Acquisitions and disposals

Under the 2016-2019 plan we will continue to reduce our equity investments, in line with the previous three-year plan. This will give us access to additional funds to develop the banking business.

Reducing the equity portfolio reflects a change of direction from our old model, under which we were mainly an equity holding company. In the last four years we have sold equity investments worth approx €2 billion. Major disposals in recent years include Telco, Gemina/Atlantia, Pirelli, Cashes UCI, Saks and Santé. We intend to sell further holdings from the AFS portfolio and will also reduce our stake in Assicurazioni Generali from 13% to about 10%.

We launched our acquisition strategy in 2013 with the approval of the 2014-2016 plan. This decision marked a strategic watershed, as previously Mediobanca had favoured organic growth. Upon presentation of the 2016-2019 plan, we also announced an agreement with the Mediolanum group for the acquisition of the remaining 50% of Banca Esperia. This move is part of the strategy to develop the wealth management sector, which also includes the acquisition of Barclays, Cairn Capital and Ram AI.

With the agreement to acquire a 19.9% stake in BFI Finance, leading Indonesian independent consumer credit operator, Compass adds to the domestic consumer credit business a second market with great potential, strong “growth”, high margins and low risk profile.

DATE

ACQUISITIONS

DISPOSALS

1Q FY 2018-2019 Acquired a 19.9% interest in BFI Finance  
2Q FY 2017-2018 Acquired a 69% interest in RAM  
1Q FY 2017-2018   Disposal of the entire holding in Atlantia
4Q FY 2016-2017   Sale of 2.7% of Italmobiliare
3Q FY 2016-2017   Sale of 5.1% of Koenig & Bauer
16 November 2016 Acquired full control of Banca Esperia  
17 October 2016 Spafid, a Mediobanca Group company, acquires Fider Srl, a leading Milanese trustee company  
1Q FY 2016-2017   Sale of 1,3% of Atlantia
3 December 2015 Acquisition concluded of the Barclays’ retail banking business in Italy through Che Banca!  
2Q FY 2015-2016   Sale of 3 million shares in Assicurazioni Generali (0.22% of share capital)
2Q FY 2015-2016   Sale of the 5.1% equity interest in Edipower
1Q FY 2015-2016   Disposal of the entire holding in Pirelli, selling all shares to Marco Polo Industrial Holding as part of its takeover bid
5 August 2015 Closing of the acquisition of 51% of Cairn Capital Group Ltd., an asset management and advisory company based in London and specialising in loan products  

 

Last update: 04/09/2018