The general turns to the downside on the Stock exchange. With Understanding, the third public company in Europe – The Republic

MILAN – The market continues to take in the sights of the General, but after a boot up (and the +8% of eve) the securities of the Lion run in the red in view of a possible extraordinary transactions on the part of Intesa Sanpaolo. Those were rumors, until the evening of Tuesday, have become concrete with the position taken by the official of the bank. In a note, the Ca’ de Sass has confirmed that they are “under evaluation” the “combinations in industry” with the insurance group. the Advances that could end up on the table of the board of directors of the Lion, summoned for today, who has now formally on the agenda the issues of governance and the exit of the director-general, Alberto Minali. Another actor of risiko, the Compagnia di San Paolo, shareholder, above the 9% of Inttesa, which is now active with the definition of the strategic plan of the Foundation: “We are a shareholder, patient, interested in the development in the long term, but do not interfere in the management,” said the president, Francesco Profumo. “We have great confidence in the management, who will make his choices – adds Perfume -the. We are interested in a model of the development of the bank and indogeno be exogenous. The market has a european dimension, but you also have to keep the rooting in the territory”.

GERONZI: “General, outwardly directed, Mediobanca does not count more”

On the Stock exchange, as mentioned above, the speculation on the General fades and the title loses momentum remains in decline Intesa Sanpaolo (the title). At the window there are other vertices important of the banking sector. Unicredit, for example, has been called into question by Consob – which has summoned the manager of the groups involved in the story – as the leading shareholder of Mediobanca, and the titles of the Piazza Gae Aulenti in the meanwhile the flywheel. And the same Mediobanca is of course central, because the first shareholder of the General with the 13% of the share capital. The cross-breeding of the one that is the spider’s web of Italian capitalism for a time, on which a possible aggregation between Intesa and Generali could bring down the final curtain. From abroad the following good story: Axa and Allianz have been several times – in the recent past – identified as interested in the company of trieste.

analysts continue to practice, in the meantime, on the possible scenarios. After that General has bought the 3% stake of Intesa, in a defensive move that sterilizes any voting rights exceeding the 3% of Understanding in General (for the prohibition of cross-shareholdings), the way forward for the integration is seen in the public exchange Offer. By Icbpi acknowledge the robust capital position of Understanding” (that the same bank has clarified to preserve, in his note), but they share “the scenario-basis of an operation in the paper (Ops)” to try the assault to the insurance companies, “with the consequent dilution of the three foundations that control 17.5% of the capital, and express the vertices. That would a true public company with a market cap of about $ 60 billion, second only to Santander and BNP in the euro zone”. Already yesterday some sim suggested as an alternative, a s uggestive operation Agreement on Mediobanca, to get to be the first member of the Lion. Today, Banca Akros raised the rating on the Trieste to ‘accumulate’ from ‘neutral’ with target price to 17 euros; Intesa Sanpaolo, instead, he cut the judgment to ‘neutral’ from ‘accumulate’.

From the Credit Suisse note that the two areas of business (seeing that the General is strongly rooted on the Life segment, at 60% of its business) could be so good together: Agreement would guarantee the presence in France, Germany, Europe, Asia and the Middle East. From the industrial point of view, the swiss bank believe that the asset is valuable to the eye of the Understanding is the one of Banca Generali and asset management, while the insurance business in traditional would have less strategic rationale.

Topics:

general

Intesa Sanpaolo

mediobanca

Unicredit

Italian banks

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