BlackRock, the world’s largest asset manager, is expanding its footprint on the Milan Stock Exchange, surpassing the 5% threshold in seven major Italian publicly traded companies, including UniCredit, Intesa Sanpaolo, Enel and Poste Italiane.

The figures come from disclosures filed with Consob, Italy’s securities regulator, in October. They cover shares held on behalf of clients through funds and exchange-traded funds, as well as financial instruments tied to the underlying securities. Five filings, covering UniCredit, Intesa Sanpaolo, Enel, Snam and Prysmian, were voluntary updates requested by the regulator to bring earlier disclosures into line with new rules. The other two, concerning Banco BPM and Poste Italiane, were mandatory filings triggered by holdings exceeding 5%.

The biggest increases are in the banking sector. BlackRock’s stake in UniCredit has climbed to 8.92%, from 5.60%, an increase of 3.32 percentage points. Almost all the position consists of shares: 129,690,618 shares, representing 8.60% of voting rights, with a further 0.32% held through financial instruments.

BlackRock has also increased its stake in Intesa Sanpaolo to 7.30% of voting rights, from 5.10% in its previous filing. Its position includes 1,162,358,774 shares, equivalent to 6.71% of the company, up from 5%. Holdings through financial instruments have risen to 0.59%, from 0.10%, including 0.30% in cash-settled contracts for difference.

BlackRock is also nearing the 5% threshold in Banca Monte dei Paschi di Siena, where its reported stake stands at 4.66%. The figure rises to about 4.97% when potential holdings and other long positions are included. These account for an additional 0.302% of the company and can be settled in shares or cash.

Banco BPM presents a different picture. As of Oct. 7, BlackRock’s direct shareholding had risen to 5.06%, from 4.61%, crossing the 5% threshold. Its overall position, however, fell to 5.14%, from 5.61%, as its holdings through financial instruments dropped to 0.08%, from 1%. The shift reflects a move away from derivatives and toward direct share ownership.

BlackRock is also increasing its stakes in the energy and infrastructure sectors. Its holding in Enel has risen to 6.96%, from 5.24%, with the value of its position more than doubling since 2023. BlackRock is now the utility’s second-largest shareholder, behind Italy’s Ministry of Economy and Finance.

The asset manager holds 641,512,249 Enel shares, representing 6.46% of the company and valued at €5.8 billion, plus a further 0.50% through financial instruments, largely cash-settled contracts for difference. In Snam, its overall stake has increased to 6.82%, from 5.46%. Shares account for 6.03%, while holdings through financial instruments have more than doubled, rising to 0.79%, from 0.36%.

In the industrial sector, Prysmian stands out. The cable manufacturer, increasingly seen as a technology company, has seen BlackRock’s stake rise to 7.46%, from 5.90%. The position comprises 21,726,438 shares, representing 7.03% of the company, plus 0.43% through financial instruments — down from 0.81% in the previous filing.

Poste Italiane requires a closer look because the figures changed after the company announced a capital increase on Oct. 2.

In a disclosure filed on Oct. 9, calculated using the new total of 1,612,089,986 voting rights, BlackRock reported an overall position of 5.12%, up from 4.52% in its previous filing. Shares account for 4.60%, with financial instruments representing a further 0.52%. Together, the two positions put BlackRock above the 5% disclosure threshold.

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