagel.
Delfin is the first partner of Piazzetta Cuccia with a slightly higher share at 19%, but the rise of Del Vecchio’s holding was strongly opposed by the Board of Directors of the Institute, which at the time feared a takeover of Generali, agreed with the other major shareholder, Francesco Gaetano Caltagironearound at 10% of capital. The relations with the two key shareholders are certainly not idyllic, but they could have been resolved with a “truce” if a single list had been reached.
Mediobanca CEO Alberto Nagel he had thought, in fact, of one common listoffering to Delfin (and Caltagirone) four places on the Board of Directors of Piazzetta Cuccia, of which one reserved for Caltagirone, and the appointment of representatives in the board committees, which by statute belong to the minority shareholders. Delfin instead aimed to name five councilorsone more of the four releases scheduled due to age limit – Elisabetta Magistretti, Maurizia Angelo Comneno, Maurizio Costa and Maurizio Carfagna – including the Presidential candidate, replacing Renato Pagliaronow in office since 2010.
For the role of President, Delfin thought of one external figure to the more institutional party game, such as that offormer economy minister Daniele Francoalso running for the presidency of the EIB.