All the political turmoil on Mps and Unicredit
What is written and said about the Mps dossier. Facts, numbers, rumors, comments and political tensions (with the League critical of the Mef)
Storm on Mps, or rather on the Treasury, between Piazza Affari, palaces of politics and government (with the League criticizing the Ministry of Economy).
Here are all the details and news.
WHAT HAPPENED TO MPS IN THE STOCK EXCHANGE
Mps struggles in Piazza Affari where it drops 2.5%, to 1.1 euros, after having recovered some ground from the minimum (-3.1%) touched just before 12 o'clock. The stock is affected by rumors relating to a capital increase of up to 3 billion euros that the Treasury could support in order to facilitate the wedding with Unicredit, which is willing to take over Monte only on the condition that its equity strength is preserved.
WHERE THE MPS BAG EFFECT COMES FROM
The indiscretion, which was not commented on by any of the protagonists and on which there are no requests for clarification from Consob, contributes – underlines Radiocor – to the uncertainty surrounding Siena in this phase of negotiations between the Treasury and Unicredit. Mps, which on the occasion of the six-monthly report reduced the estimate on the shortage of capital as of June 2022 to below half a billion euros, presented to the ECB a capital plan that provides for an increase of up to 2.5 billion, deemed by the bank to be "consistent" with the shortfall that emerged from the stress test, which tested the resistance of Monte in a hypothetical adverse scenario. Since the announcement of the negotiations between the Treasury and Unicredit, on 29 July, Mps has accumulated a decline of 2.5% while the bank led by Andrea Orcel is up by 2.1%.
IL PUNTO DEL SOLE 24 ON MPS
Today the newspapers spoke of a hypothesis of a capital increase of up to 3 billion per Mps to be carried out by the shareholder Tesoro. The due diligence of Unicredit on Mps is still in progress, the perimeter of the assets that could potentially be sold has not been defined, but in the meantime the full capital increase that the Sienese bank will have to do so that the suitor accepts the wedding is already taking place. At the end of July, the stress tests had provided a quantification of the capital shortages necessary to comply with the prudential requirements: 2.5 billion. But according to the rumors that were not denied yesterday relaunched by the press agencies – Il Sole 24 Ore wrote today – that sum is destined to be more than anything else a starting point.
WHAT BLOOMBERG WRITTEN ON MPS
The Bloomberg agency yesterday stated that the size of the increase, to be carried out before the sale or possible merger with the perimeter of assets that interests Unicredit, could reach 3 billion. “The same agency, however, did not specify the reasons behind the increase in the value of the recapitalization, admitting however that this will be conditioned by the performance of the due diligence, the definition of the perimeter of the assets and the exchange values. And again: he added that the value of 3 billion could be lower if we then take into account the Dta of 2.2 billion (tax credits) which Unicredit would benefit from in the event of consolidation on the basis of the provisions of the Sostegni Bis decree. So, one wonders, what are we talking about? ”, The Confindustria newspaper commented.
THE CRITICS OF THE LEAGUE ON THE MEF FOR THE MPS DOSSIER
The League is at the forefront of criticizing the MEF's indiscretions and policy on the sale of MPS. “While the due diligence on Banca MPS is underway, journalistic voices are chasing each other that anticipate the results. A story of this entity and this delicacy should be managed in a more serious way ". Thus in a note Senator Alberto Bagnai, economic manager of the League who adds: 'If an authoritative voice like Il Sole 24 Ore asks what we are talking about, it is natural to ask the same question in parliamentary seats. In particular, it is not clear from where the figure of three billion proposed for a hypothetical recapitalization of the institute emerges, it is assumed at the expense of the shareholder and therefore substantially of the taxpayer. It is painful to have to underline ', concludes Bagnai,' that it would be improper to add profiles of market manipulation to a story already seriously compromised by years of bad politics of the Democratic Party '.
But it is even the head of the League who actually criticizes the government on the MPS dossier. "After the positive results of the first six months of this year (active of 200 million), the hypothesis of selling Mps to UniCredit, at the expense of Italian taxpayers, firing thousands of Tuscan workers and closing hundreds of branches of the oldest bank in the world. Even the ECB is asking for an end to the autonomous use of the Mps trademark, unless it is combined with that of Unicredit. Incredible. In Siena, the Democratic Party has already done too much damage: hands off history, savings and the work of the Sienese. Appointment in the elections of 3 October next ”, the leader of the League Matteo Salvini put on paper in a note.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/tutti-i-subbugli-politici-su-mps-e-unicredit/ on Fri, 20 Aug 2021 13:21:57 +0000.