MERKEL, SPONSOR OF ALLIANZ FOR FONSAI
DEAR MONTI, LET'S BE A PANZER COMPANY
Among the dossiers that will accompany Chancellor Angela Merkel on her trip to Rome is a document that has nothing to do with the thorny Greek issue or relations with the Monetary Fund. But, according to leading observers, Frau Merkel and Prime Minister Mario Monti will find a way, in their face-to-face meeting, to address the Fondiaria-Sai issue as well. In particular, the Berlin chancellor will ask SuperMario not to put obstacles in the way of Allianz entering the match and alongside the consortium that challenged Mediobanca-Unipol. Honey for Monti's ears, who, in the midst of the pressure on Germany to bring down national barriers in the services market, will find nothing to complain about. If he opposes it, it would be economic dirigisme that Monti rightly sees as the smoke and mirrors in his eyes. Also because everything can be said but to argue that Ligresti's company is strategic for the country would raise a lot of hilarity. Green light therefore to the Germans, provided that, in terms of the falling of snares and snares, even Frau Merkel finally passes from words to deeds.
In short, beyond appearances, there is a common thread that links the problems of the company, which has fallen well below the solvency levels required by Isvap and the international authorities under Ligresti's management, and the Federal Republic. The secret asset of the team that dared to challenge the Mediobanca-Unicredit army, the "godmother" of the Unipol offer, could be a large international partnership. But with the Germans of Allianz, objectively strengthened by the appointment to the top management of Entente of Enrico Cucchiani, for many years the German plenipotentiary in Milan. Rather than with the French of Axa who also made more than one advance towards Fonsai. More to offer to take over parts of the empire, in the event of a Unipol-Fonsai agreement, rather than to acquire a direct role.
The match for control of the second largest insurance company in the Bel Paese, therefore, is increasingly taking on a political flavour. Mediobanca CEO Alberto Nagel is aware of this, when he went to Rome together with Renato Pagliaro to illustrate the positive sides of the three-way Premafin-Fonsai-Unipol mega-merger. Without arousing the enthusiasm of Corrado Passera or, even less, of Prime Minister Monti, careful to avoid accusations of interventionism in such a delicate and sensitive matter. But, after the many displays of interventionism (unsuccessful) of the Tremonti era, the ethics of "laissez faire" certainly has great value. Above all, while the outstretched interventions of the journalists closest to Piazzetta Cuccia are multiplying, who suddenly discover the need to shed light on Palladio's shareholding. And the attention to the Generali board of directors multiplies, which witnesses a clash involving several illustrious members of the Trieste salon
Meanwhile Fondiaria-Sai continues to light up the stage in Piazza Affari with its fireworks. The share rises by 5,29%%, on the wave of market excitement after yesterday evening Palladio Finanziaria and Sator (Matteo Arpe's company) announced control of 8% and the existence of a consultation agreement around the choices for the company. Unipol also rose +1,2%, grappling with unforeseen obstacles in its expansion plan. But the new note concerns the rise of Milano Assicurazioni: the subsidiary of Fondiaria rises by 6%. An indication that investors now consider it unlikely that Consob, in the midst of so many disputes, will grant Unipol the exemption from the obligation to make a cascade takeover bid. In this case, a transfer of the company is not unlikely, perhaps to one of the group's international suitors.
