Sales day in Piazza Affari on the Bpm stock, which in the middle of the morning dropped more than three percentage points, the worst drop of the Ftse Mib. There are some that penalize the actions of the institute rumors about the possible postponement of the business plan. Tomorrow the Supervisory Board could also discuss the replacement of managing director Piero Montani, who moved to Banca Carige last week and was replaced ad interim by Davide Croff.
For analysts of Intermonte, who confirmed the outperform rating on the stock and the target price of 0,65 euro (stock trades at 0,4662), the search for the new managing director could lead to a postponement of the presentation of the new business plan. The update of the plan to 2015 is scheduled for the next management board 12th November, along with the third quarter accounts and proposed governance changes.
La Uilca, one of the most representative trade unions of the Bpm, said yesterday that it is ready to adopt solutions that allow "greater governance spaces for those who own the largest shares of the company", but through "an open and constructive discussion". The secretary of Uilca, Massimo Masi, underlined that the "wavering choices" of the chairman of the management board, Andrea Bonomi, on governance "did not help identify coherent and shared paths".
