After months of waiting and speculation, the Tesoro kicked off the long-awaited third tranche of privatization of Monte dei Paschi, putting on the market 15% of the capital e grossing 1,1 billion euros. And, among the many interested buyers, an unexpected presence emerges: BancoBpm, which has acquired a 5% package of shares for approximately 370 million euros. A move that not only strengthens its position on Mps, but also opens up new and interesting synergies, in particular thanks to the takeover bid launched by BancoBpm on Anima Sgr, with which the Sienese bank has an important distribution agreement. In this context, Anima has acquired a further 3% of the MPS capital, further linking the destinies of the two institutions. The remaining 7% of the share package was divided between two giants of Italian finance: the group Caltagirone, which took 3,5%, and Dolphin, the holding company of the Del Vecchio family, which acquired the same share.
The operation represents not only a step towards privatization, but also a defensive move to consolidate a national axis and prevent foreign acquisitions, such as that of Banco Bpm's main shareholder, Crédit Agricole (9%). With this setup, the Treasury strengthens the Italianness of Mps, creating a national banking hub alongside major players such as Intesa Sanpaolo and Unicredit.
A success for the state coffers: total proceeds of 2,6 billion
The operation was carried out through a procedure of Accelerated Bookbuilding, and saw the Treasury quickly sell its shares, in response to much higher-than-expected demand. Initially expected to place 7%, the high demand pushed the Tesoro a double the offer, selling 15% to a price of 5,792 euros per sharea 5% bonus compared to the previous closing price.
With this transfer, the government Italian decreases his stake in MPS 26,9% to 11,7%, finally managing to get below the 20% threshold by the end of the year, as requested by Brussels. An operation that brought in 1,1 billion euros, to which are added the 920 million obtained in November 2023 and the 650 million in March 2024. Overall, the privatization of Mps ha generated approximately 2,6 billion euros, a result that benefits from the surge in the stock, which has grown by 71% since the beginning of the year, and which represents a significant economic return for the state coffers.
BancoBpm buys 5% of Mps: strategic move and synergies with Anima
But let's go back to Banco Bpm: the Milanese bank purchased the share after having called an extraordinary board of directors in the afternoon. This acquisition is part of the broader context of theBanco Bpm launches 1,6 billion takeover bid on the savings management company Anima Sgr, with which MPS has an important agreement for the distribution of financial products.
Regarding this move, the bank in Piazza Meda has clarified that it does not intend to exceed the 10% threshold in MPS, limiting itself to an initial purchase of 5%, with the intention of go up to 9% once the takeover bid for Anima was concluded, which acquired a further 3% of MPS's capital, bringing its overall stake to 4%.
BancoBpm confirmed that the acquisition will not have a significant impact on its CET1 ratio and will not affect the distribution of dividends, estimating an annual yield of 14% thanks to the dividends of Mps. A further element linked to the operation is the role of Banca Akros, the merchant bank of BancoBpm, which acted as Global Coordinator and Bookrunner.
Mps: Profits in strong growth and return to private control
Things are not going badly for MPS itself either: the bank recorded a pre-tax profit of 1,6 billion in the first nine months of 2024, with a growth of 69% compared to the previous year. And the forecasts for the fourth quarter are equally rosy, with the profit that could exceed 1,3-1,4 billion, bringing the dividend to over one billion euros. An all-round success, which makes not only the Treasury smile, but also all the investors who have bet on MPS. Thanks to the sale, MPS is once again under private control and free from the constraints imposed by State Aid. This now allows the Sienese bank to distribute dividends, raise the salary ceiling and participate in M&A operations.
Giorgetti's comment
The Minister of Economy Giancarlo Giorgetti he commented on the operation as a choice of "Italian banking and financial policy aimed at strengthening the shareholding of an important player in the credit market". The presence of Italian buyers, together with the rebirth of Mps as a private bank, offers stability to the Sienese institution and allows to explore future scenarios of aggregation with BancoBpm, now a strategic partner.
