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EL - EssilorLuxottica SA News Story

€136.18 -1.8  -1.3%

Last Trade - 11:05am

Sector
Consumer Cyclicals
Size
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. urn:newsml:reuters.com:*: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)
 ((Claudia.Cristoferi@thomsonreuters.com; +39 3480848422;))
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