Introduction
Banca Mediolanum's CEO, Massimo Doris, has stated that their business will remain unaffected by the outcome of Mediobanca's bid for private bank Banca Generali.
Context
Banca Mediolanum is a significant shareholder in Mediobanca. In April, Mediobanca proposed acquiring Banca Generali, which is currently owned by insurer Generali, as a strategy to counteract a potential buyout attempt from Monte dei Paschi di Siena (MPS).
Developments
Doris noted that the merger's potential outcome would not influence Banca Mediolanum, as they operate in a thriving sector. He mentioned that proxy advisers largely support the Mediobanca-Banca Generali deal, although opinions are divided regarding MPS's bid for Mediobanca. To advance the acquisition, Mediobanca must obtain shareholder approval and has scheduled a meeting for June 16 to vote on the proposal.
Conclusion
Overall, Banca Mediolanum remains optimistic about its position in the market, irrespective of the developments with Mediobanca and Banca Generali.
