The ultimate objective is clear and by Tuesday, if thera is also in black and white in a short note circulated to stop the long wait of the markets. Intesa Sanpaolo evaluates the hypothesis of dar life with the Assicurazioni Generali in a national sample of savings that can compete in Europe and even before that, to stem the advance of the foreign, and in particular the French, in a strategic sector, and already tried just a few weeks ago from the switch to the group of the Alps Amundi of the company of the common funds of Unicredit, Pioneer.
The key word for Understanding is “combination industrial”. Still would not have been decided, however, the manner in which, the first Italian bank, among the best-positioned for capital, and profitability on the international market place, it can be combined with the leading company today is owned as to 13% by Mediobanca. The assumptions in the study are different, and all designed to change the balance of Italian capitalism. None of these possibilities would have already been formalised to the board of directors, convened on Friday with an order of the day on the budget a few weeks ago, as assured yesterday by the chairman, Gian Maria Gros-Pietro.
The move is a preventive , and an anti-climbing of the General led by the French manager Philippe Donnet, who on Monday in a surprise, he bought 3% of the voting rights in the same Intesa Sanpaolo, has forced the Consob, to convene at Rome, in the hearing, some of the protagonists of the game open between the great manoeuvres on the securities in Piazza Affari. In addition to the representatives of banca Intesa and of the Lion of Trieste, the Commission that supervises the company and the Stock exchange has asked to consult with Unicredit. And why Unicredit? Guided also by a frenchman, Jean-Pierre Mustier, Unicredit sits at the top of the chain of influence over Mediobanca, which is the largest shareholder with almost 9 per cent. A fee that the Ecb may have suggested to lighten up, or down, for the purposes of the strengthening of the balance sheet that sees Unicredit prepare to face in the next few weeks, a maxi recapitalisation of € 13 billion.
The picture is nothing short of moving and between the scenarios taken into (serious) consideration by analysts and investment banks there is also the a input of Intesa in Mediobanca, via Unicredit. Could this be the alternative that is very suggestive, and not without contraindications, to plan the most straightforward and obvious: the launch of an exchange offer on the large majority of the share capital of Trieste, at least 60%, after the rules at the crossings of investments laid down by the consolidated Text on Finance and taken after the purchase of the 3% of Understanding on the part of General. Beyond the effectiveness of any manoeuvre, the idea of an embrace of Intesa and Mediobanca, the two worlds in the long distant and the opposite, unleash the bets in the Bag, while someone starts to do the math.
Carlo Messina, the manager called the head of the bank in the autumn of 2013, took a few more hours of reflection. This morning is flying to Moscow for a meeting at the Kremlin with president Vladimir Putin: the Italian bank was in the first row, with a grant of up to 5.2 billion euros in support of the transaction formed by Glencore and sovereign wealth fund of Qatar have acquired 19.5% of the share capital of big oil Rosneft. On his return, Messina will celebrate with the founder, Giovanni Bazoli and the shareholders on the bank’s historical the tenth anniversary of the merging of the institutes of Milan and Turin. And maybe untie the knots on the next possible leap forward, with the creation of the group of 60 billion market capitalization and over $ 800 billion of resources administrated, the polo that could arise from the combination of the industrial with the General.
The conditions which are indispensable, for Messina, are indicated explicitly in the statement released yesterday evening: any operation will be made “according to strict criteria of preservation of the leadership of capital adequacy and in line with the policy of the creation and distribution of value to its shareholders”. In fact, we must remember that the majority of the members of the group is represented by institutional investors, mainly foreign. Whatever the decision, the General could not, therefore, fall into the old patterns of the story of the finance, but you will be assessed on the basis of the prospects of profitability that can offer to you. Yesterday the fund of Harris has 2.8% of the Agreement has underlined the risks of a possible merger. According to the new rules, the coefficients provided in the case of insurance-based investment are in fact more stringent. After the distribution of a dividend from 3 billion in 2016, the c oupon payment promised by Messina, and in the current financial year is 4 billion. A bonus to which the shareholders will not want to give up. The industrial plan is in progress, however, mentioned in the note, contains the growth in savings and in private banking, although this could be pursued even with “international partnerships” and not only with the acquisitions as well as the proposed “banks ‘ business”.
Who among others, it is exercised yesterday on the possible scenarios are analysts of Equita for which to launch an exchange offer on the General may be the preferred entrance in the Piazzetta Cuccia. With the purchase of the share of Unicredit and the subsequent launch of an offer on Mediobanca itself: in this way, Intesa Sanpaolo, in addition to controlling a business “closer” would become indirectly the first member of the Generals with 13% and may coagulate a blocking minority in an anti-climbing, defending the Lion from the mire of potential suitors abroad, from Ax.
January 24, 2017 (the edit the 24 January 2017 | 23:50)
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