“our style is transparent, we do not do transactions by pirates or privateers. The leak about the strategic analysis that the administrator is working with the various possible alternatives suggested us to be explicit” with regard to the market. The ceo of Intesa Sanpaolo, Carlo Messina explained yesterday in Turin, on the occasion of the celebration of ten years of activity of the institute, the ratio of the campaign external growth of the bank, which would rise from the acquisition, presumably through a public exchange offer (ops), of the General .
“We are a bank that is not afraid of anyone, a group can generate a sense of belonging outside of Italy. But when we speak of our Country we always do it in Italian and not in French. Makes me laugh those who defend the italians and the French,” said the banker, with a clear reference to the number one of Unicredit Jean-Pierre Mustier and the group ceo of Generali, Philippe Donnet, who had tried to block in the bud the possible climb to the Lion of the Intesa Sanpaolo group by acquiring 3% of the bank.
Agreement “has reached levels of excellence, but we have still much potential to exploit and we can generate still value for shareholders,” added Messina. “There are times when duty of a ceo is to analyze the different growth options”. And as to the areas where there are development prospects, Messina talked about private banking and asset management, “in which we are leading with the potential great”, and of course, the insurance, the area with very good performances and that has a sense if it is integrated with the distribution networks for banking. We have networks very strong that provides us with the opportunity to grow in this industry.”
However, she continued to Messina, “the growth operations have a meaning if they create value and ensure the maintenance of balance sheet strength; otherwise, we stand”. The other condition to grow through acquisitions, “is to maintain a strong flow of dividends”. Finally, in the analysis of an operation of external growth is crucial to verify the correct price and the ability to create synergies after the acquisition. In short, Understanding “thanks to his position of strength has the time and a way to make evaluations more correct”. No desire to run, therefore, so much so that the banker reiterated that in the board of directors on the program today we will discuss the topic in General .
In the speech of Messina has found a place also thanks to the role of the two institutions that have inspired the creation of the institute, namely the Fondazione Cariplo and Compagnia di San Paolo. “Are strategic investors, long-term: it is stupid that in a time like this to reduce the share of banks”. The reference is to the law that requires foundations to lower the weight in the credit institutions to contain risk. “To remove a shareholder, the Italian, in a moment so it means to remove the points of strength and have shareholders stable is actually a element of strength.”
On the front of the stock exchange yesterday was a day of adjustment: there is a General ascent of 0.39% 15,63 euros per share, while the other protagonists, the direct and indirect of each other, have all lost ground: -3,19% to 8,505 euros Mediobanca , -2,17% to 2.25 euro, Intesa Sanpaolo and -0,51% to 29,22 € Unicredit .
On the other hand, beyond words pronuniciate from Messina to the markets closed, there were no significant innovations, to a rain of newly published reports by analysts, with the last adjustments on the rating and target price for General , in the case of an offer by Intesa Sanpaolo . In particular, Jeffries has calculated that a stew of General can be worth up to 30% more of the current capitalization of the Lion, setting a target price to 20.4 euros per share, such valuation, that divides the group in individual Countries and further in the areas of Life and non-Life, implies a multiple of 12.5 for the price/earnings ratio, estimated for 2017, numbers in line with that applied to the competitors of the average market capitalisation of the sector.
Rbc Capital Markets raised the rating to outperform from the previous hold, raising the target price to 17.2 euros from 12 euros. Deutsche Bank has brought the rating to hold from the previous sell. Finally, Natixis has announced a buy with target price to 16 euros. Also noteworthy is a report that Rbs judges to questionable and risky on the face of the execution, and the combination of the bank led by Messina and the insurance company of trieste: “Assuming cost synergies of 10% and no synergy of revenue, Rbs expects an roi (return on investment, ndr) of 10.4% in 2018, and an increase in earnings per share by 1.5% next year, with the Cet1 capital of Intesa Sanpaolo, which would be above 13%, while with the application of the so-called Danish Compromise (approach that reduces the impact of the insurance subsidiaries on capital ratios, ndr) is expected to increase to 15.8%.
that Said, yesterday, Fabrizio Palenzona, vice-president of Unicredit (which controls the 8,56% of Mediobanca ), convened at the Palace of Justice in Milan, where he had been called to give evidence in a process, he reiterated: “he said our amminsitratore executive officer, who is a serious person, and I will say it again: we do not sell the stake in Mediobanca “. In each case, the role of Unicredit in the game is not to be underestimated, and in fact, yesterday morning, a delegation of the manager of piazza Gae Aulenti has been convened in Consob, after which on Wednesday was heard by a delegation of Intesa . Yesterday afternoon it was the turn of the president of Generali, Gabriele Galateri. (reproduction reserved)
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