The Board of Directors of Monte dei Paschi di Siena met again on Thursday 24 September at Rocca Salimbeni, with the return of directors Gianluca Brancadoro and Alessandro Caltagirone to the boardThe focus of the meeting will be on preparing for the shareholders' meeting scheduled for October 29th, a crucial event for the strategy of the group led by Luigi Lovaglio.
There are always two on the table MPS launches public exchange offers for Banco BPM and Banca Generali., within the broader discussion regarding Intesa Sanpaolo's takeover bid for Monte dei Paschi. According to available information, today's board meeting did not result in any substantial changes to the structure of the two transactions. However, CEO Luigi Lovaglio had made important statements on the matter the day before.
Lovaglio: "It won't be a referendum."
At the BofA Financials CEO Conference, Lovaglio explained that the assembly of October 29th should not be considered "a referendum" Between the MPS and Intesa Sanpaolo projects, however, it's a transition in which shareholders will have to decide "whether to preserve the option of having at least two alternatives before them." The manager reiterated that the two transactions "can work individually." Banco BPM, he explained, would bring "most of the synergies" and allow the group to grow; Banca Generali, on the other hand, would have a more important role in developing wealth management.
Lovaglio also emphasizes the potential for shareholders: MPS aims to distribute a total of 4 billion euros And, in the long term, the manager believes it's possible to increase the group's capitalization to around €100 billion. "I firmly believe that by offering our shareholders all these elements, they will make the right choice," he said, adding that from meetings with investors, the feeling emerged that the rationale for the project was shared.
The Crédit Agricole knot
One of the most delicate passages remains the relationship with Crédit Agricole, shareholder of Banco Bpm with approximately 29,3%Lovaglio said he was "confident" that the French group would recognize the value of MPS's proposal: "They will make their own assessments, but I'm confident that for a group like Credit Agricole, with its history, the quality of our proposal is valuable."
Crédit Agricole, however, has released words that indicate another possible path. Deputy General Manager Clotilde L'Angevin defined A “very interesting” scenario for a combination between Banco Bpm and Crédit Agricole Italy, stressing that “nothing can be done without or against us.”
The Treasury remains outside the vote
On the shareholders' front, the Minister of Economy Giancarlo Giorgetti confirmed that the Ministry of Economy and Finance, which owns 4,86% of MPS, will not participate in the meeting. of October 29. “We are not participating and will follow the market’s decision,” he declared, explaining that the market will evaluate the offers.
The game therefore remains open. From now until October 29th, MPS will have to try to maintain the support of its shareholders while Consob will have to examine the offer prospectusAmong the shareholders under special observation is Delfin, which, according to available information, will await clarification from the authorities before defining its position.
