Anti-climax

19 December 2002 By Camilla Palladino

Anti-climax

19 December 2002 By Camilla Palladino

The SAI/Fondiaria merger goes through and Mediobanca keeps control of Generali. Neither Consob nor the competition commission managed to draw blood.

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The Italian antitrust authority – worried about Mediobanca's control of both Generali and the new insurance group SAI/Fondiaria – has ordered the investment bank to loosen its grip on the former. Mediobanca and SAI/Fondiaria will not be able to vote 4.4% out of their cumulative 16% stake. That stake will be frozen until Mediobanca is deemed to have relinquished control of SAI/Fondiaria.

Consob meanwhile ruled that Mediobanca, SAI and SAI's parent company Premafin had acted in concert when they forced through a merger between SAI and Fondiaria. The regulator said that SAI, Mediobanca and Premafin should not have been allowed to vote their stakes – which add up to 44% in the Fondiaria AGM that approved the merger. However, it also said that according to its records, the frozen votes made no difference to the outcome. Consob also said that SAI. Mediobanca and Premafin have until February 18 to sell down their stakes to 30%.

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