The Italian Government would not currently have the political margins to even limit Intesa Sanpaolo's offer on Monte dei Paschi di Siena using the Golden Power. According to what he writes Alliance News, it emerged from the latest exchanges between Palazzo Chigi, the Ministry of Economy and the two deputy prime ministers Antonio Tajani and Matteo Salvini, that even the possible "prescriptions" that Minister Giancarlo Giorgetti had spoken about two weeks ago would still have to be written.
The €30,6 billion bid for MPS, launched just under a month ago from Intesa together with Bper, It could only be stopped with a substantial relaunch on the marketMPS is therefore aiming to gain time, but in recent weeks no possible "white knight" has appeared and The European Central Bank is ready to give the green lightAbove all, the move by Carlo Messina and Carlo Cimbri secures Generali, whose stability is a value for the government and Italian institutions, given the large holdings of government bonds in its portfolio.
Deputy Minister Tajani is against the use of the Golden Power
Consob and Antitrust, both of which are barely present in such a delicate phase, they will have to analyze the operation. As the technicians at Palazzo Chigi are informally doing, in light of the Golden Power legislation protecting strategic interests. But politics at the moment is entirely focused on the electoral law and how to organize an election campaign that has effectively already begun. Antonio Tajani, who is also the secretary of Forza Italia, has already covered the ground: his party is against the use of Golden power against Intesa Sanpaolo, as was already the case with Unicredit, which the trio Meloni, Giorgetti, and Salvini prevented from conquering Banco Bpm.
The League is divided: Northern governors share Forza Italia's position.
The League is "distracted" by the ongoing war over the leadership of the Carroccio, where the Northern wing of governors (the likes of Attilio Fontana, Massimiliano Fedriga, and the former Luca Zaia) have the same positions on banks as Forza Italia and would never go against Intesa and Unipol Bper. Treasury Minister Giorgetti, also from the League, is in the middle and is managing the dossier with the utmost caution. "The political scheme on the MPS takeover bid within the center-right," he explains to Alliance News a councilor from Via XX Settembre – It exactly follows the one on the taxation of bank profits"And yesterday, on the subject, a blunt statement came from Davide Leone, whose London-based company owns approximately 5% of Banco BPM, in addition to 3% of TIM.
Davide Leone: "Banco BPM's current governance is unique in Europe."
Interviewed by Corriere della Sera, in addition to giving full approval to Intesa Sanpaolo's offer for Siena, the Milanese financier denounces the current structure of Piazza Meda: "The current governance of Banco Bpm is unique in the European and perhaps even global banking landscape." And he adds: "With a competing shareholder with 30% (Crédit Agricole, ed) it is not possible to have a stable balance in the long term, especially since it was decisive for the election of the top management”. Finally, the dig at the government: “The Golden Power favored a French player, who is a European player, against an Italian player.”, which was Unicredit. On Thursday, the three stocks involved in the risk game they closed the session on the rise at Piazza Affari: Banco Bpm +0,76%, Intesa Sanpaolo +2%, Mps +0,64%.
