October 11, 2019 / 8:16 AM / a month ago

Del Vecchio calls on Mediobanca to grow via acquisitions - Business Insider

MILANO, Oct 11 (Reuters) - New Mediobanca investor Leonardo Del Vecchio wants the Milanese bank to embark on a string of acquisitions to grow in size after missing out on a number of deals, the eyewear tycoon told Business Insider Italia on Friday.

Del Vecchio snapped up a 7% stake in Mediobanca last month stunning corporate Italy and challenged the venerable merchant bank’s strategy inviting it to build up its investment banking business.

“Mediobanca has already wasted several opportunities, it must become bigger,” Del Vecchio was quoted as saying. “When opportunities for growth present themselves you must jump on them as Intesa did over the years acquiring Cariplo, Comit and Sanpaolo or like Bernard Arnault did with LVMH.”

Reporting by Gianluca Semeraro; editing by Valentina Za

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