Illustration: Kevin February
Something would surely be wrong if a firm’s management sees a big purchase of its shares as a negative development, particularly when some of its other big shareholders are selling out.
Maybe it’s different when the buyer is an octogenarian billionaire known for fighting for his right to corporate influence and the main seller is one of your key competitors in banking. You might have even more questions when that billionaire is a rival powerbroker in a crown jewel of the national financial system: one in which your companies are both top shareholders, with potentially conflicting objectives.
Until now, there has been little sign of Mediobanca’s management – including its longstanding chief executive, Alberto Nagel – opening its arms in welcome to Leonardo Del Vecchio’s stake-building.
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