Latest news with #BancaGenerali
Reuters
3 days ago
- Business
- Reuters
Mediobanca shareholders should back Banca Generali bid, ISS says
MILAN, Aug 8 (Reuters) - Leading governance adviser Institutional Shareholder Services (ISS) said on Friday it was keeping a recommendation for shareholders in Italy's Mediobanca ( opens new tab to vote in favour of a plan to acquire private bank Banca Generali ( opens new tab. Mediobanca shareholders have been called to vote on the deal on August 21, after the Milanese bank scrapped at the last minute an earlier vote it had convened for June 16. Mediobanca is bidding for Banca Generali as it fights off a hostile takeover offer by Monte dei Paschi di Siena ( opens new tab. Mediobanca CEO Alberto Nagel has pitched the Banca Generali deal to investors as an alternative project to Monte dei Paschi's. The Tuscan bank says there is no reason to see them as mutually exclusive. Nagel has run into conflict with two leading Mediobanca investors who have now become key shareholders in Monte dei Paschi, and risked losing the June 16 vote. "Despite the remaining uncertainties surrounding the bid and the Banca Generali operation, the proposed resolution continues to warrant a vote FOR as the deal is supported by a sound rationale," ISS said in its report. "Although the proposal is submitted against the backdrop of Banca Monte dei Paschi di Siena's hostile exchange offer, there continue to be no concerns at this point that supporting Mediobanca's bid for Banca Generali would block an attractive or superior deal for Mediobanca," it added.
Reuters
3 days ago
- Business
- Reuters
Italian asset gatherers' net inflows strengthen in July
Aug 8 (Reuters) - Italy's five listed asset gatherers reported combined net inflows of 6.12 billion euros ($7.13 billion) in July, almost double the previous year's monthly figure of 3.37 billion euros, after a slowdown in June. Net inflows into more lucrative managed assets rose 51% from the same month of last year, to a combined 4.36 billion euros, data showed. The fund management industry is under pressure to protect margins as it grapples with growing technology spending and competition from passive products and other cheaper forms of investment. Despite the industry's challenges, falling interest rates have pushed Italian banks to increasingly turn to managing customer savings to support revenues. In presenting second-quarter earnings, Fineco CEO Alessandro Foti told a press briefing he expected the current wave of mergers and acquisitions in Italian banking to reduce pressure towards a more efficient and transparent business model in savings management, due to reduced competition. Mediobanca's ( opens new tab shareholders will vote on August 21 on a 7 billion euro bid for Banca Generali ( opens new tab, after the private bank's owner Assicurazioni Generali ( opens new tab on Wednesday said that it was open to keep discussing the project. In proposing to create Italy's second-biggest wealth manager, Mediobanca is trying to fend off a takeover offer by Monte dei Paschi di Siena ( opens new tab. As it fought against another hostile bid which has now collapsed, Banco BPM ( opens new tab in April bought Anima Holding ( opens new tab and last week it unveiled the first set of earnings that includes the fund manager. BY THE NUMBERS Azimut Holdings ( opens new tab and Banca Mediolanum ( opens new tab raised their full-year net inflow targets in July, on the back of strong earnings momentum. Earlier this month, Anima reported a yearly increase in first-half profits, while FinecoBank ( opens new tab and Banca Generali said in July their second-quarter net profit had dropped. ($1 = 0.8589 euros)
Reuters
3 days ago
- Business
- Reuters
Breakingviews - Mediobanca's new M&A punt less crazy than it looks
LONDON, Aug 8 (Reuters Breakingviews) - Insanity is doing the same thing over and over and expecting a different result. So said Albert Einstein, purportedly. In attempting to revive a merger with wealth group Banca Generali ( opens new tab, his near-namesake and Mediobanca ( opens new tab boss Alberto Nagel looks certifiable – in June he delayed a shareholder vote on the same deal, assuming he might lose. But one last go is justifiable. Nagel's April plan to buy Banca Generali from insurer Assicurazioni Generali ( opens new tab aimed to give Mediobanca shareholders an alternative to a deal with Banca Monte dei Paschi di Siena (MPS) ( opens new tab. By creating a leader in wealth management, his bank would merit a higher multiple, making a 17 billion euro bid from retail lender MPS less appealing. Wealth managers are valued at 15 times forward earnings, as per LSEG data, whereas MPS's bid currently values Mediobanca at just over 11 times. The Banca Generali deal vote imploded in June due to opposition from two powerful investors, Francesco Gaetano Caltagirone and Delfin, also shareholders in MPS, who collectively own at least 27% of Mediobanca. Moreover, various Italian investors also looked set to oppose the deal, snapping up 11% of Mediobanca's shares ahead of the vote. Potential opponents included Andrea Orcel's UniCredit ( opens new tab and several small Italian pension funds. With the Italian government owning an 11.7% stake in MPS, some shareholders may have balked at anything undermining the MPS bid, which Rome had endorsed. Nagel on Wednesday brought forward a new vote on the Banca Generali deal to August 21, which coincides with MPS's own offer for his bank. It's a time when Italian investors are more likely to be on the beach than at a shareholder meeting. But there are reasons why Mediobanca might stand a better chance than in June. Greater political scrutiny, opens new tab of the local pension funds might make them less likely to vote against the deal. UniCredit, which owned 2% in June, Reuters says, may have wanted government support for its acquisition of Banco BPM ( opens new tab, but that deal has now collapsed. Lastly, some Mediobanca shareholders have sold in recent weeks, so more stock may be held by investors like hedge funds, who are more likely to support the Banca Generali bid. Nagel's gambit is having some effect. Mediobanca is now worth almost 4% more than MPS's offer. While that's less than the 14% gap in May, it has doubled from a week ago. Even if Nagel gets shareholder support, he will need to negotiate and close the deal with Banca Generali. Yet a successful vote should nudge up Mediobanca's shares, which might help secure a higher price from MPS CEO Luigi Lovaglio. Nagel's original decision to delay the vote was seen by market observers as a sign of meddling by local players and the government in Italian deals. Victory would ease that fear. Follow @Unmack1, opens new tab on X
Yahoo
4 days ago
- Business
- Yahoo
Generali to review Mediobanca's €6.3bn bid for Banca Generali
Italy's Generali Group has said that it will assess Mediobanca's offer to buy its private banking arm, Banca Generali. The assessment will be conducted in line with the group's internal procedures over the coming weeks. In a statement, the Italy-based firm said: 'Generali confirms its intention to pursue the evaluation of the Offer and discussions on these matters. 'At this stage, Generali reserves the right to continue evaluating the Offer and the potential Industrial Partnership over the upcoming weeks in full compliance with the Group's processes, procedures and schedule defined by its internal corporate governance bodies before forming a definitive view.' In April this year, Mediobanca proposed to buy 100% of Banca Generali's shares for €6.3bn. It aims to fund the acquisition by selling its shares in Generali's insurance arm, Assicurazioni Generali. Mediobanca is scheduled take a shareholder vote on its Banca Generali takeover bid on 21 August, according to a company release. The proposed merger is anticipated to create a major entity in the European market. Meanwhile, Generali Group reported an adjusted net result of €2.2bn for the half-year period ending 30 June 2025. The figure marks a 10.4% rise from $2.02bn reported in the same period last year. This improvement has been credited to the group's strong operational performance, particularly in the property and casualty (P&C) insurance segment. The overall operating result of the group reached €4.04bn, which is an 8.7% rise from the previous period. Banca Generali's operating result recorded a downturn of 11.6% to €275m for H1, largely due to a reduction in non-recurring performance fees. Nonetheless, Banca Generali managed to secure total net inflows of €3bn in the first half of the year. The Asset & Wealth Management division saw a marginal decrease in its operating result by 1.1% to €560m, supported by the input from Conning Holdings Limited (CHL). "Generali to review Mediobanca's €6.3bn bid for Banca Generali" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Bloomberg
5 days ago
- Business
- Bloomberg
Mediobanca Sets Investor Vote on Banca Generali Bid for Aug. 21
Mediobanca has scheduled a shareholder vote on its Banca Generali takeover bid for Aug. 21, according to a company statement. 'The Board of Directors believes that the offer for Banca Generali represents a significant growth opportunity which is consistent with the Mediobanca Group's strategic objectives,' Mediobanca said in a statement late Wednesday.
