MILAN (Reuters) - Delfin, the Del Vecchio family's holding company, has obtained Ivass' permission to rise above 10 percent of Generali's voting rights, a threshold already unintentionally exceeded as a result of the company's buyback plan, but this move does not imply any "particular strategy."

A year ago, a group of Italian shareholders consisting of Delfin, Francesco Gaetano Caltagirone, the Benetton family, and the Crt Foundation challenged Mediobanca on the renewal of the Trieste board of directors. Caltagirone proposed an alternative list to that of Generali's outgoing BoD and a CEO candidate in opposition to Philippe Donnet's reappointment.

The list of the outgoing BoD won a clear victory with the consent of nearly 40 percent of the capital thanks to the support of the funds while just over 29 percent voted for Caltagirone's list.

In the run-up to the renewal of Mediobanca's board at the end of October, the clash between Delfin and Caltagirone on one side and Ceo Alberto Nagel on the other could thus be rekindled.

Delfin and Caltagirone, in fact, are Mediobanca's top two shareholders with just under 20 percent and just under 10 percent, respectively, and they have not been sparing with criticism of Nagel for an unaggressive growth strategy at both Piazzetta Cuccia and Generali. Also in Mediobanca's capital is the Benetton family with 2.2 percent.

According to Repubblica, other Italian entrepreneurs could shift their attention to Mediobanca by implementing a sort of "pincer maneuver."

Nagel for his part enjoys the favor of the members of the consultation pact, in which Banca Mediolanum, among others, is present and which collects a total of 10.9%, and of the market.

In the wake of the rumors Generali's stock jumped as much as 6 percent but after Delfin's clarification it halved its gains and shortly after 1 p.m. rose 3.5 percent in a market up 1 percent. Mediobanca gains 2.1%.

Equita believes Ivass's authorization will again increase speculative appeal on Generali and indirectly on Mediobanca but remains cautious on some points, including Delfin's newly appointed CEO Francesco Milleri's strategy on Generali, considering his latest statements geared more toward the core eyewear business and a more collaborative approach to Mediobanca.

Equita also notes that buying 10 percent of Generali would cost at current prices around 3 billion euros.

(Andrea Mandalà, Gianluca Semeraro, editing Sabina Suzzi)