Fact checking - Increase in Delfin S.à r.l.'s stake in the share capital of Mediobanca

On 26 August, the ECB, based on the proposal of the Bank of Italy, informed Delfin S.à.r.l. (whose majority shareholder is Leonardo Del Vecchio) that it had no objections to any increase in the company's stake in the share capital of Mediobanca. As a result of this decision, Delfin can increase its holding to up to just under the 20 per cent threshold and therefore cannot exercise control, even de facto control, over Mediobanca, which would require making an additional, advance request for authorization.

The news has attracted a great deal of media attention.

In response to some incorrect rumours circulating, the Bank of Italy would like to clarify that obviously it did not seek to block the transaction, nor did it reject earlier requests by Delfin, since none were received.

In the course of their examination of the request, the Bank of Italy and the ECB always acted fully in concert, consulting with one another on all the important aspects of the matter and reaching, in keeping with their respective competencies, a common position, summarized in the decision. The positions expressed by Mediobanca's management were duly evaluated by both authorities during their examination.

Given the size and nature of the proposed purchase, Delfin was not required to submit a business plan to the supervisory authorities.

The Bank of Italy will closely monitor the situation to determine whether Delfin's vote could prove decisive in electing majorities in Mediobanca's corporate bodies.

In accordance with the Italian Consolidated Law on Finance and the implementing provisions, Delfin must notify Mediobanca and Consob within 4 trading days if it exceeds the 10 per cent and 15 per cent thresholds. If it exceeds the 10 per cent threshold, Delfin must communicate and publish a statement setting out, among other things, its objectives over the six months following the transaction and how it intends to finance it.