Who snubs Unipol’s advance in Banca Popolare di Sondrio
What is happening among the shareholders of Banca Popolare di Sondrio after Unipol is becoming more and more aggressive. The article by Emanuela Rossi
A surprise announcement, on Tuesday evening, which brings with it rumors (and fears) about the next steps in terms of banking risk. UnipolSai , a subsidiary of the Unipol group, strengthened its position in Banca Popolare di Sondrio and became its largest shareholder, rising to 6.9% – from the previous 2.9% in the portfolio – although it was aiming for 9.5%. A move that also made us think of a rapprochement with Sondrio by Bper, of which Unipol is the main shareholder.
THE OPERATION ANNOUNCED BY UNIPOL ON THE POPULAR OF SONDRIO
UnipolSai therefore aimed to purchase 30 million ordinary shares of Banca Popolare di Sondrio, or approximately 6.62% of the bank's share capital. The company led by Carlo Cimbri has given a mandate to Equita Sim, an authorized intermediary and bookrunner, to buy the stake through a reverse accelerated book-building procedure at a premium on yesterday's closing price of the bank's ordinary share between 2 % and about 4%. A transaction, reads a note issued by the insurance group, which “is part of UnipolSai's strategy aimed at contributing to the development plans of the bank, industrial partner of the Unipol group since 2010 in the Non-Life and Life bancassurance sector”.
HOW THE BLITZ WENT
As Il Sole 24 Ore tells us, Unipol's blitz did not go exactly as hoped. The company targeted 6.62% of the bank's capital so as to reach 9.5% total. What happened? “Investors, paradoxically, preferred not to sell at the 4.15 euros offered by the insurance group and then saw the stock traded massively during the day at 3.98 euros, down 0.5 percent. Perhaps this is a sign that someone in the capital is confident in further rises in the stock (which, however, has already risen by 230% in one year and 70% in six months) ".
The other hypothesis formulated by the Confindustria newspaper is that in the capital there are those who, with shares below the thresholds of relevance, prefer to wait for the next moves around Sondrio. However, it is "realistic" to expect a gradual round-up of the other shares so that Unipol will reach the target of 9.5%.
THE ROLE OF THE AMBER FUND
Speaking of shareholders, a separate transfer must be reserved for the Amber fund, shareholder of Sondrio since 2015 with over 5% and at this point former first shareholder. According to market sources relaunched by milanofinanza.it, the Amber fund may not have sold its shares as some institutional entities (banks, hedge funds) "who may have acquired the stock in recent months, just below the threshold of relevance of the 3% in order not to appear in the Consob reports on significant shareholdings ". They too at the window waiting for events.
THE SIGNS FOR THE FUTURE
But what is behind Cimbri's move? Yesterday Il Sole 24 Ore recalled that the sentence of the Council of State is expected shortly, following which – after years – the Popolare di Sondrio too would become a joint-stock company. This change should arrive by 2021 and which perhaps could have prompted Unipol to "take action with a view to protection in order to discourage any attacks" on the bank "by other parties".
But there is also another issue in the background, namely the hypothesis of a future merger between Bper – of which the insurance company is the largest shareholder with 19% – and Sondrio. In short, in view of the second phase of the banking risk, it would be a sign of coldness towards Banco Bpm. With all due respect to the CEO of Piazza Meda, Giuseppe Castagna, who hoped to join Bper so as not to end up in the "clutches" of Andrea Orcel and his new Unicredit.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/chi-snobba-lavanzata-di-unipol-nella-banca-popolare-di-sondrio/ on Thu, 27 May 2021 10:31:13 +0000.