General, move anti-climbing: buy the 3% of Intesa SanPaolo – The Sun 24 Hours

Comes in, dry, and immediate response of the General to the rumor of a possible interest of Intesa Sanpaolo to enter the capital of the Lion of Trieste. The company reported that it had purchased 505 million shares of Ca’ de Sass through a securities lending. The number of shares is equal to 3,01% of the share capital of the bank for a total investment from 1.21 billion.

General runs on the Stock exchange on the assumption of input of Intesa Sanpaolo

For the regulation of cross-holdings, then, are frozen the voting rights Agreement if the investment in the bank should exceed the 3% of the share capital of the Lion. Always that the position has not been built with a derivative previously signed on to the move license plate Trieste. It is a defensive move after rumors of a possible interest of the bank on the insurance company. Based on the discipline of mutual holdings governed by article 121 of the consolidated law on finance (Testo unico della finanza), in fact, if it is intended to go up more than 3% of the General, having done this for a second, you would see it neutered the voting rights on the participation in excess of this quota, which should also be disposed of within 12 months. If this disposal does not take place, in addition, the sterilization of the voting rights would be extended to the entire participation in General. This deadlock could be released from the Agreement by launching a public purchase offer for at least 60% of the overall capital.

The risk, the General Understanding to the test of the Bod

Learn more

The tactic is similar to what was done in 2006 by the then to.d. of Capitalia, Matteo Arpe, who face a possible climb from Banca Intesa, bought 2% of bank, led by Giovanni Bazoli, blocking the operation. Capitalia was acquired in the following years, in a friendly way by Unicredit. To understand, however, if Understanding has already moved his pawns. So far they were just rumors of a possible interest of the institute led by Carlo Messina to take the field to defend the “italianness” of the company. Entries are not confirmed and, with respect to which the bank had opposed a series of no comment.

Meanwhile, a year after the departure of Mario Greco at the top of the General, is profiled in a new reorganization in the first line of the Lion of Trieste. According to what was learned from The Sun 24 Hours, Alberto Minali, General manager and Group cfo of the company, it would be a step away from the exit. the board of directors is scheduled for Wednesday: in that location should therefore be enshrined in the farewell for the director general to the company of Trieste. Among the reasons of the farewell of the manager, there would be differences in the governance with the ceo Philippe Donnet, and the opposition to the project from the sale of Generali France.

© Reproduction reserved