It will be a board of fire that will be held today in Piazza Meda. The top management of Bpm, led by the general manager Enzo Chiesa, want to start the much-discussed recapitalization of 1,2 billion euros. But to do so they will have to clash with the guarantee consortium led by Mediobanca, which in recent weeks has put pressure on the Bancha to postpone the decision until better times. That is to say when the speculative attack on Italian bank stocks has subsided. A diktat that made itself felt in Piazza Affari, dragging the Bpm title further and further down.
The Institute's shares have lost more than 45% in the semester, 5,5% in the last month. To find a meeting point between the parties, it seems that in the last few hours the technicians have been thinking about the possibility of breaking the recapitalization into two tranches. The first, in any case, would be by far the largest, amounting to between 900 million and one billion euros. The aim would be to probe the mood of Bank of Italy, in the hope that the Central Bank will ease its requests. Meanwhile, Jp Morgan has cut the target price from 1,4 to 1,25 euros.
