Unicredit has hit the spot sold out of the capital increase of 7,5 billion which finished today. A result that is anything but declining in a moment of great uncertainty for the banks. On the Stock Exchange, the stock lost ground and dropped around 3,30% to 3,696 euros (-0,83% the Ftse Mib) on the last day in which it is possible to exercise the rights. The interest of operators, and above all of retail, was high participation was 99,8%.
But the movements also concern the upper floors of Piazza Cordusio: on the occasion of the increase, several large private investors from the business world have decided to put a chip on the Italian bank with the greatest European vocation. Francesco Gaetano Caltagirone is entering the capital which reduced part of its stake in Mps to below 2% from over 4% and which, according to the first rumors, would have shifted the investment to 0,5-1% of Unicredit. Among other things, the partnership between the Roman builder and the Sienese bank was also interrupted in terms of offices: Caltagirone yesterday announced the exit from the Mps board and the resignation from the position of vice president in favor of the commitment as vice president of Generali. There is then Diego della Valle, owner of Tod's, which according to some sources bought almost 2%, e the DeAgostinis who subscribed the options linked to the "cashes" bonds purchased in 2009 for 0,11% post-increase. It could then increase attendance from the 0,5% already subscribed Leonard of the Elder (Luxottica) while there would have been contacts with several other large families.
A strengthening of the Italian entrepreneurial base which in fact comes to support the forced dilution of some Foundations, which no longer have the resources to invest massively. For example, it drops to 3,1% from 4,2% in Cariverona, Manodori is diluted to 0,5% and Bds to 0,3%. Overall the front of foundations, which have always been the strong shareholders of Unicredit, see the hold on the bank drop to 11-12% while the Arab presence in the bank is strengthened. Abu Dhabi fund (Aabar) announced plans to rise from 4,99% to 6,5% after the capital increase (even if instead the Libyan Central Bank reduced its stake to 2,8% from 4,5%). As well as the front of foreign institutional investors. Capital Reaserch has doubled its stake to 5,4% while the giant Blackrock maintains its pawns at 3,1% without diluting. On the other hand, the call to arms on the bank came from Fabrizio Palenzona, according to what La Repubblica writes. It is he who asked Caltagirone to enter the capital. Just as the network of Mediobanca's parlor has been activated, jointly with BofA-Merrill Lynch and UniCredit Corporate and Investment Banking to head the placement consortium.
The success of the recapitalization makes the whole sector take a breather. “Today the Unicredit capital increase closes. I'm glad it closed well despite a worrying start – he said Giuseppe Guzzetti president of Acri and of the Cariplo Foundation, one of the main shareholders of the competitor Intesa Sanpaolo, the only bank not having to strengthen its capital because it is already in line with the requirements of the EBA - Ours are healthy banks, they do not have massive investments in Greece or toxic products but they have continued to work in tradition". And on the new entry in Piazza Cordusio in Caltagirone Guzzetti commented: “Why should we worry? Competition is the soul of commerce”. In the meantime the president of Unicredit Dieter Rampl he is already working to study the future structures of the top management in view of the expiry of the board of directors in March and will have to find a synthesis between the new balances that will emerge from the increase.
