August 3, 2018 / 8:35 AM / 3 months ago

Elliott declines to comment on report it has 1 pct of Italy's Mediobanca

MILAN/LONDON, Aug 3 (Reuters) - Activist fund Elliott declined to comment on Friday on a media report it had built a stake of around 1 percent in Italy’s influential investment bank Mediobanca.

Italian newspaper La Repubblica, citing two financial sources, said on Friday the hedge fund had 1 percent of the lender and was ready to go further to try and shake up governance at the bank.

The paper said the fund was also interested in the idea of Mediobanca spinning off its stake in Italy’s top insurer Generali.

Mediobanca is Generali’s biggest shareholder with a stake of more than 13 percent.

A source close to the bank said Mediobanca was ready to talk to any investor but said there had to date been no contacts with Elliott. (Reporting by Paola Arosio and Maiya Keidan, writing by Stephen Jewkes; editing by Agnieszka Flak)

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