The Ecb has given the go-ahead for the rescue operation of Mps with a share capital increase of 5 billion, approved the industrial plan. “Mps bank – it is written in a note – communicates that you have received the necessary authorization from the European Central Bank concerning the transaction proposed to the market on 25 October.” Via free also from the bank of Italy that it has “successfully completed the assessment procedure” on the “statutory modifications for the purposes of the operation”.
The green light from the Ecb on the wire wool, less than 24 hours by the shareholders of Monte dei Paschi,which is another piece of the complex mosaic that the bank’s Rocca Salimbeni must dial in the coming weeks to ensure a future without government intervention. The formula cryptically indicated by the Bank statement with the reference to the permissions you are coming from Frankfurt, is explained by financial sources with the green light obtained by the Ecb to both the recapitalization plan and sale of suffering with the maxi-securitization in the exact terms with which it has been presented at the end of October, is the offering of voluntary conversion of the subordinated, for a total value of 3.4 billion. Also in this case, the authorisation concerns the mode of the offer announced by the bank in the past few days without additional modifications. The assembly of tomorrow, meanwhile, no longer has the problems of a quorum; the rumors of the last hours indicate a strong influx of delegations, especially on the part of small shareholders of the bank. Mps has decided to play the role of the solicitor of the proxies with the support of the proxy advisor Morrow Associates.
all Eyes are focused on the location of the Treasure
The attention tomorrow in the meeting will be addressed also to the attitude that will have the Treasury, the leading shareholder with 4% of the share capital, which, according to most observers, should speak in favor of the plan taking into account the wishes of the Government, which today is expressed with the undersecretary to the Presidency of the Council, Claudio De Vincenti. The meeting will also be the last with a role of the Monte dei Paschi Foundation in corporate governance. The Institution of the palazzo Sansedoni will have the opportunity mdi propose Alessandro Falciai to the Presidency, and the economist, Luiss Massimo Egidi as a member of the board of directors in replacement of the outgoing Massimo Tononi, who tomorrow will lead the assembly for the last time.
Mps: from the translation of the bond expected to be a billion. In the course from weeks inspections Ecb
No alternate plan, 1,043 billion by conversion of bonds
the Mps plans to get 1,043 billion from the conversion of bonds subordinated shares (the total value of the bond to 4.28 billion), while the cost of total gross of the rescue operation of Mps is estimated at 448 million euros. Are some of the additional information contained in the notes of the bank of siena to the documentation distributed on request from the Consob. The Mps states that “as of today we are studying alternatives”to those established by the remediation project is presented which provides for the sale of the sufferings in the portfolio, the conversion of the bonds into shares and the share capital increase of up to 5 billion euros.
The ceo of General Donnet, for the Mps conversion is a priority
“In Atlas 2, there are resources that have a vocation to support other banks. Today for us the solution on the Mps is a priority”. So the ceo of Generali, Philippe Donnet has responded to those who asked him if the conversion of the bond of the Mps that are in the portfolio of the General alternative in comparison to the contribution to the Atlas 2. “It’s not that we can do at the same time the conversion of the bond and the investment in Atlas 2. Today, the willingness to examine the conversion has more value than the contribution in the Atlas. We will make the choice in the interest of all the stakeholders,” explains Donnet.
(Il Sole 24 Ore Radiocor Plus)
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