Poste, according Mps of Soul – Il Sole 24 Ore

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This article was published April 15, 2015 at 06:39.

Italian Post has reached yesterday evening an agreement with the Monte dei Paschi to buy the 10.32% stake held by the bank in a Life Holding. An agreement that should lead to cascade the signing of a partnership agreement exclusively between the company and contact details of the SGR for the distribution of investment products made to order with the brand of Poste in the network of 13,000 post offices. The green light came after a tense day. In the morning he met on board of the Italian Post Office to which the CEO Francesco Caio has made the point about a deal that actually hoped for already completed yesterday morning. Instead the manager announced a grinding halt and that the request for an upward correction, by the MPS, the proposed price for the purchase in order to align with the values ​​of the Stock Exchange reached last Friday, of 8.5 euro per action. The price level on which was instead found a point of balance in recent days was very different, probably within the range 6-7 euro.

The rumors in recent days, the interest of Poste for the share Mps had shoot up the title Soul. Rises a bit ‘strange, that go on for some time, since the title in the last three months has risen by 120 percent. And even more inexplicable Pindaresque descents: yesterday the title Soul sold in one sitting than 7 percent (7.75 euro), without actually no official had been spread on the Post Office to stop negotiating with MPS. Caio explained yesterday to the directors that the enhancement to 8.5 euro can not be justified on fundamentals and business prospects. The threshold of 7 euro, in essence, would be a maximum acceptable value.

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And it is probably close to EUR 7 the price at which it was last night then found the agreement, after Mps who is back on his feet. An extraordinary meeting of the board of Poste, to approve the transaction, was scheduled yesterday evening or at the latest this morning.

Caio yesterday had reminded the board that contacts were also underway with other operators, 5 or six in all, including Anima.Tra potential candidates to a partnership with Poste were also Pioneer Investments group Unicredit, Amundi and Fidelity. Although Soul was identified immediately as the perfect candidate: an Italian operator, controlled by different banks (BPM and CreVal plus MPS), specializing in the creation of investment products made to measure for the sales network of partners. For contact details of the company is the right option to strengthen asset management, offering investment funds with lower risk profiles for customers post, but also to enter the capital with just enough to have a place in the board of directors and a say . Similar opportunity would not offer other options: it is not a mystery, for example, that would cede Pioneer Unicredit, but it would have been too big a bite for the interest of Poste. Amundi and Fidelity are actually foreign-controlled as an input in the capital is even less viable. The contact details of the company could also close the partnership agreement with Anima without entering the capital, but at that point it would be a different operation. Becoming a shareholder, Poste can tighten with Anima an exclusive agreement for the distribution of products branded with the brand post. The alternative proposed yesterday by Caio was to get on with other operators, but with the idea of ​​closing various agreements with various partners, thus not exclusive.

“The ball – had commented yesterday, a source familiar with the matter – is now in the hands of Mount de’Paschi.” And so, at the end it was.

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