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EL - EssilorLuxottica SA News Story

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Sector
Consumer Cyclicals
Size
Large Cap
Market Cap £51.83bn
Enterprise Value £54.87bn
Revenue £12.39bn
Position in Universe 18th / 849

ECB needs few weeks to review Del Vecchio raising Mediobanca stake, Enria says

Tue 23rd June, 2020 10:53am
MILAN, June 23 (Reuters) - The European Central Bank needs a
few weeks to review a request by Italian billionaire Leonardo
Del Vecchio to double his Mediobanca  MDBI.MI  stake, ECB
supervisory board chair Andrea Enria said in a newspaper
interview published on Tuesday.
    Del Vecchio, founder of Italian eyewear maker Luxottica,
requested ECB clearance to raise his Mediobanca holding above
10% and up to 20% on June 1, bringing the prospect of
far-reaching changes in Italy's financial landscape.
 urn:newsml:reuters.com:*:nL8N2DE15M
    The move fuelled speculation Del Vecchio's ultimate goal is
a shake-up involving Generali  GASI.MI , Italy's biggest insurer
in which Mediobanca is the single largest shareholder with 13%.
    Del Vecchio, who has a stake of 9.9% in Mediobanca, became
the major shareholder in the financial group in November when
UniCredit  CRDI.MI  sold its entire holding. He also holds a
stake of 4.8% in Generali.
    A source close to Del Vecchio has said he aims to restore
the leading position Generali had in Europe in the 1990s, but
his plans did not include a cross-border merger.  urn:newsml:reuters.com:*:nL8N2DG2IO   
    "Our review has only just begun and it will take a few weeks
before we can complete it. We carefully assess any relevant
changes in the shareholding structure, while maintaining the
prospect of sound and prudent management of the bank", Enria
told Italian financial daily Il Sole 24 Ore.
    Mediobanca has not had a single non-banking shareholder
owning more than 10% since it was founded in 1946. 

 (Reporting by Gianluca Semeraro, editing by Alexander Smith)
 ((gianluca.semeraro@tr.com; +39 02 66 129 503;))
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