During the 2024 financial presentation, Mediolanum’s CEO, Massimo Doris, firmly stated that there is no discussion of a merger between Mediolanum and Mediobanca. Doris dismissed the market speculations and analysts’ reports suggesting that the Doris family might mount a defensive alliance against the operation launched by Montepaschi, which is supported by the Treasury and major shareholders such as Francesco Gaetano Caltagirone and the Delfin holding of the Del Vecchio family.
A Decision for the Boards
Doris emphasized that despite numerous proposals from investment bankers, “there is nothing on the table.” He clarified that the decision to join or not join the ops launched by Montepaschi on January 24 is not his personal prerogative, but rather that of the Boards of Directors of the group’s companies—particularly those of Mediolanum Vita and Banca Mediolanum, which include the historic 3.49% stake held by Piazzetta Cuccia, fully transferred as part of the consultation agreement.
The Family Stake Issue
Regarding the family’s direct participation, Doris pointed out that the 0.96% of capital held directly is still under evaluation: “We will see. It is very likely that we will do what Mediolanum does, but perhaps not. At the moment, no definitive decisions have been made.” This clearly indicates the family’s intention to remain neutral and await further developments.
The Increase in Finprog’s Participation
To bolster this wait-and-see approach, the Finprog holding of the family has recently increased its stake in the Mediobanca consultation agreement by acquiring 1.8 million shares, equivalent to 0.26% of the capital. This move demonstrates the Doris family’s cautious and measured strategy, preferring to observe the situation’s evolution rather than act impulsively.
Conclusions
The data and statements from Massimo Doris clearly indicate that, for now, no merger is planned between Mediolanum and Mediobanca. The final decision will rest with the Boards of Directors of the respective companies, while the family maintains a wait-and-see stance, discreetly increasing its participation through Finprog.
FGN Consulting will closely monitor developments in this matter. If there are further updates or any changes regarding the possibility of a merger, we will keep you informed on our blog. Stay tuned for all our insights and analyses on the financial and banking world!