Unicredit, Intesa Sanpaolo, MPS and BNL have signed agreements for the sale of 59,3% of Sia's capital to the Italian strategic fund, F2i Sgr and Orizzonte Sgr. This was communicated by Piazza Cordusio, underlining that at the moment 28,9% of the capital is held by Intesa Sanpaolo, 20,1% by Unicredit, 5,8% by MPS and 4,5% by BNL. The price "was determined on the basis of a valuation of 100% of Sia's capital equal to 765 million euros".
At the end of the operation, the Italian strategic fund will have 42,3% of Sia's capital, F2i 10,3% and Orizzonte Sgr 6,7%. Intesa Sanpaolo and Unicredit will each retain 4%, while MPS and BNL will leave the shareholding structure and the other current shareholders will retain a 32,7% stake overall.
Upon completion of the sale of 20,1% of Sia capital, expected within the first half of 2014, Unicredit will have a net benefit of approximately 140 million euro on consolidated net income and approximately 3 basis points on Core tier 1 ( Basel 2.5) and on the Common equity tier 1 ratio (Basel 3).
In the operation, adds Piazza Cordusio, “the seller banks were assisted by HSBC as financial advisor and by Pedersoli e Associati for the legal aspects. The completion of the sale is subject to the authorizations of the competent authorities". The reaction of Piazza Affari one hour after the opening of the markets: Mps -0,86%m Unicredit -0,4%, Intesa Sanpaolo -0,51%.
