The CEO of Intesa Sanpaolo, Carlo Messina dots the I's, announcing what will happen in the event of an unopted option.
"We will not have Veneto Banca shares," Messina underlined during the conference call with analysts. “If the capital increase is successful, fine – she added – otherwise the Atlante fund will also enter Veneto Banca”.
In other words, the leading Italian bank has no intention of subscribing shares of the Veneto institute. In the event that the market does not absorb the one billion Veneto capital increase, the Atlante Fund will intervene.
“Today Intesa Sanpaolo has the position of being close to the bank during the transaction. At the end of next week we will start the pre-marketing for the capital increase: it is clear that, if the transaction is successful on the market, Atlante will not have to intervene in this capital increase”, explained the CEO of Intesa.
Messina did not mince words, openly stating that his bank "is not available to keep any Veneto Banca shares in its portfolio. This”, he continued, “means that, at the end of this process, our stake in Veneto Banca will be zero. If the operation is successful on the market, we will be happy about it; otherwise Atlante will also be able to enter Veneto Banca”.
The CEO's statements boosted Intesa stock, which closed the session in positive territory (+0,8%).
At this juncture it is necessary to recall the next important appointments awaiting Veneto Banca. The new president of Veneto Banca, Stefano Ambrosini will now have to contend with Bankitalia and the ECB. The price range will be published on May 18th, while the authorization should arrive a week later. The offer on Piazza Affari of the shares will take place between 26 May and 13 June, while the official debut is scheduled for 22 June.
The new president spoke today about the important role of Atlante, stating that if the market covers the entire offer, "Atlante will be superfluous, but I wouldn't rule it out a priori", he underlined, specifying that "many shareholders, in expressing their support for our project, they favorably evaluated the possibility of participating in the increase if we won”.
The appointment of the vice president and the presidents of the internal committees by the new board is scheduled for tomorrow.
