EssilorLuxottica SA logo

EL - EssilorLuxottica SA News Story

€136.18 -1.8  -1.3%

Last Trade - 11:05am

Consumer Cyclicals
Large Cap
Market Cap £51.85bn
Enterprise Value £54.89bn
Revenue £12.39bn
Position in Universe 18th / 849

UPDATE 1-Italy's Del Vecchio asks ECB to allow bigger Mediobanca stake

Mon 1st June, 2020 9:45am
(Adds share price, analyst comment and background)
    MILAN, June 1 (Reuters) - Italian billionaire Leonardo Del
Vecchio confirmed on Monday he had asked the European Central
Bank (ECB) for permission to raise his stake in Mediobanca
 MDBI.MI , lifting its shares.
    Del Vecchio's holding company Delfin said it had filed the
request to increase its Mediobanca holding above 10% and up to
20% with the Bank of Italy on May 29, adding that the
authorisation process usually takes up to 60 days.
    Mediobanca has not had a single non-banking shareholder
owning above 10% since it was founded in 1946 and Del Vecchio's
move fuelled speculation of a shake-up in Italian finance as he
also has a 4.8% stake in Generali, Italy's biggest insurer.
    Del Vecchio, chairman and main shareholder of eye-wear giant
EssilorLuxottica  ESLX.PA , became Mediobanca's biggest
shareholder in November with a holding of just under 10%, after
its decades-long partner UniCredit  CRDI.MI  sold its stake.
    At the time, he said he aimed to create a stable ownership
base for the investment bank and insurer Generali  GASI.MI , in
which Mediobanca is the leading shareholder with 13%. 
    Del Vecchio's stake building last year "sparked concern in
the long-term investor base of the bank ... as there was a lack
of clarity on the strategic goal of this stake and what could
have been the impact on the group," Citi analysts said in a
note, adding the uncertainty could keep shares volatile.
    Shares in Mediobanca, which declined to comment, rose by
more than 13% on Monday to levels last seen in early March. The
stock was up 10% by 0750 GMT.
    Del Vecchio's request for ECB permission to raise his stake
first emerged in a press report on Sunday.*:nL8N2DD071
    Sources close to the matter said in October that Del Vecchio
wanted to have more control over the future of Generali,
including through possible cross-border deals.   

 (Reporting by Claudia Cristoferi; Additional reporting by
Gianluca Semeraro; Editing by Alexander Smith)
 ((; +39 3480848422;))
© Stockopedia 2021, Refinitiv, Share Data Services.
This site cannot substitute for professional investment advice or independent factual verification. To use it, you must accept our Terms of Use, Privacy and Disclaimer policies.