December 5, 2018 / 5:48 PM / 11 days ago

UPDATE 1-Mediobanca main shareholders sign new consultation agreement

(Updates with Mediobanca statement)

MILAN, Dec 5 (Reuters) - The major shareholders of influential Italian investment house Mediobanca have agreed to create a new consultation agreement to replace the pact currently binding them, the bank said on Wednesday.

The new consultation agreement, which covers 19.82 percent of the lender’s capital, will take effect on Jan. 1 2019 and will have a three-year duration.

The pact involves a core group of investors voting together at shareholder meetings, aimed at giving the bank stability. The new consultation agreement, unlike the current pact which covers 28.5 percent of capital, will not place restrictions on investors who want to sell their stakes.

In September French financier Vincent Bollore decided to pull out of the Mediobanca pact, triggering its automatic dissolution at the end of the year.

Mediobanca, the leading shareholder in Italy’s top insurer Generali, was for years at the heart of Italian finance with key stakes in a number of leading companies.

But in recent years it has sold most of those stakes to focus on traditional banking and plans to sell down its stake in Generali to help fund its wealth management business.

Shareholders joining the new agreement include Italy’s biggest bank UniCredit and former Prime Minister Silvio Berlusconi’s family holding Fininvest.

Nutella-owner Ferrero Group and Gavio Group, which controls Italian toll road operators SIAS and ASTM, are also be part of the agreement. (Reporting by Gianluca Semeraro, writing by Giulio Piovaccari, editing by Susan Fenton and David Evans)

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