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Consumer Cyclicals
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Market Cap £52.72bn
Enterprise Value £55.77bn
Revenue £12.43bn
Position in Universe 18th / 850

Italy's Del Vecchio expected to raise Mediobanca stake just above 10% soon -sources

Fri 28th August, 2020 4:25pm
MILAN/ROME, Aug 28 (Reuters) - Eyewear tycoon Leonardo Del
Vecchio plans to increase his stake in Italy's Mediobanca
 MDBI.MI  only slightly in the short term to just above 10%,
after being given European Central Bank approval to increase it
to nearly 20%, sources said on Friday.
    Del Vecchio, who founded Luxottica - the company behind Ray
Ban sunglasses - is Mediobanca's biggest shareholder with a 9.9%
stake. He filed a request with the ECB on May 29 to increase his
holding above 10%, after building up his stake in Mediobanca
last year, to the surprise of the market and the bank's
management.
    Del Vecchio's holding company Delfin said on Wednesday that
he had secured ECB approval to raise his stake in the
Milan-based investment bank to 19.9%.  urn:newsml:reuters.com:*:nL8N2FS40Z
    Two sources close to the matter said the ECB cleared the
request without imposing conditions, considering it a
"financial" investment.
    A spokesman for the ECB declined to comment.
    Since Del Vecchio had no strategic intentions for
Mediobanca, he did not have to submit any plan for the bank, the
sources said.
    The sources said Del Vecchio had committed to support the
bank's current management, adding that he can appoint up to two
board members but would not necessarily do so.
    Under European Central Bank rules, shareholders in euro zone
banks must gain ECB approval to increase their stakes above 10%
and then again to take a stake above 20%.
    
        

 (Reporting by Claudia Cristoferi, Stefano Bernabei, Gianluca
Semeraro
Editing by Susan Fenton)
 ((Claudia.Cristoferi@thomsonreuters.com; +39 3480848422;))
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