The stock market likes momentum towards the creation of third banking hub, which reignites the risk at a national level, opening up a range of hypotheses on the future of the sector. It all started yesterday evening with the announcement of sale of a further share of Banca Monte dei Paschi di Siena by the MEF.
An operation served on a silver platter in a very delicate phase: the announcement of theBanco BPM takeover bid for Anima Holdingwhich had set the banking sector in turmoil, also involving Montepaschi which in fact was already in fibrillation on the market. And, in fact, the further tranche put up for sale by the Treasury was purchased by Banco BPM and Animawith the complicity of Caltagirone and Delfinthe holding company of the Del Vecchio family.
A scenario that is becoming clearer and that the market appears to appreciate, since the Banks involved began trading in a rally this morning in Piazza Affari.
MPS and Banco BPM soar on the stock exchange
The shares of Banca Monte dei Paschi began trading on a rally this morning, reaching an almost 11% increase at 6.112 euros per share. Always very intense volumes with over 17 million pieces changing hands in just over half an hour between transactions.
Banco BPM also jumped on the stock market, with a 4.5% advantage at 7.062 euros per share. Also in this case, volumes are increasing with 8.6 million shares traded.
The MEF sells 15% of MPS
It all started late yesterday afternoon, when the MEF announced the start of an operation accelerated book-buildingputting up for sale, initially 7% of Banca Monte Paschi. An operation that lasted a couple of hours and ended with a increase in share put up for sale by the Treasury at 15% of the capital of the Bank.
A great coup for the government, which managed to achieve a 5% premium on the closing prices of the stock from yesterday’s session, grossing 1.1 billion from the sale of 188,975,176 shares to a consideration of 5,792 euros. This brings the total proceeds of the MEF to 2.7 billion compared to 1.6 billion used for the subscription of the Bank’s capital increase. Following the operation, the stake held by MEF she came down at 11.7%.
Banco BPM ticks as it does not intend to exceed 10%
The first to come forward, after the operation was closed, was BPM Bank, which announced that it had purchased 5% of the capital of MPS. An operation – specifies the Bank in a note – which “is included in the broader context of the takeover bid voluntary on all of the shares of Anima Holding“, announced last November 6, and “consistent with the strategy of the group to strengthen its product factories”.
“MPS is in fact the first distributor of Anima group productsafter Banco BPM, and represents a strategic partner for the future growth of Anima and its subsidiaries”, recalls Banca BPM again, also expressing “appreciation” for “the results and progress achieved in recent years by the current management and the Board of MPS Administration”, but specifies that he “does not intend” ask for authorization to “possibly be able to exceed the 10% threshold” as it “remains focused on the objectives of the 2023/26 plan, confirming its own stand-alone strategy“.
The MPS operation will have an impact on Banco BPM’s CET1 ratio as of 30 September 2024 of -9 bps and will not affect the existing distribution policy. Based on the latest MPS consensus estimates, the investment will generate an annual return of approximately 14% in the form of dividends, with a positive impact on earnings per share of approximately 2.5%.
Soul: Purchase strengthens strategic relationships
Late in the evening too Anima Holding came forward, announcing the purchase of one 3% share of MPSThat added to the 1% already in his possessionbrings the total participation to 4%. The consideration for the purchase of the additional MPS shares was approximately 219 million euros.
“Anima has always had as its priority strengthening strategic relationships at the heart of its multi-partnership model,” he says Alessandro Melzi d’ErilCEO of the Anima Group, adding that the relationship with MPS “is a source of great satisfaction for the goals achieved together with colleagues from the MPS network in these fifteen years, and of enthusiasm for the prospects for future growth”.
“We had already shown our support by participating in the 2022 capital increase; there could not have been a better opportunity than this share placement to express the our appreciation for the Bank e broaden the horizons of fruitful collaboration“, concludes the manager.
Caltagirone and Delfin emerge
A third party buyer came out into the open. According to what was reported by financial sources in the evening, also the Caltagirone Group acquired 3.5% of Montepaschi in the operation conducted by the Treasury. An operation that brings home a stake that can be defined as historic for the Caltagirone family, but at the same time strengthens the hypothesis of the formation of the third banking hub, since the Roman entrepreneur is already a shareholder of both the Bank and the asset manager.
Lastly, too Dolphinthe holding company of the Del Vecchio family, recorded 3.5% of MPS capital, according to the latest rumors from the financial press.
