Soul Holding has decided: it will participate in the capital increase of Monte dei Paschi Bankbut for alone 25 million, drastically reducing the share compared to the first intentions.
This was approved by the board of directors on the basis of the MPS shareholders' meeting held on 15 September. Anima Holding will participate in the capital increase of Mps “through a financial investment for a maximum amount of 25 million in relation to which talks are underway with the joint global coordinators of the capital increase” says a note. "The decision falls within the scope of the long-term strategic partnership that has linked Anima and Monte dei Paschi di Siena since 2010 for the development of the bank's asset management business, which remains unchanged".
Mps capital increase: Anima is there but reduces the stake. The reasons
The fact is that Anima on the other hand, it aspired to revise the agreements on distribution, guarantees, extensions and commissions valid until 2030: and in the face of new rules that would give the asset management company greater importance, it was willing to pay 100-150 million up to even 200 million. But the CEO Louis Lovaglio has stopped negotiations in this direction and Anima Holding has decided to radically cut its stake.
Another project concerning you that has been put on the table in recent days may also have played in this decision: Poste Italiane (controlled by the state through CDP with 35% and Mef with 29,3%) could increase its current stake in Anima, which would increase its role in Italy.
Yesterday the Sienese bank's Board of Directors, under the chairmanship of Patrizia Grieco, set the definitive terms and conditions the capital increase operation for a total of 2,5 billion, an operation that will start next Monday.
Il Mps title on the Stock Exchange after weighing more than 30% yesterday, this morning it lost another 19% to 13,90 euros, bringing the losses in one month to 53% and in six months to 80%.
Who are the other subscribers to the MPS capital increase?
After the commitments disclosed on white by some key players (il Tesoro participates for 1,6 billion, the guarantee consortium for 807 million and the fund algebris for 50 million) the official declarations of other no less incisive players are awaited, even if for lower quotas.
Just Anima Holding was an expected participation. Yesterday Monte Paschi said in a statement that it had received subscription commitments from third party investors (without specifying the name) for another 37 million, while -the note continues- some investors have undertaken commitments to the guarantors for the subscription of new shares for an amount equal to more than 50% of the quota reserved for shareholders other than the Treasury.
Among the participants are expected three Tuscan foundations, Mps, Cr Firenze and Lucca with 30 million in all, to which are added the social security funds such as Enpam and Cassa Forense, and Inarcassa, with which the Mef had initiated some contacts for a similar amount.
In addition to the fund Algebris are also expected Hosking and Denis Dumont, supporters of Lovaglio when he led Creval, to which we should add Pimco and BlueBay Am, already investors in the MPS subordinated bonds, which would be canceled if the increase fails.
