Unicredit beats Bpm, the hit parade of bonus fraud, the minuets of Gabrielli & Belloni
Unicredit, Banco Bpm, bonus, Stellantis, Copasir, Dis, Gabrielli, Belloni and more. Bits of press review in the tweets of Michele Arnese, director of Startmag
WHAT A LEAP WOULD UNICREDIT MAKE WITH BANCO BPM
Unicredit-Bpm. They have few overlaps, except in Veneto, and a merger would allow Unicredit to bring Intesa, leader with 20% of the market, closer together. With Bpm, Unicredit would increase its share in Italy from 11 to 18%, and from 10 to 20% in that in the richer North. (Rep)
– Michele Arnese (@Michele_Arnese) February 12, 2022
THE MAGAGNA DI BORSA FOR UNICREDIT ON BANCO BPM
The problem now for Unicredit is that in the last 3 days the gain on the Banco Bpm stock exchange was 20% which in fact "ate" a large part of the prize that Unicredit could put on the table as part of a takeover bid, thus making the less convenient operation. (Sole 24 Ore)
– Michele Arnese (@Michele_Arnese) February 12, 2022
UNICREDIT-BPM? THERE IS ALWAYS THE MPS NODE …
"The enthusiasm of the stock exchange, however, risks cooling in the shadow of the arrangement of the MPS dossier, the hot potato that the withdrawal of UniCredit left on the Treasury table. Especially since Bpm seemed willing to help find a solution". (Sun)
– Michele Arnese (@Michele_Arnese) February 12, 2022
UNICREDIT-BANCO BPM? COMPLEX MATCH. HERE BECAUSE'
Unicredi-Bpm. "The game is complex, for several reasons. In recent weeks, Unicredit has been moved on Credit Suisse, on the Russian Otkritie, periodically on Commerzbank. And of course on Mps, despite leaving the table with the government in October". (Corsera)
– Michele Arnese (@Michele_Arnese) February 12, 2022
COFFEE PULLS YOU UP …
Record coffee, logistical chaos pushes to eliminate containers. Prices at the highest for 11 years and a collapse in stocks, the bags return to travel in the hold. (Sole 24 Ore)
– Michele Arnese (@Michele_Arnese) February 12, 2022
THE UNITED KINGDOM DOES NOT DISUNIT ECONOMICALLY …
The UK has the highest growth in the G7. This is the biggest increase since 1941. Omicron effect less strong than expected. Economy supported by the 400 billion dollar public aid package. (Sole 24 Ore)
– Michele Arnese (@Michele_Arnese) February 12, 2022
HOW DO THE PNRR CALLS GO?
Two Pnrr calls from the Ministry for Ecological Transition on the circular economy (one for 1.5 billion for local authorities and the other for 600 million for businesses): the deadline was February 14, but only 1,600 applications had arrived millions. (Republic)
– Michele Arnese (@Michele_Arnese) February 12, 2022
BONUS FRAUD HIT PARADE
– Michele Arnese (@Michele_Arnese) February 12, 2022
BECHIS TEARS THE COPASIR ON STELLANTIS
– Michele Arnese (@Michele_Arnese) February 11, 2022
SO PURE GABRIELLI KNEW AND DID NOT MOVE A LEAF. BEAUTIFUL MINUET WITH BELLONI ON THE QUIRINALE
Quirinal candidacy. Gabrielli had been "informed" by the head of the Services, Belloni, and had followed the story "step by step", revealing that the ambassador lived the events "with great annoyance and with particular emotional participation". (Corriere della Sera)
– Michele Arnese (@Michele_Arnese) February 12, 2022
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EXTRACT FROM AN ARTICLE FROM THE SOLE 24 ORE ON UNICREDIT AND BANCO BPM:
Informed sources report that already this summer Giuseppe Castagna's staff had put themselves on alert, fearing a mid -August tender offer from the largest neighbor. But why this ferment right now? The rumors in Piazza Affari have drawn nourishment from a couple of considerations. The first is the relative exchange ratio in a hypothetical card-to-card offer. Since April 15, when Orcel took office as CEO of UniCredit, the stock has almost doubled from € 8.5 to € 15.7 yesterday. Despite BPM's superperformance this week, which made the stock 36% more expensive compared to mid-April levels, the theoretical exchange still improved by more than 20% in favor of UniCredit.
The second consideration is that the benefit of the DTA (deferred tax assets), although reduced by the latest interventions, expires at the end of June. If UniCredit had managed to get its hands on BPM last year, as Agricole did with Creval, it would have had a 3.3 billion capital addition from the merger. The extension of the provision, however, put a ceiling of 500 million on the gift of the tax authorities. On the other hand, the procedures for obtaining it have been speeded up: the assembly would no longer be needed, but the approval of the wedding contract by the boards of the two banks would be enough. Not even UniCredit, however, has called the board for now.
The strategic value of the operation for the bank of Piazza Gae Aulenti does not, however, expire. Analysts underline that, by aggregating BPM, UniCredit would fill part of the gap with Intesa, raising its market share in Italy to 18%, compared to 22% of the leader. But above all, UniCredit would strengthen in the rich regions of the North, where the distance is even greater. Bpm in particular is strong in Lombardy where it can count on a market share of 14% against 7% of UniCredit. In Piedmont UniCredit would rise from the current 13% to 24%, in Veneto from 13% to 22%. And then there are the synergies from costs and revenues which, on a gross level, analysts estimate at 700-800 million.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/unicredit-sbanca-bpm-hit-parade-delle-frodi-sui-bonus-i-minuetti-di-gabrielli-belloni/ on Sat, 12 Feb 2022 10:43:24 +0000.