Unicredit hodgepodge
Facts, names, numbers, curiosities and controversies. The tweets of Michele Arnese, director of Start, not only on Unicredit
UNICREDIT IN BRIEF
WHO CELEBRATES?
"Yesterday Unicredit left another 1.5 billion in capitalization in Piazza Affari after the one billion lost on Monday. Uncertainty about the future drives investors away", writes Corriere della Sera.
– Michele Arnese (@Michele_Arnese) December 2, 2020
CONGRATULATIONS TO GUALTIERI, MYCOSSI, PADOAN ETC.
"Neither the large foreign shareholders, nor the supervision of the European Central Bank appreciate the sudden break in the middle of the pandemic, without succession plans." (Federico Fubini, Corriere della Sera, on Unicredit)
– Michele Arnese (@Michele_Arnese) December 2, 2020
COUNT AND GUALTIERI ON UNICREDIT …
Unicredit-Mps? In the end, the state would be the first single shareholder of the new entity. According to some estimates by Equita, the Ministry of Economy would end up holding about 11%.
– Michele Arnese (@Michele_Arnese) December 2, 2020
COMPLIMENTS
"Yesterday in the main financial capitals there was a lot of amazement among shareholder funds: not so much for the farewell of CEO Mustier, which has been for sure for months now, but for the way in which it happened. Investors don't like uncertainty. ". (Sole 24 Ore)
– Michele Arnese (@Michele_Arnese) December 2, 2020
THE AUTONOMY OF THE BOARDS OF BANKS
"It will be the ECB that will have the last word on the name of Mustier's successor. And it will not accept second-row figures, nor short-term plans". (Federico Fubini, Corriere della Sera)
– Michele Arnese (@Michele_Arnese) December 2, 2020
SUNNY WHISPS FOR UNICREDIT
"More than another investment banker, you need an experienced bank manager. Before heading to another outsider, the board would do well to assess whether the most suitable figure exists among the internal managers." (Alessandro Graziani of Sole 24 Ore)
– Michele Arnese (@Michele_Arnese) December 2, 2020
FIND THE MISTAKE…
Bonomi (Confindustria): «Unicredit? Sorry to see non-market operations ».
Sole 24 Ore: "The storytelling circulating among investors is that of the star of the markets expelled by Italian politics, perhaps even by the government".
– Michele Arnese (@Michele_Arnese) December 2, 2020
SUPERCAZZOLA OF THE DAY
"The important thing is that the intervention of the State takes place in compliance with competition and the correct allocation of the capital of each company", says Alberto Chiandetti, main manager in Italy of Fidelity (fractional shareholder of Unicredit)
– Michele Arnese (@Michele_Arnese) December 2, 2020
MAGIARA MORIGERATEZZA
MODERATE HOLIDAYS
MEP József Szàjer, one of the founders of Fidesz, the party of Hungarian Prime Minister Viktor Orbán party – banned in times of lockdown – based on drugs, alcohol
and sex.– Michele Arnese (@Michele_Arnese) December 2, 2020
LOVE
Progressive harmony between Gino Strada and Rosy Bindi. Here's what Strada di Bindi says… pic.twitter.com/BMFuaetbNP
– Michele Arnese (@Michele_Arnese) December 2, 2020
WAR OR ZUCCATELLI?
WHO WAR AS ANY ZUCCATELLI ON MASKS …
CONGRATULATIONS AND BEST WISHES FOR THE NEXT WORLD ASSIGNMENT IN WHO https://t.co/dyZPVAysmw
– Michele Arnese (@Michele_Arnese) December 1, 2020
BETWEEN SPACE AND VIRUS
DIRECTLY FROM THE SPACE …
"If we continue to be good, Rt will be zero in a month", says Roberto Battiston, "the physicist who predicts the curve" (this is how Corsera presents him): "Hospitalizations and intensive care will drop to a tenth", adds the former president of the Space Agency (ASI)
– Michele Arnese (@Michele_Arnese) December 2, 2020
GOODBYE TO DEACONAL
«An immense man. A loving husband. A single dad. A real stone bear, for which the most important thing was to help others. Your example, your passion and your love will never leave us ». (Arturo Diaconale remembered by his family)
– Michele Arnese (@Michele_Arnese) December 2, 2020
HOUSEWIFE MASSES
CHRISTMAS MASS
A seventeenth-century mystic, Angelus Silesius, said: "If Christ were born a thousand times in Bethlehem but not in your heart, you would be lost forever". (Monsignor Paglia al Corsera)
– Michele Arnese (@Michele_Arnese) December 2, 2020
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START MAGAZINE INSIGHTS ON UNICREDIT:
MUSTIER: RELEASED OR SCRAPED BY UNICREDIT? THE POINT
ALL THE SCAZZI BETWEEN UNICREDIT AND MUSTIER CDA
HERE ARE END AND DOUBTS ABOUT WEDDING BETWEEN UNICREDIT AND MPS
THE RELEASE OF MUSTIER FROM UNICREDIT SECONDO SOLE, REPUBLIC AND CORRIERE DELLA SERA
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EXCERPT FROM AN ARTICLE FROM CORRIERE DELLA SERA ON UNICREDIT
The State could continue to maintain a role as a banking shareholder, even if it leaves MPS, as per agreements with the EU. Montepaschi is currently owned by the Ministry of the Treasury – 64% since yesterday after the sale of non-performing loans to Amco – and its capitalization is 1.37 billion. Unicredit, the second Italian bank, which belonged to Iri until 1994, capitalizes almost 18 billion and sees a jagged shareholding, with no shareholders over 3-4%. They seem just numbers, in reality they trace all the complexity of a possible marriage.
However you turn them around, the state would ultimately be the first single shareholder of the new entity. According to some estimates by Equita, the Ministry of Economy would end up holding about 11%. Everything depends on the terms for the exchange of any Ops (exchange offer), on the assessment of industrial assets, on the recapitalization needs that MPS itself urgently needs, on the dowry in the form of tax credits ("dta"). A capital increase of 2.5 billion (this is the figure we are talking about) could be underwritten by the Treasury without opposition from Brussels only in a merger with another institution. To reduce legal risks, there is talk of settling with the Mps Foundation (which is asking for over 3 billion in damages) by assigning to the body a quota of shares that will allow it to appear among the shareholders of Uci-Mps.
A question of numbers but also of political balance. According to the draft budget, the merger would have a tax benefit of 2 billion. Some within the Cinquestelle are not in favor because they would rather create a public banking center with Popolare di Bari and Carige ; for this they presented an amendment that limits the benefit to 500 million. But it seems like a flag battle: no big M5S has signed or supported it.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/mondo/guazzabuglio-unicredit/ on Wed, 02 Dec 2020 08:36:07 +0000.