Italy’s anti-trust regulators have ruled that both Mediobanca SpA and Premafin Finanziaria SpA are again entitled to vote their shares in Asscurazioni Generali SpA, following the divestiture ordered by the authority last December as a condition for allowing the merger of SAI and La Fondiaria.
The ruling was part of a complex series of regulatory decisions and court orders, which essentially determined that Premafin and Mediobanca, which is Generali’s largest shareholder with a 13.6 percent stake, controlled the merger transaction.
Mediobanca’s voting rights were limited to two percent of the insurer’s outstanding shares while Premafin’s 2.48 percent stake was suspended entirely, pending the divestiture of their interests in SAI-Fondiaria to less than 30 percent.
The regulators indicated they were now satisfied that both companies had complied with the order, and therefore issued a statement restoring their full voting rights.
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