They are crucial days for Monte dei Paschi di Siena. To the uncertainty linked to the success of the maxi capital increase from 2,5 billion euros are added the strong tensions on the markets due to the war, inflation and the energy crisis. The result is an endless descent into Bag and a possible one-week postponement of the recapitalization operation on which the very survival of the bank depends.
Monte dei Paschi on the Stock Exchange
It is a week of fire that Mps is experiencing in Piazza Affari. The stock, quoted on the Mid Cap, struggled on Monday and Tuesday to make price due to the reverse stock split (at a ratio of one new stock every 100) started on 26 September precisely to facilitate the capital increase. Yesterday, Thursday 29 September, the shares closed the session with a discount of 13,5% at 26,85 euros per share, while today drop by 7,2% to 23,96 euros. There capitalization of Mps it is now less than a tenth of the capital increase of 2,5 billion, the start of which has been set for 10 October.
“Certainly with this volatility not the best time to look for money, we are also seeing it with the Porsche IPO, these operations are not appreciated by the market. In addition, the share split facilitates the declines”, says Vincenzo Longo of Ig Markets.
Capital increase Mps: possible slippage
Mps is preparing to live a thrilling weekend. If the bank manages to close negotiations with investors on their possible participation in the capital increase within the next 48 hours, the operation will start, as scheduled, on October 10th. If, on the other hand, the negotiations take longer, that's all could slip by a week, to 17 October.
What is certain is that, in any case, the increase will have to close by 12 November, the last useful date to allow for the voluntary exit plan for employees, which is fundamental for the future of Mps.
Lovaglio seems optimistic about the success of the negotiations and in the next two days he expects to close one agreement with Anima and Axa. The two companies could put 300-400 million euros on the table, which would be added to the 1,6 billion euros that will guarantee the Tesoro as the first shareholder of Monte dei Paschi with a share of 64.%.
To arrive at the figure of 2,5 billion foreseen for the capital increase, 500-600 million remain to be found, money that MPS will have to ask the market. According to rumors, a share could come from the French entrepreneur Denis Dumont, a former shareholder of Creval, whose participation in the operation is almost certain. Another possible option is then the involvement of Bank foundations, above all Tuscan, and of pension funds such as Enpam and Cassa Forense, and Inarcassa, with which the Mef would have established some contacts.
