It is true that there are still 10 months left before the deadline agreed with theECB and that the minister Giancarlo Giorgetti you continue to reiterate that you are not in a hurry, but the hypotheses for the banking risk surrounding the privatization of Monte dei Paschi di Siena they just follow one another.
“We will resolve it without being dictated to by anyone, let alone by haste,” he said Giorgetti in Cernobbio, slowing down the pressure of Antonio Tajani and Adolfo Urso who would instead like to "accelerate". An analysis of public companies has been being carried out for days on Via XX Settembre and MPS is at the top of the list despite having renegotiated with Europe a new deadline of June 2024 (from the end of 2022).
One of the hypotheses that is emerging is that of a disengagement in several stages, with a first transfer that could concern a share around 15%, (compared to its total share of 64,2%) a package which would still leave the Mef in a strong position in the capital which would possibly allow it to play the alliance card and aggregations that currently seem postponed.
Il title of the bank led by Luigi Lovaglio and chaired by Nicola Maione which today loses 0,30% has however seen strong purchases in recent days, bringing home a gain of 12% in just 5 days. Yesterday alone it closed with an increase of 6,4%, with 37 million MPS shares traded in one day compared to an average of 12 million shares.
The two possible paths to take
From a technical point of view, there could be two ways to start, according to various media reports. A model could come from some operations carried out in Europe through the method “dribble out”, i.e. the sale of a very small quantity of shares, in several stages, capable of not impacting the Siena stock, whose value recovery comes from the bank's intense relaunch plan which started with the increase from 2,5 billion a year ago. A method used for example by other European states to lighten their stake in nationalized banks such as Natwest or by Greek institutions.
Otherwise the road remains'accelerated booking, chosen by Axa to sell its stake in MPS. It will take some time and some steps for the ministry itself. Among these, the Prime Minister's decree appointing the new head of the Treasury's public subsidiaries. The choice fell on Marcello Sala, former vice president of Intesa Sanpaolo and now Director General Financial Institutions at the Mef.