MILAN (Reuters) – Mediobanca\u2019s third-biggest investor Leonardo Del Vecchio called for it to get bigger through acquisition on Friday, stepping up his questioning of the Italian merchant bank\u2019s strategy. <\/p>\n
FILE PHOTO: Milan’s business district skyline is seen from downtown Milan, Italy , January 13, 2016. REUTERS\/Stefano Rellandini\/File Photo<\/span><\/p>\n<\/figcaption><\/div>\n<\/div>\n The 84-year-old billionaire bought a 7% stake in Mediobanca last month, stunning corporate Italy and raising questions over its future before it presents a new business plan in November. <\/p>\n Del Vecchio, who founded spectacles maker Luxottica in the 1960s, told Business Insider Italia, that Mediobanca was too small, having missed out on a number of possible deals. <\/p>\n \u201cMediobanca has already wasted several opportunities, it must become bigger. When opportunities for growth present themselves you must jump on them,\u201d he was quoted as saying. <\/p>\n Del Vecchio grew Luxottica via acquisitions and merged it with French lens manufacturer Essilor last year. <\/p>\n He invited Mediobanca on Wednesday to build up its investment banking business and rely less on contributions from consumer credit and its most prized asset – Italy\u2019s top insurer Generali, in which both Mediobanca and Del Vecchio are shareholders. <\/p>\n Chief Executive Alberto Nagel has steered Mediobanca away from its historic role as a financial holding company, boosting the bank\u2019s consumer credit and wealth management businesses through a number of mid-sized acquisitions. It bought French boutique merchant bank Messier Maris & Associes in August. <\/p>\n Nagel has said possible acquisitions in wealth management and consumer banking remain core to Mediobanca\u2019s strategy. <\/p>\n However, last month Mediobanca decided against acquiring Julius Baer\u2019s Italian subsidiary Kairos after examining it as a potential target. <\/p>\n A source familiar with the situation said on Wednesday Del Vecchio wanted to change Mediobanca\u2019s governance rules to ensure he has a say in the choice of the next chief executive when Nagel\u2019s mandate comes up for renewal next year. <\/p>\n The bank\u2019s bylaws state that the CEO must be picked from among managers who have been with the bank for at least three years, effectively excluding outsiders. <\/p>\n Del Vecchio told Business Insider Italia that changing Mediobanca\u2019s bylaws \u201cwould not be much help.\u201d <\/p>\n Sources also have not ruled out Del Vecchio further raising his holding to more than 10%, a threshold which can only be surpassed with approval from the European Central Bank. <\/p>\n