Stock market crash for Montepaschi on the first day of the capital increase. Shortly before 10 am, the stock lost 4,93%, to 0,569 euros, after having touched the annual minimum of 0,565 euros in the morning. The recapitalization amounts to €2,15 billion, at a price of €0,44 per share. The operation will end on July 8, but the rights will be negotiable until July 4,8. Francesco Gaetano Caltagirone, vice president of MPS and shareholder with about XNUMX%, has made it known that he will not dilute his share.
From the prospectus of the bank's capital increase released on Friday evening, a risk of a tax dispute of over one billion with no provisions emerged. The Regional Revenue Directorate disputes operations carried out between 2002 and 2007 by Mps, by the other banks of the group which were later merged and by the old Antonveneta. The disputed taxes amount to 377 million, plus penalties for another 575 million and interest.
Meanwhile, Moody's warning on Italy's sovereign rating is making its effect felt on the entire banking sector. Heavy losses also for Intesa and UniCredit, which leave about 2,5% in the field, while the European banks limit the damage with the European banking index which drops 1,23%. UBS has today reduced the target price of the stock to 0,72 euro from 0,96, maintaining its 'neutral' rating.
