Just over 15 days after the assembly of Unicredit who will crown Andrea Orcel new CEO of Italy's second largest bank, affects the move by Allianz, one of the leading European insurance groups, which in one fell swoop increased its shareholding in the bank in Piazza Gae Aulenti rising from 1,255% to 3,11% of the share capital and becoming one in all respects the third shareholder behind the American funds BlackRock (5,07%) and Capital Research (5%) and ahead of the leading Italian shareholder, which is Leonardo Del Vecchio with 1,9″%.
Allianz's move goes beyond the April shareholders' meeting and has the clear purpose of position yourself in sight of the sparks that Orcel prepares, not surprisingly defined as the Cristiano Ronaldo of M&A. Orcel has a challenging task ahead of him: he must redesign the bank's business model by expanding retail and shortening the distances from Intesa Sanpaolo, which have further lengthened after Carlo Messina's successful takeover bid on Ubi Banca, but he must also be able to grasp all the opportunities that could bring Unicredit back to the fore in Italian finance. This is why, also in the wake of the moves by Del Vecchio (his great supporter in Unicredit together with international funds) in Mediobanca and in Generali and by Francesco Gaetano Caltagirone in Mediobanca as well as in Generali, Orcel's radar has two targets, one more captivating than the other.
On the one hand there is the eye on Banca Bpm which, if it does not rush to marry Bper, could quickly end up in the crosshairs of Orcel which would thus considerably strengthen its presence in the area and in particular in the rich northern regions where the bank is led by Giuseppe Castagna. But on the other hand, the Orcel eye does not lose sight Mediobanca which he would bring with him not only Chebanca! for consumer credit and the consolidated presence in investment banking but above all the valuable shareholding (13%) of Generali, with the aim of creating a first-rate Italian financial center (Unicredit-Mediobanca-Generali) in which Del Vecchio and Caltagirone would be destined, by virtue of their multiple shareholdings, to take the lion's share. This is why Allianz, whose board also includes the former CEO of Generali, Sergio Balbinot, has raised its antennas and does not intend to give up on Generali's grand ball
