The Crt Foundation will subscribe the capital increase of Unicredit for € 13 billion with a share of 1.8%. And’ as reported this morning, a source close to the situation. This is the whole actual share of the Crt Unicredit calculated taking into account the cashes, the convertible bonds issued in 2009 and held by the main shareholders of the bank. This decision will be resolved next week. Among the other members of Unicredit , the Foundation Cariverona is to sign up to 73% of the share pertaining to (2,23%).
on The fourth day of the capital increase, the action of the Unicredit at time Square Business down dell’1,13% per share 12,26 euro, with the rights also in the decline of 3.27% to 10.64 euros. On the day of the departure of the increase, Monday, the title Unicredit has lost almost 7% and the rights to nearly 19% in a session in which, however, all the bank stocks had suffered the fears of the market about the political situation in europe. By yesterday, however, the trends of the two securities has been normalized.
According to the chief executive officer of Mediobanca , Alberto Nagel, the increase of the capital of Piazza Gae Aulenti “was brought forward with great impact” by the chief executive officer, Jean Pierre Mustier, and it is “an operation that is well set up technically and with an appreciation on the part of investors. In my opinion, will have a positive outcome”.
Yesterday the market closed Marina Natale, head of strategy, business development and commercial M&A group, at the end of the board of directors of Mediobanca, of which he is a director, has ensured that Unicredit is quiet on the progress of the capital increase, the party on Monday. “If you look at the last two days the prices are very good, we’re quiet,” he observed Christmas.
Unicredit is the biggest shareholder in Mediobanca with a stake of 8.5%, and Nagel, in the course of a conference call to comment the results achieved by the Piazzetta Cuccia in the first half of the financial year 2016/2017, he said that neither Unicredit nor Vincent Bolloré (holds 8%) gave a signal of possible disengagement from Mediobanca .
The board of directors of Unicredit meets today to approve the results of 2016, which will be announced at market open with the conference call at 14:30. Before the launch of the capital increase, the bank has already provided information on the expected loss for the fiscal year 2016: 11.8 billion euros. This implies a net loss in the fourth quarter alone of € 13.6 billion.
in Addition, during the Capital markets day last December 13, were explained the main negative components of non-recurring (12.2 billion euros mainly related to the execution of the industrial plan) and with a release of 30 January, the bank announced further write-downs for € 1 billion (the largest write-downs of equity investments, including the fund, the Atlas, and extraordinary expenses for the national Fund of termination).
“The most significant extraordinary losses in the quarter will cover the adjustments of one-off loans, 8.1 billion euros net, and the restructuring charges related to staff reduction in Italy and in Germany, € 1.7 billion, net, partially offset by the gain on the sale of the assets of processing of approximately 13.5 million payment cards in Both the 440 million euros net. At the operating level, we expect a profit of just under € 2 billion, net of one-off that will affect the depreciation and amortisation, and other administrative expenses for approximately € 650 million, net of taxes”, estimate analysts at Icbpi that on the title Unicredit have confirmed this morning the rating is buy and the target price to 14,50 euro.
In line with the information provided in the registration document published yesterday, the Cet1 capital at the end of 2016 Unicredit is equal to approximately 8%, therefore below the 10% indicated by the Ecb but also of 8,75% prescribed by the central Bank for the 2017, due to the effect of the time lag between the negative impacts expected arising from the implementation of the strategic plan and the execution time of the capital increase and the sale of the asset. A deficit that will be filled after the completion of the capital increase.
However, the target Transform 2019 are unchanged: in particular, the Cet1 by 2019 has been confirmed above 12.5%, in line with the guidance given at the Capital markets day. “As expected, the results in 2016 are dominated by negative one-off that lead to a deficit of capital, a temporary one, that should be comlato 13 billion of the capital increase in course, stress the analysts of Banca Akros (the investment bank acting as co-bookrunner in the offering), reiterating the rating is buy and the target price to 18.8 euros on the title of Unicredit .
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