August 4, 2018 / 8:08 AM / a year ago

Elliott denies it has stake in Italy's Mediobanca

MILAN (Reuters) - Activist fund Elliott denied a report it has built a stake of around 1 percent in Italian investment house Mediobanca (MDBI.MI).

“Elliott Advisors (UK) Limited confirms the funds that it advises have no position in the equity (or debt) of Mediobanca,” a spokeswoman for the fund said in an emailed comment.

On Friday Italian newspaper La Repubblica reported that Elliott had built the stake and could go further with a view to shaking up governance at the bank.

The report said the hedge fund was interested in the idea of Mediobanca spinning off the stake of more than 13 percent it holds in top Italian insurer Generali (GASI.MI).

Reporting by Stephen Jewkes; editing by Jason Neely

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