The title Mps turns red again in Piazza Affari. After the breakdown of negotiations between UniCredit and the treasure for the privatization of the Sienese group by the end of 2021, Rocca Salimbeni goes towards a declining start on the stock market: the Sienese bank, for which a future is now envisaged stand alone, marks in fact in pre-opening a theoretical decrease of 2% and UniCredit of 0.7%. To the Ministry of the Treasury, however, according to what the Press, there is “optimism” on the prospects for the Tuscan group controlled by the Treasury at 64.2%: the extension of the European Commission to cede the public majority of the Mountain beyond the agreed term will be granted. Six months, perhaps a little longer than the current deadline for the approval of the 2021 budget, in the spring, to reach at least the end of 2022. The extension will be used to launch a capital increase that can be “private or public”, explains a source to the newspaper.
To put it more explicitly: either another person willing to subscribe to a capital increase comes forward, or the State will once again have to intervene. The first case appears remote at the moment, and it is unlikely that a few more months will solve a problem that has been dragging on for eight long years. Yesterday, Banco Bpm – whose name had circulated to partake in a stew with UniCredit – has denied his interest and at the moment there is no one available to sit at the negotiating table: that of Mps is too complex a story for anyone to accept to take on it at costs lower than the seven billion assumed by Unicredit.
Therefore, only the second solution will remain, that is to say yet another injection of public money. It will have to pass through the judgment of Brussels once again and will probably have to include a new “precautionary” recapitalization (this is the technical term) with the taxpayer’s money and the sacrifice of the value of the shares of shareholders and subordinate bondholders. It will be the second time in four years. All this will happen in the hypothesis that the extension arrives without objection. In any case, it cannot be without conditions, taking into account the fact that Italy is already in default with respect to the commitments made with Brussels at the time of the last public intervention in 2017.
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