lasted less than an hour, the hearing Consob, of the men of Intesa Sanpaolo, led by the cfo Stefano Del Punta on the possible move of the bank on General. The meeting would have served to reaffirm the contents of the note published Tuesday evening by the institute: the lines of the industrial plan are to grow “in the field of asset management, private banking and insurance” also aggregations, and which are included “combinations in industry” with the General. Today the Consob is replicated with the audition of Unicredit and Generali. In the meantime, yesterday evening, the board of the Leone has approved the release of the director general and the cfo Alberto Milani, which will be a golden handshake from 5, 7 million. The powers of the dg are passed on to the ceo Philippe Donnet as cfo went to Luigi Lubelli.
Meanwhile yesterday on the Stock exchange speculations on the meaning of any combination “industrial” between the milanese bank, the company triestina have pushed up the titles of the different companies involved, with the lead of Unicredit. The bank, led by Jean Pierre Mustier has marked a leap of 8,94%, which according to some observers, is explained, not so much for the involvement of the institute as the first member (or 8.6%) of Mediobanca, which in turn is the first partner of the General (13%), as investor preference for a strategy of the whole bank with respect to a combination bank-insurance in the past and has given happy results to the groups that have attempted, remembered yesterday the analysts of Equita sim. Although yesterday’s Agreement has marked a rise of 0.35 per cent, in three sessions, the loss is almost 7% compared with +13.5% of the General, which is now worth over $ 24 billion, and +10.5 %, Mediobanca.
The outlines of a possible move of the Intesa Sanpaolo are not clear yet, even if the dossier has a long gestation, at least a year. Now, however, the study is at a more advanced stage, so much so that they have been appointed the advisor of Ubs, McKinsey, and studio legale Pedersoli. After that the Lion has bought Monday 3,376% of the voting rights in Intesa Sanpaolo, the bank can act at a corporate level just throwing an offer to the public of at least 60%. The hypothesis conjectured is an opas (public offer of purchase and exchange), which would combine a premium for General members and a minimum pressure on the bank’s equity: the condition of the Agreement is to “maintain the leadership in the capital and to create and distribute value”. The group may focus on wealth management and savings managed in Italy, thus reinforcing at the same time its margins and growing tonnage, and, while they could be sold and the activities of the General abroad to make cash (referred to as Allianz). A move vista anti-climbing from abroad, even if yesterday, the ceo of Axa, Thomas Buberl, said that to realize a large acquisition “is not our strategy”. Circulates also the alternative hypothesis of pointing to the General climbing Mediobanca, although to arouse perplexity in the various observatories, as well as a hallway of Unicredit from Piazzetta Cuccia that would have been required by the Ecb.
Today, in the meantime, in Turin marked the tenth anniversary of the merger, Intesa-San Paolo Imi, while tomorrow it holds the board, chaired by Gian Maria Gros-Pietro, in view of the financial statements to approve the 3 February. Yesterday, however, the ceo Carlo Messina has met in Moscow with Russian president Vladimir Putin together with the protagonists of the recent privatization of 19.5% of the giant Russian gas, Rosneft, which sold for us $ 10.5 billion to the rope Glencore-Qia, with Understanding the funder, and advisor of the sovereign wealth fund of Qatar. Putin said he expected that Intesa Sanpaolo “expand its activity on the Russian market”.
January 25, 2017 (edit on January 26, 2017 | 00:18)
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