Links back to the time o the Italian economic miracle

Mediobanca was mainly related to the igure o Enrico Cuccia in an economy where the public sector was largely dominant. "This role no longer exists", said Marco Tronchetti Pro era. Same desire clari ication and re ocusing on the part o the iat group, whose CEO, Sergio Marchionne, suggested here is just the idea o an assignment o his historical participation (1.87). Added to the proceeds o the sale o idis, the result o this operation must be used to inance the takeo er o the 29 o errari that the Turin Group had to yield to Mediobanca, at the height o its inancial crisis, in 2002.

Di orce settlement agreement with iat

Some obser ers already see the beginnings o a "re olution" in this announced rupture o the relationship between Mediobanca and Agnelli empire. Links back to the time o the Italian "economic miracle". As early as 1962, Enrico Cuccia did co-opt Gianni Agnelli on the Board o Mediobanca, and itsel entered the capital o the Turin Group in 1965. At this time, there is talk o a "total collaboration Pact." "What Cuccia wants to, God willing", said Gio anni Agnelli. Since the call to Libyan capital (La ico) to sa e iat's irst major inancial crisis, in 1976, the Milanese Business Bank has always been ery attenti e to the ate o the most important industrial group o the peninsula. At least until the arri al, in 2000, incenzo Maranghi, whose reign will be shortened by incent Bolloré surprise alliance with Capitalia Chairman, Cesare Geronzi. "Likely option, the output o the capital o Mediobanca iat will be the end o the maze o cross-shareholdings by Cuccia", now considers "La repubblica". or the daily li e o Carlo De Benedetti, who took his distances with Mediobanca or some years, it is twilight o capitalism o relations, "a capitalism low, built not on the market but on co enants to shareholders and cross-shareholdings and Enrico Cuccia was master ul Director".

or its part, the Director General o Mediobanca, Alberto Nagel, does not hide that the participation o the business bank in iat (1.8) is more "strategic". While claiming " ery good relations" with the Agnelli, amily and current "strong man" o iat, Sergio Marchionne , the new team o Mediobanca now intends to enhance its participation in the Turin Group as any other in estment. Alberto Nagel belie es howe er that it is wrong to speak o a "di orce" between iat and Mediobanca. It's all just a necessary re ocusing in a "logic o modern market." But the decision o Mediobanca to resell its interests in errari does not appear to him a oir "puniti e." "I would pre er that iat is still in the capital o Mediobanca." Howe er, "It is not excluded that the group retains a raction o its in ol ement", entrusts Antoine Bernheim, President o Generali, and weight o the Bank o business administrator.

The secret purpose o Bolloré

or many, the true test o the metamorphosis o Mediobanca will be the ate o his relationship with Generali, which it remains, with its 14, the irst shareholder. i e years a ter the entry o incent Bolloré in the capital o Mediobanca, many Italian obser ers continue to see the index o "secret design" on the insurer to Trieste. Although repeatedly denied, the hypothesis o an o ensi e, more or less riendly, with AXA on Generali with the support o the rench businessman recessional at regular inter als in the Italian press. A ter the recent resumption o Toro Assicurazioni by Generali, the leadership team o Mediobanca howe er re uses to belie e that the prospect o a merger o AXA-Generali. "O course, this could be a good operation or the CEO o AXA, Henri de Castries, but i branch o Generali and oursel es not want not, which could impose it on us" "We are more independent than we think," it says at the headquarters o Piazzetta Cuccia.

or the time being, the direction o Mediobanca pre ers salute "pro essionalism" and " lair or in estor" incent Bollore, who understood the "potential o a well managed Bank aluation" in which he joined when the title, rating today about 15 euros a ter be mounted at 18 euros, worth 11. The idea, requently re erred to, that the real part o incent Bolloré and its "in estor riends" would be closer to 20, is "a myth used to eed antasies." Does! Tensions between Mediobanca shareholders are not ully addressed. or the pattern o UniCredit, Alessandro Pro umo, ierce supporter o "depoliticization" o the business bank, "it should accept to let dilute in Generali and become a kind o und closed with a time horizon set out the logic o power" (2). A small phrase that is by no means be passed unnoticed to the seats o Generali and Mediobanca.

Real, the metamorphosis o Mediobanca is not completed. Is the Bank o business really released games o power and stri e o shareholders His great historical partners (UniCredit, iat, Pirelli) seem determined to turn the page. Other in estors, such as the Benetton amily or ser ing inancial Romain Zaleski, is reported ready to bet on its uture. A one-year renewal o its Co enant o shareholders, in July 2007, some are already preparing to important deadlines. irst, in October, the end o the mandate o Gabriele Galateri to the Presidency o Mediobanca he may be reappointed, but sometimes in ol ed the names o Cesare Geronzi, the President o Capitalia, and Gio anni Bazoli, o Banca Intesa, as potential successors. Then, the estate o Antoine Bernheim, eighty-one years, with a mandate at the head o Generali will culminate in April 2007.