Mediobanca black jersey after Banca Mediolanum exit

(Il Sole 24 Ore Radiocor) - The placement on the market of 3.5% of the capital by Banca Mediolanum weighs down the Mediobanca stock at Piazza Affari. The shares of Piazzetta Cuccia recorded the worst performance of the Ftse Mib, accusing a drop of over 3% in the morning. at 19.06 euros. The sale of the Banca Mediolanum package (slightly down on the stock market) took place at 18.85 euros, or with a discount of 4.5% compared to the closing values ​​of the day before. Thanks to the disengagement from Mediobanca, the institute controlled by the Doris family has collected approximately 548 million, with a capital gain of approximately 262 million compared to the values ​​at which it was registered in the 2024 balance sheet, as reported by Intermonte. «The operation was expected in light of the repeatedly reiterated desire by Mediolanum CEO Massimo Doris to remain outside the consolidation process underway in the Italian banking system», underline the analysts of Sim, who estimate « a low-single digit negative impact (around -2%) on the estimates of earnings per share of Banca Mediolanum in the coming years deriving from the failure to collect dividends relating to the stake in Mediobanca». According to Banca Akros, on the other hand , the operation will have a positive effect of 100 basis points on the Cet 1 and could lead «to an extraordinary dividend in 2026» .

As for Mediobanca, the exit of Banca Mediolanum also entails a contraction of the share held by the former syndicate agreement , historically close to the management led by CEO Alberto Nagel, to around 8%. It remains to be seen how the balance of the shareholder base will evolve in view of the start of the Mps takeover bid . At Piazza Affari, Rocca Salimbeni shares also lost ground, with a drop (two hours after the start of trading) of around two percentage points to 7.07 euros. At the moment, the public exchange offer of the Sienese bank implies a valuation of Mediobanca still at a discount of 6% compared to the stock market prices.