Historic mid-August for Italian finance. Business Square, sold to the London Stock Exchange in 2007, is intended to return to European hands. In fact, an operation is looming that will involve Euronext, guaranteeing the CDP a minority stake, in the context of a continental system that could lead to a single platform for the actions of the old continent, close to the Wall Street model. This is the novelty that emerged from the controversial process of the August decree which has reserved quite a few twists. In fact, right up to the end, there was a lot of effort to include a golden rule in the measure capable of blocking Mediobanca and Generali. But in the end the text ended up in the drawer, thus avoiding a new rift with the big market protagonists: after the one with Atlantia, in fact, the big investors are suspicious of the interventionism of the Italian government. Also for this reason, surprises and ambushes were not lacking in the political confrontation.
First yes, then no. Now again yes. In the final text of the August decree stamped by the General Accounting Office, a provision appears, indeed, reappears which had been at the center of the debate and which seemed to have been removed. The provision introduces a veto power by Consob in the event of transfer of ownership of Borsa Italiana, the company that manages the Milan trading platform and controls Mts, the large government bond market, and the Elite platform, which boasts 1.500 SMEs.
With this decision the executive locks down the Italian Stock Exchange in view of the forthcoming change of ownership of the company controlled by the London Stock Exchange since 2007. The standard provides that Consob will be able to assess the financial soundness of the acquisition project. At this point, an acquisition involving Cdp in the context of a European project becomes more likely. It is likely that it will be presented a unique proposal led by CDP and Euronext at the London Stock Exchange to take over control of the asset, rated by Credit Suisse from 3,3 and 4 billion. The Mts platform, market leader for the sale and purchase of government bonds (not only Italian) on the secondary market, is valued at around half a billion euros. At a forthcoming meeting it will be decided whether to submit the offer to London, forced to sell and then proceed with the offer on Refinitiv (competitor of Mts), will be Euronext or Cdp. What matters is that at the end of the deal (a meeting set for the 21st will be decisive) Borsa Italiana and its subsidiaries will merge in the Euronext system which brings together six lists in Europe and which sees the French Cassa at 8% (Cdp should line up with a similar weight). In this way, a financial circuit of continental dimensions will come into being, a market that will coincide with the EU borders, as Tomaso Padoa Schioppa wanted. “He and Mario Draghi – said Gianluca Garbi, former CEO of Mts – understood the importance of the Capital Markets Union 15 years in advance. In 2007 Borsa Italiana was sold to the British and the project ran aground”.
There is no shortage of skeptics, because the balance, once the operation is completed, remains in favor of Paris and its allies.
The definitive text of the Agosto decree, on the other hand, confirms the removal of the provision on Mediobanca. The disposition, disputed, intended to provide a shield for a possible climb to Piazzetta Cuccia, currently the object of an interest by Leonardo del Vecchio's Delfin. The financial holding company of the Luxottica owner is awaiting the go-ahead from the ECB to raise the Italian merchant bank from 10% to 20% and, according to the most recent rumors, Frankfurt should issue a "conditional" go-ahead for the operation. And so, by 24 August, the final date for the ECB's decision, there will probably be a new series of purchases by Del Vecchio (seen by the League as a sort of Parisian fifth column) which will probably rise to 13/14% .
