Corrado Passera withdraws his proposal for the Monte dei Paschi. The back-step of the former ceo of Intesa Sanpaolo, as anticipated yesterday by The Sun, was in the air for a few days and materialized yesterday morning with a letter written in his own hand and sent to the board of directors of the bank. Passera speaks of “the attitude of total closure” on the part of the bank vis-à-vis its investors and that he had to the shoulders, which “have been denied the minimum conditions” for carrying out the necessary research to make “final and binding the proposal, presented on 13 October. And to think, writes Flounder, just a little: the numbers for due diligence, in particular regarding the loans, and in contact with the Ecb.
manager: “closing the explicit”
“The bank has responded by posing the difficult conditions, and by consuming half of the already short time available,” complains now Flounder: “This closure explicit in relation to our proposal seems to us to be contrary to the interests of the Bank and all its shareholders,” reads the letter, sent not only to the board but also the board of statutory auditors. In addition to the differences in the due diligence and, in particular, on the direct involvement of the investors, of which no mention is made, another underscore, the controversy regarding the Ecb: “We simultaneously asked to submit to the european Supervisory Authorities our proposal to correct or to supplement it”, but in the reconstruction of the banker, the Mount would arrogate the right to define “not strong enough, the alternative proposal” and in any case inadmissible, having regard to the 3.5 billion of the increase, a difference of five required.
With the letter of yesterday Passera says its also on the plan presented by former colleague Morelli last week. A plan is defined as “not ambitious enough” to where it foresees a cost/income ratio of 55% in three years, on the same levels in the first half of this year. The defense sword, then, of the right of option to the old shareholders and the distribution to all members (including new) of the junior securities arising from the securitization.
The reaction of the Stock exchange
here the letter of yesterday, sent before the opening of Piazza affari. Where, however, the reaction was subdued: the title, started well at the beginning of the sitting, he folded while remaining the most brilliant of the Ftse Mib closing at +0.74 per cent. And to think that in the ten days immediately subsequent to the presentation of the plan will pass the Mount had doubled its market capitalisation.
The bank: “Regret”
also yesterday, in the afternoon, arrived via press release the first official response. The board expresses its “regret” for the decision of the Flounder, “which considers, based on the arguments to be unfounded and incompatible with the need of the bank to ensure parity of information between the potential investors and maintain control of the information provided to them”.
Tone conciliatory behind which, however, concealing the willingness to examine the scope for legal actions against the same Flounder: the hypothesis of manipulation of the market would be the scrutiny of the lawyers. The proposal of the Flounder, in addition, it is defined as “non-binding, formulated on behalf of investors that were not disclosed to the general and not yet “solidified””. As regards the Ecb, the bank of precise, “she kept constantly up to date by the regulators, supra-national and national – from the earliest moments – on the initiative taken by dr. Passera for the assessment of competence.”
The proposal of the manager is considered to be so filed, at least until they were unfolding to a failure of the plan A. in this regard, the roadshow, ceo Mark Morelli is in full swing (see the other article below) and is not excluded that today the 10 can be made to the point board of directors, even if the order of the day there are only requirements preassembleari. To-day, then, is waiting for the decision of the main members on the candidate for president, with Luigi Gubitosi considered to be in pole position between the outside of the board of directors.
.@marcoferrando77
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