The banking revolution has begun. Intesa San Paolo has announced plans to launch an exchange offer for control of Ubi. The blitz also involves Bper and Unipol Sai, interested in taking over parts of the group that just yesterday presented the industrial plan to 2022. The leaders of the "prey" were taken by surprise: the CEO of Ubi, Victor Massiah, was reached from the news of the blitz in London, where he was to present the plan welcomed yesterday by the consensus of Piazza Affari, where the share had risen by 4,6%.
THE EXCHANGE: 10 UBI FOR 17 NEW INTESA
In summary, the transaction envisages that 10 newly issued Intesa ordinary shares will be paid for 17 UBI shares.
Each Ubi share is valued at 4,254 euros, based on Intesa's price of 2,502 euros at the close of 14 February. The premium compared to the stock market price (3,333 euro) is 27,6%, for a valuation of the bank of 4,86 billion.
The offer involves other subjects: it is envisaged that Bper will purchase a company branch consisting of 1,2 million customers, distributed among 400/500 branches in Northern Italy. Unipol Sai, on the other hand, will take over the business units of the Bancassurance companies Popolari, Lombarda Vita and Aviva Vita, in which Ubi holds a stake.
After having recorded a 50% rise in pre-opening, once trading entered the Ubi Banca share rose by 25,25%. Banco Bpm also rallied (+8,13%), while Intesa Sanpaolo shares gained 1,63%. In deep red Bper: -5,15%.
THE DIRECTION OF MEDIOBANCA, THE OK OF FRANKFURT
The blitz was orchestrated by Mediobanca, which will also be the global coordinator of the capital increase for one billion Bper functional to the purchase of the UBI branches.
The EU Supervisory Authority, led by Andrea Enria, has already guaranteed the assent of the EU banking authority to the offer, which will now have to face the examination of the shareholders, starting with the shareholders gathered in the consultation pact, the CAR, which represents the 19% of the capital.
According to initial indications, however, the offer started after obtaining the adhesion of foreign funds to an offer that envisaged a 25% premium on the prices already on the rise.
Intesa has decided to move towards the institution chaired by Letizia Moratti after noting that, for now, it was not possible to proceed with an agreement with Banco Bpm, +5,4% yesterday, or with MPS, which is undergoing full restructuring.
“THE MOVE IS NOT HOSPITAL”. THE AUTHORITY OF BAZOLI
Intesa's move overturns the scenario illustrated a few hours earlier by Victor Massiah to analysts, based on a "stand alone" strategy which envisaged a lighter bank (2.300 employees and 175 fewer branches) but with greater profitability (in perspective 8,3% against the current 4,7%). It is a non-agreed operation but which, given the historical relations between the institutes (characterized by the strong influence of Giovanni Bazoli), cannot be considered hostile. Moreover, the Intesa press release refers to the need to "strengthen the stakeholders of the two groups, starting with the Italian component" and "create value for shareholders through the distribution of sustainable dividends over time".
The "banking revolution" was preceded by a lively session in Piazza Affari (+1,02%), under the banner of an increase in the banking sector (+1,8% ), which allowed the index to rise above 25 thousand points breaking, at 25.120, the barrier that had stood since October 2008.
It is not difficult to predict that today Italian banks will still be at the center of the international scene, yesterday orphaned by Wall Street, closed for the President's Day holiday.
THE APPLE SUFFERS FOR CHINESE SUPPLIES
Meanwhile, the effect of the coronavirus continues to be felt, especially on the Asian markets, this morning in red after the indications coming from Apple. The Apple company announced yesterday evening that the iPhone production chain was partially blocked by the lack of supplies from some Chinese partners: moreover, in recent weeks, there has been a drop in demand for its smartphones. For this reason, the revenue indications released in January will not be respected.
Also yesterday, in the evening, the organizers of the Auto China 2020 fair, an event of global importance for companies in the sector, warned that the opening of the event, scheduled for April 21, will be postponed to a date to be defined.
ALL DOWN THE EAST SQUARE. SUFFERS HSBC
In the wake of these negative data, Asian stock exchanges are all down this morning.
Tokyo's Nikkei loses 1,4%, while the first cases of contagion occur among patients who have not had contact with China.
Hong Kong's Hang Seng loses 1,3%. The Anglo-Chinese bank HSBC loses more than 3%, one of the largest daily declines in its history: the company has announced that it will not pay the dividend and that the cost cut, during the year, will be much larger than it had said previously.
BUT MACAU CASINOS REOPEN
The Shanghai Stock Exchange loses less: the Composite index marks a drop of 0,3%, also because the latest health bulletin on Covid 19 leaves room for optimism: in the province of Hubei, the growth of new cases is stabilising. Noting the progress of the epidemic, the health authorities of Macao have allowed the partial reopening of the large casinos starting from Thursday.
The US bond market, which closed yesterday for holidays, reopened higher: the yield on the 1,54-year Treasury Note fell by three basis points to XNUMX%.
Brent-type oil down 1% to $57 after five consecutive days of gains.
Gold up 0,3% to $1.585 an ounce.
THE MARCH OF THE DOLLAR CONTINUES. TODAY THE ZEW
The Wall Street holiday hasn't slowed down the run of European stock exchanges. On the contrary, the rise of the dollar to its three-year high against the euro contributed to boosting the stock markets: in February the common currency depreciated by 2,3%. The German Zew index will be released today. On Friday it will be the turn of the SMEs of the euro area.
The German Stock Exchange (+0,29%) also hit a new record. Volkswagen did well (+2,06%) on the wave of Chinese car stimulus. Bayer and BASF are dropping 2,5% and 1,6% after a Missouri court awarded a US peach grower $265 million in damages.
Positive Paris (+0,27%). Airbus fell 1,0% after the US announced on Friday it would increase tariffs on aircraft imported from the EU, the latest development in a dispute over subsidies for the aviation sector.
Madrid +0,66%. London closes at +0,33%.
The bond lists moved little. The yield of the BTP drops to 0,899% (-1 basis point). The spread closes at 134 points (against 136). The ten-year benchmark rate is 0,90% from 0,93%.
NEXI SHINES, LAZIO'S EAGLE FLYS
The new leap forward for Nexi (+4,3%) on the Italian market should be noted.
The automotive segment was positive: Pirelli +3,8%, Ferrari +1,8%, Fiat Chrysler +1,2%.
Stm (-2,7%) corrects the recent increases, with investors however remaining positive on the stock.
Mediaset (+0,1%) did not react to the new passage of the Dutch holding company, with the Spanish court rejecting the appeal to suspend the resolution for the creation of MediaforEurope.
The Lazio eagle also flies on the Stock Exchange: +11,5% after the victory over Inter which took the club to second place in the standings, one point behind Juventus (-0,3%).
Flywheel Interpump (+6,5%) and Masi Agricola (+6%). Illimity made strong progress (+5,77%).
Cerved (+3%) announced on Sunday that it had granted an exclusivity period to Intrum Italy to negotiate the sale of the Credit Management division. Tinexta +2,4%.
(Last update: 09.53 pm on 18 February).
