The title of Ps, which at the beginning of the afternoon gained 7%, to 0,3103 euro, achieving one of the best increases in the Ftse Mib. This evening the results of the stress tests will be communicated and the rejection of the Sienese institute is practically taken for granted, but what encouraged the purchases by the operators was the entry onto the scene of Corrado Passera and Ubs, who, with the support of some large American funds, have proposed an alternative plan for the restructuring of Mt.
In this context, the Consob started monitoring the "correctness of information to the public and on the price trend" of the MPS share.
The main difference of the project by Passera and Ubs compared to the proposal made by JP Morgan, Mediobanca and Lazard, it would be in the method of recovering the 4-5 billion which would be used to cover the losses deriving from the sale of NPLs at a price lower than the book price and the increase in coverage on unlikely to pay loans . The basic objective would above all be to reduce the possible dilution of the current shareholders with a more contained collection of fresh capital.
According to rumors, the plan would envisage a capital increase of 2,5-3 billion (against the five that has been discussed so far), to which would be added a partial conversion of subordinated bond instruments (Additional tier 1) into shares and a liability management review action. In the design of the Swiss investment bank and the former number one of Intesa Sanpaolo, the disposal through securitization of 27 billion gross non-performing loans (equal to 10 billion net) would be safe. The intervention of Atlante is also foreseen.
