Unicredit's 13 billion euro capital increase, the largest in the history of Italian finance, closed successfully last Monday, the day in which the unopted option (equal to 1.469.645 option rights not exercised during the offer period) was also placed on the market, literally going like hot cakes.
Furthermore, 2 March closed the deadline within which the exercise of the aforementioned rights and the subscription of new shares had to be carried out. At this point, based on what was communicated by the bank in Piazza Gae Aulenti, the new shares deriving from the exercise of the rights will be available from the settlement day following the end of the accounting day of the last day of exercise of the rights”.
UNICREDIT: OLD AND NEW SHAREHOLDERS
Meantime The first rumors about the new Unicredit shareholding are already arriving. Based on what was declared by the managing director of the Milanese institute, Jean Pierre Mustier, all the current shareholders have decided to adhere to the capital increase, but at the moment there is no certain information on any new entries. To know for sure how Unicredit's capital will be divided, it will be necessary to wait for April 20, the day on which the meeting on the 2016 budget will be held.
Based on the rumors circulating, however, it already seems possible to get an idea. Before the increase, the bank's largest shareholder was Capital Research and Management, an American fund manager that is part of the Capital Group, which held 6,7%. Close behind was Abu Dhabi sovereign wealth fund Aabar (5%) followed by BlackRock (4,82%). Then the group of foundations, led by Crt and Cariverona, which on the basis of circulating news have partially subscribed to the increase, diluting it to 4,5-5% of the capital.
UNICREDIT: INSTITUTIONAL INCREASE THEIR SHARE
According to the newspaper Lto Print, Capital Research, thanks to the recapitalization just completed, would have increased its stake in Unicredit by investing more than 1 million euros, going from 6,7 to 8%.
But the US manager was not the only one to increase his exposure. Even Blackrock, Wellington asset management and Marshall Wallace would have decided to do the same (he writes it The Sun 24 hours).
On the basis of expectations therefore, but also of the very characteristics of the capital increase, intended more for large institutions than for retail customers, the share in the hands of individual savers should decrease, falling to around 20%.
Of course, the shareholding reorganization, with the big funds getting stronger, will also have repercussions on the organization chart at the top. Jean-Pierre Mustier is destined to strengthen even more while the step back from the vice presidency of Fabrizio Palenzona, once very powerful and an expression of the Foundations, is the visible sign that an era has ended in Unicredit and that the bank will increasingly respond to the market.
