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Florence , February 13, 2015 – 9:42
The Treasury enters in the shareholding and the Stock Exchange celebrated the news with a more than 13%. The arrival of the State shareholders of Rocca Salimbeni, invoked by many even in the recent past and that seemed one step at the beginning of the era Scent-Viola, is realized due to a clause in the contract for the grant of 4 billion euro of Monti Bond.
After a record loss of 5.34 billion the bank it will pay interest on the 2014 Monti Bond residues – the installment expires in July – only newly issued shares and so the 243 million will become about 10% Rocca Salimbeni, making the Treasury the largest shareholder of the group. It will not be repeatable operation last year, which allowed the institute Siena to pay interest of 2013, approximately 350 million Euros, with the issuance of Monti-bond, and the market value of today’s 243 million worth about 10% of Banca MPS – although the share of the ministry will be halved after the new capital increase by 3 billion – far exceeding the shares currently held by major shareholders, Mexicans Intech advisory with 4.5%, the French Axa with 3.17%, MPS Foundation with 2.5%, the Swiss UBS with 2.16% and the Brazilian Battalion Pactual with 2%.
This is not a nationalization, the one invoked by Beppe Grillo and the League and of which also discussed financial circles, but the arrival of the State through the Treasury reopens the debate on the role of the executive in the rescue of bank and the length of stay of the public in Rocca Salimbeni. The entrance of the ministry will take place only in July, that is, with the new board of directors already in office, but it marks a turning point in the turbulent events of the Mount, which in Siena watching with obvious attention.
“Too late and too little.” You dry the opinion of the regional president Enrico Rossi, who in November had written to the government formally closing the State to “enter temporarily capital of the bank.” Reason? “It would not be acceptable to a aggregation that eradicates Mps and reduce the oldest bank in the world to a set of doors. Direct intervention of the government would be the sign of a blackmail for the entire country, “he wrote in Renzi (who said no through-Secretary Luca Lotti). “The State in MPS? Too late and too little – said today the governor – If it had entered when I asked for it months ago, when I was told that was impossible, perhaps today the bank would be saved. “
Of course, with the announcement of an increase of the capital up to 3 billion by President Mps Alessandro Profumo and by CEO Fabrizio Viola, the entrance to the Treasury could be a sign of a shareholder about to change radically. Up to one that in many, perhaps the same ECB that February 18 should give the green light, indicate as preordained aggregation or merger of MPS with a bank, Italian or foreign, after the capital increase.
February 13, 2015 | 09:42
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