If the negotiation with UniCredit for the privatization of Mps will be successful, the State, shareholder in Rocca Salimbeni with 64.2% of the capital, will most likely also become a shareholder of the bank led by Andrea Orcel. Strong shareholder with a post-demerger share of Mountain in two parts (one newco with asset to be conferred in UniCredit and another with functions of bad bank) it could be around 4-5%.
But what will happen at Generali Insurance, second partner in Siena after the mandatory conversion of the bond subordinates in 2017 with the bank’s precautionary recapitalization? AND Philippe Donnet will he have his say in the bank match of the year?
At the time of the 2017 conversion, Generali had found itself in one hand 4.32% share, at a sidereal distance from the state, but still a “heavy” partner and ahead of the French rival Axa. Financial sources explain that the Lion will cover a absolutely marginal role in the privatization of the Mountain, also because it seems that in Trieste have progressively reduced 4.32% of the capital in the portfolio, by selling shares in the oldest credit institution in the world, but remaining in any case above the relevant threshold of 3%. Threshold subject to disclosure obligations towards the market.