The asset disposals rumors put the turbo to UniCredit. Yesterday the title of Gae Aulenti Square Bank was the best of the list, thanks to a 8.04% gain to 2.258 euro, the highest level of the last month. And for the first time about a month it was above the values of 29 July (2.19 euro), date of publication of the stress tests. Bright volumes: were traded 156 million shares, accounting for 2.5% of the capital.
A push purchases, as mentioned, are the expectations of possible disposals. Topping the list of sales activities there could be the first Polish subsidiary Bank Pekao, which would have ended – to reports in the Polish press, – in the radar of the PZU insurance group, hypothesis, that of the sale, which has not been confirmed nor denied by the affected parties, thus leaving the door open to market assessments.
the same CEO of PZU Michal Krupinski yesterday said it would invest decisively in the banking sector, while not commenting on Pekao. In recent days, however, the Polish newspapers had leaked the news of a short mission manager in Milan, maybe even today, to discuss with the leaders of Unicredit Pekao.
On July 12, at the disposal of 10% of Pekao, Unicredit had stressed in a statement that the remainder there would be a 90-day lock-up “subject to the usual exceptions for this type of operation”. Today Pekao, the bank listed on the Warsaw Stock Exchange, is owned 40.1% by UniCredit.
But not enough. Fueling investor enthusiasm was also the rumor reported yesterday by Il Sole 24 Ore on a pre-poll conducted in the field of asset management in view of the possible sale of 100% of Pioneer. The company operates in the field of asset management, put aside the possible partnership with Santander dossier, would have a rating of 3 billion, according to some indications of market.
It is clear that the combination of these two rumors have calmed the atmosphere on the title: one or more assignments make it possible to contain the amount of the capital increase – that the market now for granted – and it is estimated between 4 and 8 billion. We will see. What is certain is that possible, probable, decisions will be taken by UniCredit at year end, with the business plan, and only once there is more visibility on the indication of the new minimum level of capital in the context Srep by the ECB. With this in mind, the CEO Jean Pierre Mustier want to keep your hands free. And as announced in July is launching a strategic review of the whole portfolio of assets. With the assistance of international financial advisor (see Il Sole 24 Ore yesterday) is probing the market to test the appeal of different assets. By Pioneer Pekao, Yapi Kredi by Fineco to, the feedback on the subsidiaries are wide-ranging. Moreover on the occasion of his inauguration the bank had announced that “all assets, without exception” would be subject to in-depth view of their “incremental value generation, potentially including through disposals.” Reasonable then that, downstream of this verification, the bank continues to divest assets only if the price offered (and the consequent generation of capital gains on equity) meetings adequately expectations, considering the negative backlash that the sale will have on profitability.
Meanwhile, confirming the resurgence of a climate of interest in the stock, it must be said that the bank launched a new bond issue at a fixed rate for a billion euro registered an application for 2 billion. Following the positive feedback, the price guidance, announced initially at about 25 basis points has been reduced and fixed at 20 basis points above the swap rate for the corresponding maturity, below the initial indications.
Finally , to signal that the rumors of UniCredit (whose share gained 16.5% in the last three sessions) have given new life to the positive climate in recent sessions was recorded on Italian banks. Yesterday BPM closed for example an increase of 3.48%, Intesa Sanpaolo 3.04%, Ubi 1.68%, Banco Popular 1.62%, 1.05% MPS.
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