Main shareholders

We have more than 52,000 shareholders, split between institutional investors, retail investors, and parties to the shareholders' agreement. In recent years, the role of the shareholders' agreement has diminished significantly, with the balance shifting towards institutional investors, who have now overtaken it in terms of share capital held.

Since 2003, the proportion of institutional investors has steadily increased while the role of the shareholders' agreement has declined significantly, from almost 60% to the current 28%. In any case, the shareholders' agreement continues to provide stability to the ownership structure and helps ensure a consistent management approach. The reduction in the weight of the shareholders' agreement has been accompanied by a considerable increase in the geographical diversification of the shareholder base. Today only 13% of the institutional investors are Italian, while the remainder come primarily from the United States (34%), the United Kingdom (24%) and the rest of Europe.


core shareholders

As at August 2018


As at 14.12.2018, the shareholder structure is as follows (stake over 3% shares):

Shareholder No. of shares   % SHARE CAPITAL
Group UniCredit 74,600,270 8.41
Group Bolloré 69,681,608 7.86
Gruppo Black Rock (*) 44,171,756 4.98
Group Mediolanum 29,095,110 3.28

* Black Rock Inc. (NY) through fifteen asset management subsidiaries, 0.514% of which potential investment and 0.216% of which attributable to securities out on loan “Contracts of differences” (mod. 120B -29/10/2018)
** Mod, 120 4/06/2018

The shares are registered and each share gives the right to one vote in general meetings. For the number of shares as per the most recent update of share capital, go to Corporate data.

Last update: 14/12/2018