Mps, the government does not exercise the Golden Power: green light at OPS on Mediobanca

Government go -ahead in MPS on the Exchange Publics offer on Mediobanca. The Sienese bank communicated the decision of the Prime Minister not to exercise the special powers of the Italian executive on the operation. Green light is the first important authorization received from the mountain after the announcement of the offer last January. The bank led by Luigi Lovaglio will then present itself at the Thursday assembly with another point in its favor after the OK ECB to the capital increase to the Servation of OS. From Frankfurt is still missing the overall authorization for the operation.

The role of the government

Government clearance was taken for granted according to the market because the operation does not present complex implications as the two banks are reality with a concentrated activity on Italy, there are no significant overlaps between the two institutes or fears that the two banks can, after the operation, decrease their willingness to provide credit to customers. But the go -ahead of the government has arrived in record time to the mountain, the last announced in order of time in the intricate game of offers on the market. Unicredit has not yet received a clearance after the OPS announcement on the counter in November. The government – still shareholder with 11.7% of Siena – has always supported the project to build a pole around an MPS and the industrial plan of its CEO Luigi Lovaglio. With the banker, the Ministry of Economy shared, in addition to the revival, the relaunch plan of the Tuscan Institute, after the 2.5 billion capital increase in 2022 to put the bank safely.

Also invests Amundi

A Pochio days from the assembly of Monte dei Paschi called to express themselves on the issuance of new actions – for a value of 13.3 billion – at the service of the OPS on Mediobanca, the guidelines of largest and larger members of the bank led by Lovaglio began to emerge. Norges Investment Management, the Norwegian sovereign fund managed by the Government, has expressed itself, which has 2.63% of the Sienese Institute in portfolio and which indicated that it is in favor of all the agenda on the day of the Siena Assembly, including the increase in support of the offer on Piazzetta Cuccia. Two days ago Pimco also who, according to the most recent data, has a share of about 1.5% of the Tuscan bank, had expressed himself positively. The Fondi front – very divided and full -bodied in Siena where it weighs for about 50% of the capital – so far has moved in scattered order. Instead, the Canadian Pensions Fund CPP (0.7% of the capital of MPS) expressed itself against the OPS and before even the New York City Controller funds had been negative, Calvert, Florida State Board (each with 0.1%). The lack of alignment also derives from the indications arrived in recent days by the proxy advisor: ISS had recommended a vote against, Glass Lewis favorable. It is possible that Blackrock (2% of Mps and shareholder with 5% of Mediobanca) also made its positions known shortly, as well as Amundi, which would have recently entered with about 1%. Many of these investors are also shareholders of Piazzetta Cuccia.

Who is in favor

The episode of greatest weight on the Monte dei Paschi in recent days made the Caltagirone group, which went from 8% to 9.9% of MPS, a share in which it has a total of approximately 700 million. Bringing just above the 9.8% share in Delfin portfolio. After that of the regulation of the old family, the strengthening of the Roman group was in the air, given that the outcome of the assembly of the mountain is also linked to the opinion of the funds, much represented in the capital of Siena after the two tranches of privatizations decided in the last two years by the Ministry of Economy. The front of supporters of the public exchange offer on Mediobanca appears articulated among the largest members. The operation would be supported by the MEF. In favor of the project they would also be the group of bank foundations with over 1% overall and the Algebris fund. At their side also Enasarco and Enpam, both who have recently entered the game and that could have, together, shares not far from 5% of the capital. Then there is 5% in portfolio at Banco Bpm, purchased with the privatization of last autumn, as well as 4% of its new controlled SGR soul that will vote in favor of OPS. The orientation of the counter could emerge in the board convened tomorrow Tuesday.