Carige stock opens sharply on Piazza Affari, immediately gaining 10% at the start of the session, after the thud on Thursday, and then reaching around 0,005 euro per share by mid-morning. The reaction of the markets comes after the news that on Thursday evening the board of directors pushed for possible combinations (on which untilSeptember meeting the Malacalza family said it was prudent) and for the strengthening of assets through the issue of a subordinated loan of 200 million euro. The move became necessary after the meeting held in recent days between the CEO Fabio Innocenzi and the officials of the ECB, while on Thursday the situation was made even more delicate by the the rejection by the rating agency Fitch, which cut the rating from B- to CCC+ with a negative outlook.
As for the bond, the Ligurian bank, assisted by UBS, could benefit from a sort of guarantee from the first shareholder - therefore the Malacalza family - on the issue, which thus would pay a lower yield than what the market requires today. On the other hand, the hypothesis of a capital increase, which would be necessary and which, on paper, cannot be excluded a priori is more remote. Also in this case the Malacalza holding company could further round off its stake, after the 400 million euros already invested in the Genoese bank.
On the possibility of an M&A operation, rumors of possible buyers are already circulating: from Ubi Banca to Banca IFIS, although both deny the rumors. Meanwhile, as mentioned, the Carige share on the Stock Exchange is rising, reaching historic lows in recent months. In the last year it has lost more than 76%, or more than three quarters of its value.
