Surprise in Siena. Axa sold 8% of Mps through accelerated bookbuilding, i.e. sale on the Stock Exchange, reserved for institutional investors. The French insurance giant has not revealed the reasons behind the decision to sell, but according to what was revealed by Republic the choice would be linked to the dissatisfaction that emerged from recent discussions on the historic partnership through which the company sells policies on the Sienese bank's branch network. Accomplices the rises in the stock market in recent weeks, therefore, Axa has decided to raise cash.
Mps: the details of the sale of Axa
The insurance group held a stake in Mps equal to 100.008.907 shares (held directly or indirectly), which correspond to a share equal to 7,94% of the capital social. Through a note, Axa announced yesterday the sale of 100.000.000 shares of the bank, in private placement through accelerated bookbuilding reserved for institutional investors which concluded in the morning. The amount of the sale, as communicated by Axa itself, was 233 million euro and now the French group owns only 0,0007% of the bank.
As a long-term joint venture partner, the company said in a note released on the evening of February 27, “Axa supported the bank by participating in its most recent capital increase as a financial investment (last November, the French company had invested 200 million euros in the maxi capital increase carried out by Mps ed.). Since Axa does not wish to be represented in cboard of directors of the bank at the next annual general meeting of shareholders or influence the broader long-term strategy of the bank, it deems appropriate sell the stake purchased in the capital increase. The offer in no way affects the Axa partnership with the bank or the commitment towards Italy”.
The delivery of the shares should take place around March 2nd.
For Axa a capital gain of 39 million
To this day Axa has been second shareholder of MPS, behind the Treasury which holds 64% of the Sienese bank's capital and ahead of Pimco (3%), Ion (2,5%) and Melqart (1,5%). At the time of its entry, the French bought their stake at 2 euros per share.
The placement, entrusted to Exane Bnp Paribas, took place at a price of 2,33 euros per share. Considering that the shares of the Sienese bank closed yesterday at 2,7445 euros per share, the sale took place with one 15% Off. Axa therefore collected 233 million euros, gaining around 34% since the beginning of the year. The French insurance company has therefore created a capital gain of 16,5%, equal to almost 39 million euros.
