For Banca Mps was the day of Corrado Passera. It was concluded in Milan, the board of directors of the institute siena to examine the progress of the work to the industrial plan (which will be approved by the board on October 24th) and the new proposal submitted last week by former world number one, Intesa Sanpaolo . The board has continued its investigations in relation to the contents of the industrial plan and, in confirming 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 managing director and of the advisor, concerning the proposed non-binding received from Plaice October 13th. 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.
The banker and his employees have worked with great attention to the proposal now on the table of the board of directors of the Mount. In the preparation of the plan the former ceo of Intesa Sanpaolo would have been joined by professionals from Boston Consulting Group that in the past few weeks would have worked out the general scheme of the proposal. While the legal aspects have worked two professionals along the course of the law firm Cleary Gottlieb.
Instead, the game is no longer a part of the swiss group Ubs, which in July had moved in sharing your goals with Plaice, paying a guarantee to the task of strengthening the balance sheet. “In view of the advanced stage of negotiations with investors,” noted a qualified source, “today, the role of Ubs would be superfluous, because the input of funds in the capital of the Mountain could take place in a relatively short time”. If Ubs is no longer an actor in the game, however, is not foreseen the presence of a financial advisor.
The strong element of the plan is undoubtedly the presence of large institutional investors. As has already happened in July of this year, the banker would collect the interest of some american funds such as Warburg Pincus and Atlas Merchant Capital (led by former ceo of Barclays, Bob Diamond) potentially willing to invest in the bank of siena between 1.5 and 2 billion euros through a reserved capital increase. The offer would be conditioned on the outcome of an extensive due diligence from the scheduled duration of a month. If the board of directors gave the green light and there were no hitches, the investment could, in short, their place in the second half of November, shortly before the start of the recapitalization.
At Piazza Affari, the market believes in a solution in the short term, and the title Mps has gained 12.8% to quota 0,1954 euro with almost 132 million pieces exchanged.
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