Mps, Banco Bpm and the rumors that don’t gas the stock market
All the latest news on Mps including facts, numbers, rumors and denials.
Mps always present on the pages of the newspapers. The latest news concerning the bank controlled by the Ministry of the Economy start from the exit of Axa from the shareholding structure, from the rumors about a possible merger with Banco Bpm , denied by the top management of the Milanese institute, and from the performance of the stock on the Stock Exchange which is negatively affected by the climate, so much so that yesterday it was unable to make a price and then closed with a red of 8% at 2.52 euros (despite the rumor – potentially positive on the merger with Bpm – launched online by the agency Reuters yesterday at 15.30, therefore before the closure of Piazza Affari).
WHAT CHANGES AFTER AXA EXITS FROM MPS
On Monday evening came the unexpected announcement of the exit from the shareholding structure of the Sienese institute led by CEO, Luigi Lovaglio (in the photo), of the second shareholder, namely the French company Axa, which holds almost 8 % of capital. The placement, entrusted to Exane Bnp Paribas, takes place at a price between 2.33 and 2.47 euros, highlights a note intended for investors which then highlights how the sale "has no impact on Axa's partnership with the bank or Axa's commitment on the Italian market”. The reasons behind the farewell to Siena, on the other hand, lie in the fact that the company "has no intention of seeking representation on the bank's board of directors at the next shareholders' meeting or influencing the bank's long-term strategy". At the end of the sale, Axa will keep a 0.0007% stake in Montepaschi.
THE INDISCRETIONS
According to what was revealed by Camilla Conti in La Verità , at about 1pm on the same day the CEO Thomas Buberì telephoned the head of the Economy, Giancarlo Giorgetti, to warn him of the sale but the minister did not answer because he was busy in a meeting. Instead, the members of the bank's board would have known of the disposal only when Axa communicated it to the market. The newspaper founded and directed by Maurizio Belpietro commented on the indiscretion about Mps-Banco Bpm in the title as follows: “Rumor pro Monte Paschi and Tesoro, immediately denied by Banco Bpm. After the exit of Axa from Siena, a tissue: merger with Milan. But the effect does not last long”.
INPUT OF BANK BPM INTO MPS? RUMORS AND DENTALIES
Not even 24 hours after the news of the exit of the French insurance group, however, another one arrives destined to move the pawns of banking risk. According to the Reuters agency, which cites sources close to the dossier, Via XX Settembre is in fact studying a merger with Banco Bpm so as to replace Axa and, above all, get rid of the Montepaschi burden. The first shareholder of the bank – with 64.2% – since 2017 (the year of the recapitalization of Siena) has promised the Dg Comp to leave the shareholding structure at a later time. An exit that has already been postponed but which must be carried out by 2024.
THE DISFIDENCE OF PALAZZO CHIGI FOR UNICREDIT
Still according to Reuters , however, a flashback for Unicredit is excluded, which pulled out of the game last November after an initial interest. The government appears to be wary of Andrea Orcel's group and therefore now "they are looking at Banco Bpm as a possible alternative so much so that the Treasury – writes the agency – have already begun to study the feasibility of the operation".
THE DENTAL OF BANCO BPM
However, the denial of Banco Bpm was not long in coming, which "reiterates that it is in no way willing to pursue a merger operation with MPS". This was stated by the president of Piazza Meda, Massimo Tononi, intercepted by Ansa on the sidelines of the board meeting which approved the list for the renewal of the bank's board of directors, expiring in April. Re-nominated as president and managing director respectively Tononi and Giuseppe Castagna. Maurizio Comoli will run for the vice presidency while the other candidates are Mario Anolli, Paolo Bordogna, Paola Ferretti, Marina Mantelli, Chiara Mio, Alberto Oliveti, Eugenio Rossetti, Manuela Soffientini, Luigia Tauro, Carlo Frascarolo, Costanza Torricelli and Giovanna Zanotti.
THE COMMENT OF THE NEWSPAPER THE TRUTH
The newspaper founded and directed by Maurizio Belpietro commented on the indiscretion about Mps-Banco Bpm in the title as follows: “Rumor pro Monte Paschi and Tesoro, immediately denied by Banco Bpm. After the exit of Axa from Siena, a tissue: merger with Milan. But the effect does not last long”.
THE SCENERY
At this point it will be interesting to see what will happen to understand if Banco Bpm wanted to divert attention to itself in order to be able to work on the Montepaschi dossier in peace or if instead Piazza Meda will snub Siena despite hypothetical – and possible – Roman pressure.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/mps-banco-bpm-borsa/ on Wed, 01 Mar 2023 08:31:48 +0000.