Bolloré: Oddo expects group to sell Mediobanca stake

(CercleFinance.com) - This morning Oddo says that it is likely that Bolloré sells its stake in Mediobanca.

The recent rise in the bank's share price could, in the broker's opinion, encourage Bolloré to activate this disposal, it says. Oddo maintains its buy rating on the share, having set a target price of 5 euros.

Bolloré (as well as the Italmobiliare fund) have withdrawn from the shareholders pact that structures the bank's capital (28% of the capital initially), which induces the possibility for the group to freely sell its shares. The breaking of the pact therefore seems like a sell signal, Oddo says.

It adds that this sale could answer a double logic: 1/ to generate a capital gain on an historical stake which the group initiated in 2003; 2/ reduce the group's exposure to Italy and to concentrate its efforts on its 24% stake in Telecom Italia (via Vivendi).



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