RPT-Italy’s Del Vecchio asks ECB permission to increase his Mediobanca stake to up to 20% -source

MILAN (Reuters) – Italian billionaire Leonardo Del Vecchio has asked the European Central Bank for permission to increase his stake in Mediobanca to up to 20%, a source said on Sunday confirming a press report.

Del Vecchio, 85, chairman of eye-wear giant EssilorLuxottica, became Mediobanca’s biggest shareholder in November with a holding of just under 10% after the bank’s decades-long partner UniCredit sold its entire stake.

He needs ECB approval to lift the stake above the 10% threshold. However, the source said getting a green light would not necessarily mean an immediate move by Del Vecchio.

La Repubblica newspaper, which first reported news of the request, said the ECB had 90 days to give its approval.

The ECB, Del Vecchio’s holding Delfin and Mediobanca all declined to comment.

When Del Vecchio became Mediobanca’s largest shareholder, he said he aimed to create a stable ownership base for the investment bank and insurer Generali, in which Mediobanca is the leading shareholder with 13%.

Del Vecchio also has a 4.8% stake in Generali, Italy’s biggest insurer.

Mediobanca, since its foundation in 1946, has never had a single non-banking shareholder above 10% and Del Vecchio’s move last year fueled speculation of a shake-up in Italian finance.

In October, sources close the matter said he wanted to have more control over the future of Generali including through possible cross-border deals.

Reporting by Claudia Cristoferi, Gianluca Semeraro, Valentina Za; Editing by Crispian Balmer