President Profumo, reports Il Sole 24 Ore, reported to the top management of the Mps Foundation, in a confidential meeting, that no takeover of the bank is underway - The stock continues to run against the market trend - Mps has recovered in a month 44% with sustained volumes. The share returned above 0,29 euro. And once again trading started rising against the tide of a weak Ftse Mib (-0,07%): +0,47% to 1,2979. A rally that displaces analysts and investors. Of course, there is the postponement of Basel 3 and the drop in the spread and Siena is among the banks most sensitive to the cost of debt.
There are the words of CEO Fabrizio Viola who indicated the threshold of 200 points (now we've dropped to 260) the turning point for transforming the bank that has 25 billion BTPs on hand into "one of the most capitalized ones". And there is an industrial plan which after the agreement with the unions has become more concrete, even though it certainly has challenging objectives that are not easy to implement (75% must come from cost cutting). Is this the beginning of the bank's payback? Too early to tell. For now, looking at the analysts' indications, which, however, we know sometimes move behind the market, the title would be more to sell than to buy.
Many foreign funds are buying which, just as they are returning to Italian Strato securities, are again betting on peripheral securities in search of earnings and are closing short positions. And the leap would arise from more technical than strategic issues, linked to a strongly depressed market value.
But the Foundation itself is probably wondering if there are strong hands raking in the stock, now that the road towards important changes in the shareholding structure and a loosening of the grip on Rocca Salimbeni is going downhill as never before. President Profumo has already collected a proxy for a capital increase intended for new shareholders expected in 2014 which will further dilute the Foundation, today at 34,9% (plus a 15-16% gravitating close to Palazzo Sansedoni) with the probability that the 4% ceiling on voting rights is called into question. "No climb in progress" is the message that President Profumo and CEO Viola have brought to the Foundation, according to reports from Il Sole 24 Ore.
In fact, yesterday a confidential meeting was held between the Bank and the Foundation in view of the 3,9 billion Monti bond issue and in light of the share's leap on the Stock Exchange. Consob itself, as if from close proximity in the light of such anomalous rallies, has been monitoring the stock for days in the hunt for a common direction for purchases. On the other hand, it should be remembered that the State with the Monti Bonds potentially holds 54% of the capital if it were to convert the bank's bonds into shares.
The next 25-26 January the extraordinary shareholders' meeting is scheduled for first and second call to guarantee the State with the attribution of five-year powers to the Board of Directors for the increase in capital through the issue of ordinary shares and with the exclusion of the option right . An increase exclusively for the Bank's exercise of its right to convert the new government financial instruments and the payment of interest in shares.
