No Fininvest's major stake in bank, ECB

(ANSA) - Milan, October 26 - The European Central Bank (ECB) has said it opposes Fininvest owning a "significant stake" in the Mediolanum bank, according to a statement released by the holding company on Wednesday.
    The ECB decision follows an administrative procedure by the Bank of Italy.
    The Italian central bank on October 2014 ordered Fininvest, the holding company of ex-premier Silvio Berlusconi that owns 30% of Mediolanum, to sell 20% of Mediolanum holdings as the three-time prime minister could no longer own more than 10% of a financial company following his tax-fraud conviction.
    The Council of State, Italy's top administrative court, in December 2015 ruled in favor of Fininvest's case to suspend the forced sale.
    Such a sale would have left Fininvest with a stake of 9.9% in Mediolanum, which is controlled by the Doris family.
    A statement released by Berlusconi's holding on Wednesday said Fininvest questioned the decision and "will preserve its rights and interests with the utmost energy and determination" at a national and European level.