The Dossier Mps seemed to be one step away from resolution, after the government's exit in mid-November in favor of friendly investors who would have helped build that "third pole” as long desired by the executive. The Treasury still needs to sell only a package of less than 12% to recover from that monster investment made exactly two years ago to save the oldest bank in the world from bankruptcy.
It seemed like a done deal. But the accounts were made without the host Orcel: Unicredit's CEO is not only not interested in the third pole of government and indeed sees it as a stumbling block to its dimensional growth in Italy, a market where it has 45% of its revenues, but prefers to think bigger so as to create a large European group. That's why yesterday he announced his intention to put hands on Banco Bpm.
The bank led by Giuseppe Castagna was convinced that it was the protagonist of the third pole in the role of pivot in the capital of Montepaschi. But now in Piazza Meda, where Castagna has urgently called a board of directors, but also in Via XX Settembre in Rome, where the Ministry of Economy and Finance could see its dirigiste project on Italian credit collapse, there is no shortage of sparks and bad feelings.
What to do about that remaining 11,7% of MPS
The government had just built (November 14) the sale of 15% of Montepaschi (against expectations of a limited sale of 6-7%) dropping in one fell swoop from 26,7 to 11,7%, collecting another 1,1 billion. The overall value collected by the Mef thanks to the three sale operations carried out starting from November 2023 amounts to approximately 2,7 billion euros, compared to an amount of the capital increase of the MPS bank subscribed in November 2022 of approximately 1,6 billion euros. It still has that much to sell11,7 % (or even less, if he decides to keep a share). In the corridors of finance, people are wondering who it will go to, but also who might now be interested.
today Mps title share price of 5,90 euros, while the last sale was made at a price of 5,792 euros per share, with a premium of 5% compared to the reference price. Under the guidance of CEO Luigi Lovaglio and the management team, Mps closed the nine months with a Useful of 1,57 billion, up 68,6% compared to the same period in 2023, to which the third quarter contributed 407 million.
Banco Bpm and Anima (which already has 1% of Monte) have made space for themselves in the Sienese institute and have brought their total to 9% (Castagna's 5% added to Anima's 3+1). Together with them, in the capital of the Tuscan bank, there is an all-Italian stronghold, a group of entrepreneurs in tune with the executive: among them the Delfin safe of the Del Vecchio family and the group Caltagirone, who each purchased 3,5% of Monte, investing a total of approximately 500 million.
Everything seemed perfect, also because in this way Siena was prevented from ending up in the hands of Unipol, controlled by the red cooperatives, on the other hand that the ambitions of the Crédit Agricole, which owns 9,2% of Banco Bpm. Republic he also writes that there is a package of Bpm shares secured by JP Morgan awaiting authorization to increase up to 20% for the French.
The third pole project falters
But the announcement of the operation of Unicredit su Bpm bank did the third pole project falters and already yesterday the government that yesterday came out with the first alarmed declarations: starting from those of the minister Giancarlo Giorgetti according to which the move was "communicated but not agreed with the government" also unsheathing the sword of golden power. The acid reactions of the leader of the Northern League are emblematic Matteo Salvini according to which "Unicredit now has little or nothing Italian about it: it is a foreign bank, I care that entities like Bpm and Mps that are collaborating, Italian entities that could create the third Italian hub, are not put in difficulty". The acquisition of Banco Bpm by Unicredit would create the second Italian credit group (after Intesa-Sanpaolo) and at a European champion from nearly 20 million customers.
today board of directors convened by Giuseppe Castagna firmly rejected the terms of the transaction, the "conditions are completely unusual for transactions of this type and, in the opinion of the board of directors, they don't reflect in no way the profitability and the further potential of value creation for Banco Bpm shareholders”. In other words, the board of directors considers the price too low, and as some representatives said, “almost offensive”. Unicredit’s public exchange offer (OPS), “paper on paper”, which only provides for the exchange of shares at an implicit price for the shares of the Milanese bank is 6,66 euros, with a premium of 0,5% compared to the official price of Banco BPM on 22 November, but with an “implicit discount of 7,6% compared to yesterday’s official price” says the board of directors’ statement.
