FinecoBank the rush to Piazza Affari slows down after the denial of Zurich, which denied an interest in the Italian asset management group. The stock advances by 3,9%, to 16,36 euros, after having reached a high of 16,93 euros in the morning (+7,4%).
To reduce purchases of the stock Zurich's denial on a possible deal with the Italian company. In detail, according to what he learns Radiocor from a source, the dossier "was under study at the beginning of the year but is no longer currently". Therefore, a spokesperson then explains, the Swiss insurance company "categorically" denies any interest in Fineco.
In the morning, therefore, Fineco was back in the sights of suitors. This time there seemed to be a possible suitor Zurich Insurance who, according to press rumors, had begun to think about the necessary moves to get his hands on one of the jewels of Italian managed savings.
Based on what he had written The messenger, they would have been on the Fineco dossier many advisors and investment banks, from Morgan Stanley to Barclays, from Mediobanca to Deutsche bank up to Goldman Sachs who had glimpsed a space for fees and confirmed the interest of the Swiss company and other investors. Interest had already emerged in recent weeks three private equity funds Bain, CVC and Advent who has been investing in Italy since 1990 (has a share in Nexi), would be interested in the sector. According to the new hypothesis of Messenger, in the hypothetical consortium, in addition to the same Advent International too kkr, which recently became the reference shareholder of Fibercop, containing the Tim network.
A hub with 3.000 financial advisors would be created
Around 12 a.m Business Square the Fineco stock gained over 6% to 16,74 euros after a peak in the morning at 16,93 euros, compared to the 15,765 euros per share at Friday's closing, also dragging the other banks, in particular Bper Banca which earned over 2 % at the same time. The Ftse Mib gained 0,87%, in line with the increases in the rest of the European stock markets.
Zurich, driven in Italy by Bruno Scaroni, which acquired the dei network in August 2021 financial advisors ex Deutsche Bank, is currently expanding in Italy and the operation would have made it possible to acquire the over 1,5 million customers of the multi-channel bank and bring the total number of financial advisors to around 3.000. But, as has been said, within a few hours there was a clear denial of any interest.
Fineco, valued at 9,6 billion: "It's not like buying a pizzeria"
Fineco it is valued on the stock exchange 9,6 billion euros and is considered one of the leading European Fintechs, with a model that combines advanced technology and a vast network of consultants. However, as the CEO of Fineco highlighted in a recent interview Alexander Foti, “buy a bank like ours It's not like buying a pizzeria”, for many obvious reasons, starting from the question of the banking license and size and, last but not least, the shareholding structure. Among Fineco's main shareholders are BlackRock, Capital Research and Fmr, with the majority of shares distributed on the market.
