Mediobanca to sell Pirelli stake
ERJ staff report (BC)
By Lisa Jucca
Milan – Italian investment bank Mediobanca is ready to gradually exit its 4.6 percent stake in tiremaker Pirelli as well as other strategic holdings, a source with direct knowledge of the situation is reported by Lisa Jucca of Reuters to have said.
The Milan-based bank, which owns stakes in some of Italy's biggest companies, will present a new business plan to focus on its banking business and “break with years of meddling in Italy's top corporate developments”.
Shrinking returns amid a deep economic crisis at home have prompted the bank to rethink its corporate investment strategy.
The bank's 2013-2016 plan will call for retrenching its core investment banking operations and putting greater focus on its retail bank, a source of stable liquidity, as well as on its high-margin consumer finance division.
Apart from the Pirelli stake, Mediobanca's biggest financial holdings are a 13.2 percent stake in life insurer Generali, about 13.7 percent in Italian publisher RCS Mediagroup and 11.6 percent of Telco, the holding company which controls Telecom Italia.
This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.
Full story
This article is only available to subscribers - subscribe today
Subscribe for unlimited access. A subscription to European Rubber Journal includes:
- Every issue of European Rubber Journal (6 issues) including Special Reports & Maps.
- Unlimited access to ERJ articles online
- Daily email newsletter – the latest news direct to your inbox
- Access to the ERJ online archive