By Valentina Za
MILAN, Jan 16 (Reuters) – Delfin on Friday ruled out ongoing talks to sell its Monte dei Paschi stake, closing ranks around CEO Luigi Lovaglio as speculation over a potential approach from UniCredit for the bank drives shares higher.
Speculation over Delfin’s intentions has mounted in recent weeks after MPS’s takeover of Mediobanca turned it into a pivotal investor in insurer Generali, a financial heavyweight whose ownership is watched closely in Rome and by Italy’s largest banks.
Delfin, owned in equal parts by the eight heirs of late Ray-Ban billionaire Leonardo Del Vecchio, said it was not currently in talks with UniCredit or others to sell all, or part, of the MPS stake.
Shares in MPS have gained recently, lifted by analysts’ studies about a potential combination with UniCredit, following press reports about the latter looking to buy Delfin’s stake.
With a 17.5% stake, Delfin is the main shareholder in MPS, which last year acquired bigger rival Mediobanca in hectic consolidation in Italian banking.
EXECUTIVES HELD END-OF-YEAR DISCUSSIONS
Sources have told Reuters there had been contacts before Christmas between UniCredit CEO Andrea Orcel and Delfin Chairman Francesco Milleri over UniCredit’s potential interest in the stakes Delfin holds in MPS and Generali.
UniCredit on Thursday dismissed as “pure invention” at present the idea it could buy Delfin’s MPS stake, adding it constantly analysed potential targets and sometimes held discussions with them but that did not necessarily lead to a transaction.
MPS CEO Lovaglio, hired by Italy’s Treasury in 2022 to turn the bank around, is now fighting to secure another term in April.
Italy rescued MPS in 2017 acquiring a 68% stake which it has since cut below 5%, lastly by bringing onboard Delfin and other domestic investors as shareholders.
Delfin said it was a long-term financial investor aiming to create the most value both for its shareholders and the country as a whole.
“As such, also in light of an overall performance in line with goals relating to profitability and extracting value from the stakes it holds, Delfin renews its full support for MPS top management and the bank’s strengthening path,” it said.
(Reporting by Valentina Za, Editing by Alvise Armellini and Louise Heavens)
