Mps flies in the Bag, on the day of the plane of the Fluke – The Republic

MILAN - the Mps runs at Piazza Affari (the title) and closes in the upside of 12.8% to 0,1954 euro, a day on which the board of directors of the bank of siena deals with the plan presented by Corrado Passera, which could lead to the start of due diligence for the funds, the foreign allies of the ex-ceo of Intesa Sanpaolo. In addition, the industrial plan on which to work for Marco Morelli could provide up to 3 thousand redundancies. The former banker of Understanding, and the minister of Development will be tonight in the Consob detailing its proposal.

In a note the bank of siena has announced at the end of the sitting having continued depth information about the contents of the industrial plan, which will be approved the next 24 October.” In addition, “the Board of Directors – is stated in the document – in a confirmation of the firm intention to continue the implementation of the operation of the recapitalization and the related transfer of the sufferings of the previously communicated to the market, took note of the update by the chief executive officer and advisors, in the matter of the proposed non-binding received from dr. Passera last October 13. The Council has decided to proceed, immediately after the presentation of the industrial plan, the assessment launched, through its advisors. Was finally confirmed the timing of the convening of the shareholders ‘meeting by the end of October”.

Sources close to the board of directors report that this time it will be considered seriously, in light of the fact that the plan of Jp Morgan is slow to take off. As in the case of the first attempt of Plaice, arrived on the eve of the stress test and returned to the sender, in the decision of the board to weigh the time factor. Start a due diligence would mean, however, lengthen the time, also considering the constraints set by the Ecb. It is not excluded so that the board could take a middle course and decide to open a table of discussion, not to close the doors to foreign funds, which, according to the ex.d Intesa and the former minister of Economic Development, would be ready to enter with him into the game. And’ waiting for finally the convocation of the shareholders ‘ meeting that will resolve on the increase and on the floor, as well as on the appointment of the president: if the date was fixed immediately, could be held on the 18th of November.

In the evening of Monday last, however, it has emerged that the next strategic plan, which is working on the new manager could expect about 3000 outputs, half of whom, such as residues of the old plan. The launch of the plan is scheduled Monday, November 24, and the figure that emerged is less than the initial hypothesis of the print, placed at an altitude of 5,000 seats at risk, but not of little importance for an institute that is already engaged by the time to reduce personnel costs.

The redundancies, the final number has yet to be defined, to be then made known next Monday, when, after the presentation of the plan and there will be a meeting of the trade unions, is only one of the chapters of the manoeuvre to secure the institute, which should cut of € 27.7 billion of non-performing loans, a conversion of the bond is subordinated, and by a capital increase of up to 5 billion.

Topics:

Mps

Piazza Affari

bag

Starring:

Mark Morelli

Corrado Passera