The game is getting hot Montepaschiwith a further increase in the participation of the financial company of Del Vecchiowhich brings the total of share of private individuals in the Sienese bank at 15%. A blitz that replicates that of Caltagirone from a few days ago and which he seems to want protect MPS’s capital and the creation of the so-called Third Pole with Unicredit And BPM desk.
Operation Delfin
Dolphinthe holding company of the Del Vecchio family, has increased its stake in MPS once again, arriving at 9.78%. This was learned yesterday, Thursday 9 January 2025, from Consob updates on relevant shareholdings, from which it emerged that, on 27 December 2024, the Luxembourg financial company led by Francesco Milleri, who is also CEO of EssilorLuxotticapurchased additional Montepaschi shares. The shares were acquired – explains Consob – as part of an overall deal derivatives transaction occurred through “share forward” and “collar share forward” contracts. In this way, participation has increased very close to the 10% thresholdfrom the 3.5% acquired last November on the occasion of the sale of 15% of MPS by the MEF.
Who sold the shares
Looking at the counterparties of the operation, the finger was pointed at French bank Bpce and its investment bank Natixis. In fact, from the same Consob communications it emerges that Bpce, through the subsidiary Natixis, as of 6 January 2025, held a aggregate participation in MPSrepresented by various financial instruments, equal to 6.398% of capital. The share – explains the Authority – is represented by 6.271% of long positions with physical settlement and 0.012% by long positions with cash settlement and 0.114% by voting rights referable to shares. The reconstructions made in financial circles would like that Delfin has purchasedinitially, the participation in Montepaschi and that she covered herself afterwardsfrom the price risk, by stipulating derivative contracts with Bpce, which would now have an indirect stake in the Sienese bank.
Delfin’s commitment in Italy
Delfin had joined Montepaschi in November, participating in the sale of the 15% stake put up for sale by the Treasury, together with Francesco Gaetano Caltagirone (3.5%), Bpm bench (5%) e Anima Holding (4%). But the commitment of Del Vecchio’s safe in Italy is even greater and also involves the significant shareholdings held in General (9.93%) e Mediobanca (19.81%).
The Unicredit match for the third pole
This last operation brings the total participation of the private partners in MPS around 15%, considering the share held by Francesco Caltagirone, who in recent weeks has purchased other shares and rounded his stake to 5%. A move that seems to want to lock down capital of the Sienese bank, after Unicredit’s blitz on Banco BPMwhich is also a shareholder of MPS e Soul.
