Mediobanca CEO Nagel Quits After Monte Paschi Takes Control
(Bloomberg) – Alberto Nagel, Chairman of the Mediobanca SPA Executive Officer, resigned with some other members of the lending board of directors and paved the way for the leadership change after Banca Monte Dei Paschi Di Siena Spa gained effective control over competitors.
The Bank said in a statement on Thursday that a member has tendered its resignations to facilitate a regular and timely transition through the appointment of a new administrative body.
Resignations will be valid as of the next annual meeting date planned on 28 October, when a new board will be named.
The movement comes after being accepted by investors representing about 63% of Mediobanca’s shares of Monte Paschi’s inheritance proposal, and when the proposal ended, it made the company had a majority stake. The outgoing administration strongly opposed the agreement, arguing that it did not have industrial and financial reasons.
Bloomberg News had previously reported, at the beginning of this week, about € 44 million ($ 52 million) was preparing to give up its mission by selling 2 million shares in the bank.
The acquisition will be the third largest bank in Italy and will make a long -standing passion of Italian Prime Minister Giorgia Meloni to establish a new major lending that can rival Itesa Sanpaolo Spa and Unicredit Spa.
To monitor the agreement, at the beginning of this month, Monte Paschi developed his offer by adding a cash component to his bid, giving value to approximately € 17.5 billion when compared with a market value of about € 17.4 billion.
Monte Paschi’s proposal is the market price of € 21.48 in Milan trade worth 21.55 € to Mediobanca’s stock.
In a farewell message addressing the employees on Thursday, Nagel reclaimed the Bank’s success and difficulties under the term of office and thanked them for their success.
“Now you are encountering new challenges, I’m sure, you will be ready to overcome the culture and diversity that makes you unique and protecting you,” he wrote. “I’m sure the bank’s new ownership cannot recognize the value of your extraordinary professional heritage.”
Nagel, 60, ruled Mediobanca for 17 years and made it one of Europe’s longest -time bank CEOs. Italy has expanded its only public investment bank to leading positions under the management of retail banking and reserve.
The experienced banker also turned to Medeobanca with the global financial crisis, the European debt crisis and the flow of the Italian government.
Along the way, Nagel survived his efforts to transfer him. These campaigns were led by two investors who have extensive interest in Italian finance-the heirs of Milyarder Leonardo Del Vecchio and Tycoon Francesco Gaetano Caltagirone.
The two together had almost 30% of Medeobanca and keeps about 20% in Monte Paschi. Bloomberg News reported that they support Monte Paschi’s inheritance.
Nagel’s separation is likely to bring questions about the strategy of the Italian largest insurance company Assicurazioni Georian Spa. Mediobanca is the largest investor with General’s 13% shares. Philippe Donnet, General CEO supported by Nagel, faces attacks from Caltagirone. Tycoon criticizes Donnet’s plan to unite the general’s asset management operations with Natixis investment managers, a unit of the French banking group BPCE. The agreement also received criticism from the Italian government officials.
Nagel signed his farewell letter: “Graecia Capta Ferum Victorem Cepit ği by quoting – This means that“ conquered Greece captured the wild conqueror ”.
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