Because on the stock exchange we talk about Banca Generali
What is happening to Banca Generali's stock and top management?
Ups and downs in question days for Banca Generali at Piazza Affari.
Today the headline of the Generali group's institution suffered after an article in the Financial Times : “Banca Generali writes down pandemic-hit healthcare bonds. Decision unrelated to small amount of Mafia-linked invoices, says bank ".
WHAT THE FINANCIAL TIMES WRITTEN AND THE PRECISATION OF BANCA GENERALI
But what did the City newspaper write in detail? Banca Generali devalued nearly 500 million euros worth of bonds linked to the Italian public health system due to the impact of the pandemic, the Financial Times reported . B anca Generali has not made any new write-downs of bonds linked to the Italian public health system and already two months ago it had made a provision to protect customers, a move that was appreciated by analysts and the market. This is what a company spokesman said after the Financial Times spoke of the write-downs of bonds linked to the Italian public health system on instruments for a total of about 480 million euros, distributed by Banca Generali and managed by Cfe. On July 27, Banca Generali had "prudently made a provision for 80 million euros in order to protect its customers from a potential loss relating to investments in healthcare credit securities reserved for professional customers", read a note, in which it is estimated that "the aforementioned provision of 80 million represents the maximum impact of the purchase offer that Banca Generali will launch by paying its customers a consideration no less than the amount initially invested, after deducting the redemptions and coupons collected, against a presumed realizable value lower than expected "..
THE CLARIFICATION OF CFE
With reference to the Financial Times indiscretions on the prudential provision of 80 million euros made by Banca Generali and relating to investments in health credit securitization securities, announced by the bank a month and a half ago, CFE clarifies that "its role in the operation was to structure the securitization vehicle (or arranger) and investor in the junior and mezzanine tranches issued by the vehicle itself. Neither the portfolio of securities nor the underlying assets – continues the financial company – were originated, organized or by the company. As an investor in the above tranches, Cfe would be the first to suffer any possible decrease in the value of the securitized securities. That said, the company announces that it will not make any devaluation of its investment ".
WHAT HAPPENED ON THE STOCK EXCHANGE TUESDAY 14 SEPTEMBER
The fluctuations on the stock market last Tuesday were of another sign in the wake of an article in the Sole 24 Ore . "The ongoing confrontation between the shareholders of Generali, which looks primarily at the issue of the company's governance, could bring the M&A dossiers to the center of attention and in particular the sale of Banca Generali controlled with over 50% by Trieste . Piazza Affari bets on this, bringing the share of the managed savings group a gain of 1.7% in the early stages: prices are at an all-time high (almost 40 euros) for a capitalization of 4.6 billion euros " , the Radiocor agency of the Sole 24 ore group reported that day.
According to what was reported that day by the Sole 24 Ore , which reports on a summer interview between the CEO of Mediobanca (first shareholder of Generali) Alberto Nagel and the entrepreneur Leonardo Del Vecchio (increased to 5% of the Trieste-based company) with the work of the CEO of Generali Donnet at the center, one of the reasons for divergence between the shareholders regarding the sale of Banca Generali. Before the pandemic, Mediobanca, which has long been interested in strengthening its portfolio management, put 36 euros per share on the plate to buy the control package, a price that then dropped to 30 euros with the onset of the Covid-19 crisis. The enhancement and also the fact that the proposal comes from a Generali shareholder did not find the Vecchio's agreement in favor of a tender to sell Banca Generali to the highest bidder. According to Bestinver analysts, Mediobanca's acquisition of Banca Generali would be perfect from a strategic and industrial point of view and it is therefore not to be excluded that the governance game triggered in Generali by Caltagirone and Del Vecchio could cause the dossier to be reopened. of M&A for Mediobanca.
WHO ARE THE CANDIDATES WELCOME TO CALTAGIRONE IN PLACE OF DONNET IN GENERAL?
The stock market echo of the article del Sole intersects with the stormy events linked to the renewal of the top corporate officers of Assicurazioni Generali in view of the new board. The nomination committee of Generali's nomination committee is held today, 15 September, called upon to carry out preparatory work in view of the board of directors on 27 September, which will have to decide whether or not to proceed with the directive of a list of the Board of Directors in view of the renewal of the administrative body, due to expire with the approval of the budget, next spring. However, this is a technical meeting, which is part of the "preparatory activities for the procedure for defining any list". The intention of the two Caltagirone-Del Vecchio to replace Donnet as CEO has now been established. Who could be the candidates of the Caltagirone-Del Vecchio duo? The names circulated as CEO are Matteo Del Fante (Poste Italiane), Marco Morelli (formerly in Mps among other things), Carlo Cimbri (now number one of the Unipol group), Sergio Balbinot, wrote the Corriere della Sera . Then there are the interiors Marco Sesana, Giovanni Liverani and Luciano Cirinà . Also welcome to Caltagirone would be the number one of Banca Generali, Gian Maria Mossa, grappling with events scrutinized carefully by the Trieste top management: Mossa, among other things, had to deny an article in a Maltese newspaper that mentions very delicate interceptions of Europol but the question is being kept under wraps between Milan, Turin and Trieste.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/perche-in-borsa-si-parla-di-banca-generali/ on Thu, 16 Sep 2021 13:34:46 +0000.