Unicredit shares fly to Piazza Affari, gaining more than 5% in the mid-morning, to 2,938 euros, achieving the best increase in the Ftse Mib. The wave of purchases on the stock was triggered by rumors on two fronts: on the one hand, the hypothesis that the Bank decides to avert the prospect of a capital increase by selling a stake in Fineco (according to Bloomberg, 15%, which is approximately 600 million euros) and equity investments in subsidiaries in Poland and Turkey (Bank Pekao and Yapi Kredi), on the other the possible turnaround at the top of Unicredit itself. All through an extraordinary Board of Directors to be convened in advance of the date already set for 9 June.
In reality, the scenario described still seems to be written. Not only because no anticipated extraordinary board meeting has yet been convened, but also because the rumors about sales and management seem to be mutually exclusive. And the orientation of the shareholders still appears to be mixed.
The sale of a stake in Fineco (which today collapses by 2,7% in Piazza Affari, the worst stock in the Ftse Mib) is a project of the current CEO of Unicredit, Federico Ghizzoni, and it is likely that if the operation gets the the green light should be the CEO in charge to carry it forward. If, on the other hand, Ghizzoni is really to be replaced in the short term, as some believe, immediately tackling the Fineco dossier would make little sense, because an operation of this magnitude would have to be evaluated by the new CEO.
Furthermore, in the event of a change of top management, the procedure provides that the Unicredit president, Giuseppe Vita, begins consultations and gives a mandate to a company of headhunters to find the most suitable candidates for the position of CEO. For now, the most accredited names are those of the French Jean-Pierre Mustier, executive who led the investment banking branch of Unicredit, and Marco Morelli, vice president of BofA Merryl Lynch Europe.
