Mps did it. The capital increase was successful. The Sienese bank communicated the results of the maxi 2,5 billion euro operation launched on Monday 17 October.
Mps capital increase: 93% of the capital covered
At the end of the offer period, between subscriptions and commitments, it results covered 93% of the increase. In detail, 7.409.022 option rights were exercised for the subscription of 923.658.076 new shares, equal to the 74% of the total new shares offered. The total value amounts to approximately 1,85 billion euro, including the share of approximately 1,6 billion paid by the Treasury, which is the first shareholder with 64%.
The rights for a value of approximately 652 million have not been exercised but the figure, writes Banca Mps, does not take into account the sub-underwriting commitments by third party investors for a total amount equal to 475 million corresponding to 19% of the increase of capital. By making a simple sum, we therefore arrive at over 2,32 billion, with a unopted amount of approximately 175 million euros.
Mps: the next boulders, the unopted auction begins
This morning the auction of the unopted starts which will close tomorrow, Wednesday 2 November, unless closed early. The rights must be exercised by 3 November. Among the possible buyers there will be foundations of banking origin which last week gave their willingness to subscribe. At that point the guarantors will arrive: the sub-underwriters ( Axa, Algebris, Ion, Pimco, Bluebay to name the main ones) and the banking consortium headed by Mediobanca, Credit Suisse, Citi and BofA.
In this context, speaking on the sidelines of Savings Day, Francesco Profumo, president of Acri and the Compagnia di San Paolo, declared to Radiocor that "the Foundations have participated in a convinced way starting from a bank project" and "have shown that they are an actor with skills that can accompany the country" Profumo confirmed the willingness of the entities to be stable investors in MPS : "This is certain and it is also part of the strategy because having, alongside short-term investors, a part of stable shareholders is something that gives security to the bank and the market". Compagnia San Paolo has adhered to the capital increase of Mps with an investment of 10 million.
From the same stage, the Economy Minister Giancarlo Giorgetti he assured that: "The current Government will work to manage, in an orderly manner, the disposal of the shareholding held by the State in compliance with the commitments with the European Commission, leaving to the market a strong banking entity capable of operating in a diversified and also geographically articulated like the Italian one".
