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After a long wait, the third tranche of the share held by the Mef in Montepaschi has arrived on the market. But the real surprise is that BancoBpm appears among the buyers, a bank that thus gets its hands on Siena and mortgages, in some way, its future moves. Yesterday the Treasury in fact put approximately 15% of MPS’s capital up for sale through Accelerated Bookbuilding, after initially studying the sale of 7%. The high demand, equal to more than double the initial amount, and the presence of a 5% premium compared to today’s market closing price, pushed the Mef to double the final offer on the market.
BancoBpm’s (and Anima) move
The purchase, surprisingly, was BancoBpm which acquired a stake of around 5% following an extraordinary board meeting held in the afternoon, as anticipated by Sole 24Ore.com. The blitz falls within the context of the operation just launched on Anima Sgr: in recent days the bank led by Giuseppe Castagna launched a takeover bid on the savings management company which has an important distribution agreement in place with MPS. Hence the objective of locking down such agreements.
The operation “is consistent with the strategy of strengthening the group’s product factories”, explains Piazza Meda in a note. MPS is in fact the “main distributor” of Anima products, after Banco Bpm, and is therefore a “strategic” partner for the future growth of Anima and its subsidiaries. Furthermore, from Castagna comes “appreciation” for the “results and progress” obtained in recent years by the team formed by the CEO Luigi Lovaglio and the president Nicola Maione. However, the note clarifies, «Banco Bpm does not intend to submit to the competent authorities requests for authorization for the potential exceeding of the 10 percent participation threshold». At 5%, however, BancoBpm will add another 4% once the takeover bid for Anima is concluded: the Sgr has in fact bought approximately 3 percent as part of the sale of 15% of the Mef.
The other shareholders
The remaining 7% are shared by two important names in the financial world: the Caltagirone group and Delfin. The engineer, taking over a 3.5% share, thus returns to the bank of which he had been vice-president until 2012. Identical to the share bought by Delfin, the holding company of the Del Vecchio family, which controls Luxottica and has shareholdings in Mediobanca and Generali . With this structure, the Treasury’s plans guarantee the Italian character of the MPS project, around which a significant banking hub is being built behind Intesa Sanpaolo and UniCredit. An indication of the possible link between the sale of the MPS share and Piazza Meda, moreover, had already emerged in the afternoon, when the choice of advisor made by the MEF emerged: the accelerated sale operation involved Banca Akros, a merchant bank of BancoBpm, as the sole Global Coordinator and Bookrunner of the sale.
Giorgetti: «Banking and financial policy operation»
«We have completed an important action as we had announced in the institutional fora, foreseeing the implementation of an Italian banking and financial policy operation aimed at strengthening the shareholding of an important player in the credit market in a serious and confidential manner as always declared in these two years of government”.
Surprises in the Banking World: MPS and BancoBpm
Welcome to the world of financial wizardry where announcements in the banking sector are as surprising as a parrot starting a stand-up routine! So grab your favorite beverage because the drama surrounding Montepaschi di Siena (MPS) has more plot twists than a soap opera.
In an exciting turn of events, the Ministry of Economy and Finance (MEF) has dropped about 15% of MPS’s capital onto the market, and… surprise, surprise! BancoBpm is the lucky buyer – a twist no one saw coming! It’s like showing up to a fancy party only to find out the host put the good snacks in the laundry room. The initial plan? A modest 7% sale. But apparently, the appetite for MPS shares is greater than a kid in a candy store. The demand spiked over twice the expected amount, giving the Treasury cause to up the ante – and like a deft magician, they pulled a 5% premium out of their hat.
BancoBpm’s (and Anima) Move
So, BancoBpm swoops in, acquiring around 5% following an extraordinary board meeting. Curious? Well, the plot thickens because this caper coincides with their takeover bid for Anima Sgr, a savings management company with quite the handy distribution deal with MPS. It’s like a financial game of chess, and BancoBpm just moved its queen right onto MPS’s square!
Now, why are we all sitting on the edge of our seats? According to news from Piazza Meda, this little acquisition fits snugly into their strategy of reinforcing the group’s ‘product factories.’ Seriously? Who comes up with these phrases? I can just imagine them in a board meeting going, “Excuse me, how do we make our financial products sound even more boring?”
In a nod to competence, Castagna is toasting to the progress made by MPS’s CEO, Luigi Lovaglio, and president, Nicola Maione. But before you get too excited, let’s not forget, BancoBpm intends to keep their stake to a tidy 5% without any intentions of asking for permission to exceed that threshold. Classic move—why ask when you can just play coy!
The Other Shareholders
Meanwhile, shareholding isn’t just a party of one! The remaining 7% got divided among big names like the Caltagirone group and Delfin—two players with stakes that would make your head spin faster than a DJ at a rave. The engineer Caltagirone sauntered back to MPS after a hiatus, capturing a 3.5% share. There’s nothing like a bit of nostalgia mixed with investment strategy!
Delfin, the Del Vecchio family’s holding company (who also dabbles in fashion with Luxottica), also snagged 3.5%. So here we are, with a blend of old players and new schemes keeping the Italian banking scene as vibrant as pasta on a Sunday dinner table.
Giorgetti: «Banking and Financial Policy Operation»
And what about Giorgetti? He comes out proclaiming this maneuver as a rigorous banking and financial policy operation. “The plan is to bolster the shareholding of a key player in the credit market,” he trumpets as if he were announcing the Oscar nominations. Well, in the world of economics, it feels more like announcing someone’s next trip to rehab!
In conclusion, keep your eyes peeled and your popcorn ready! The world of MPS and BancoBpm is now more intriguing than a lost episode of ‘Fawlty Towers.’ So stay tuned—because in the realm of banks and mergers, you never quite know what’s going to happen next!
After a prolonged wait, the long-anticipated third tranche of shares held by the Ministry of Economy and Finance (Mef) in Montepaschi has finally entered the marketplace. In a noteworthy development, BancoBpm emerged as one of the key buyers, thereby securing a strategic foothold in Siena and solidifying its future operations within the banking sector. Just yesterday, the Treasury opted to sell approximately 15% of MPS’s capital through an Accelerated Bookbuilding process, initially considering a sale of only 7%. The overwhelming demand, which exceeded twice the original offering amount, coupled with a 5% premium relative to the previous day’s closing price, prompted the Mef to enhance its final offering significantly.
BancoBpm’s (and Anima) move
The unexpected acquisition came from BancoBpm, which acquired a stake of around 5% following an extraordinary board meeting held in the afternoon, as reported by Sole 24Ore.com. This aggressive strategic move aligns with the recent takeover bid the bank, under the leadership of Giuseppe Castagna, initiated for Anima Sgr, a significant player in the savings management sector with a vital distribution agreement with MPS. Thus, the objective becomes clear: locking down vital business agreements that enhance market presence.
The operation echoes the bank’s commitment to fortifying its product offerings, as noted in a communiqué from Piazza Meda. MPS operates as the “main distributor” of Anima products, following Banco Bpm itself, positioning it as a “strategic” ally crucial for future opportunities to expand Anima and its affiliated services. Notably, Castagna expressed “appreciation” for the “results and progress” made in recent years by the executive team led by CEO Luigi Lovaglio and President Nicola Maione. It is worth noting, however, that Banco Bpm clarified, “does not intend to submit to the competent authorities requests for authorization for the potential exceeding of the 10 percent participation threshold.” At this 5% stake, BancoBpm anticipates adding another 4% following the completion of its takeover bid for Anima, which has already acquired approximately 3% as part of the Mef’s sale of 15%.
The other shareholders
The remaining 7% of shares were distributed between two significant financial entities: the Caltagirone group and Delfin. The engineer claimed a 3.5% share, marking his return to the bank where he once served as vice-president until 2012. Delfin, the holding company owned by the Del Vecchio family—which has investments in Luxottica as well as stakes in Mediobanca and Generali—acquired the same share percentage. This strategic arrangement reflects the Treasury’s commitment to maintaining the Italian essence of the MPS project, which is part of a broader effort to develop a substantial banking hub in tandem with giants like Intesa Sanpaolo and UniCredit. Interestingly, hints regarding the potential connection between the MPS share sale and Piazza Meda emerged early; it was revealed that Banca Akros, BancoBpm’s merchant bank, was selected as the sole Global Coordinator and Bookrunner for the accelerated sale operation.
Giorgetti: «Banking and financial policy operation»
“We have completed an important action as we had announced in the institutional fora, foreseeing the implementation of an Italian banking and financial policy operation aimed at strengthening the shareholding of an important player in the credit market in a serious and confidential manner as always declared in these two years of government.”
“Banco Bpm does not intend to submit requests to the competent authorities for authorization to exceed the 10 percent participation threshold.” This reflects a cautious yet strategic approach, emphasizing their commitment to maintaining a stake at 5% while still ensuring they can capitalize on future opportunities without approaching regulatory limitations.
Furthermore, Banco Bpm’s stake is set to increase by an additional 4% following the completion of the takeover bid for Anima, as the Sgr is expected to acquire roughly 3% as part of the arrangement concerning the state’s sale of 15% of their holdings.
The Other Shareholders
In this unfolding scenario, it’s essential to acknowledge the diverse landscape of shareholders. A decisive 7% of MPS’s shares are distributed between influential financial entities such as the Caltagirone group and Delfin. Caltagirone has bolstered its presence in the bank with a 3.5% share, marking a return to the institution where he had previously served as vice-president until 2012. Similarly, Delfin, controlled by the Del Vecchio family, which boasts substantial shares in well-established brands like Luxottica and Mediobanca, has also acquired an equal 3.5% stake. This mixed ownership structure provides a robust foundation for MPS’s future direction while ensuring that the Italian identity of the bank remains intact in alignment with the Treasury’s objectives.
A Unified Front for Stronger Banking Policies
In light of these developments, Italian Minister of Economy and Finance, Giorgetti, has emphasized that this maneuver aligns with a broader banking and financial strategy aimed at enhancing the presence of significant players within the credit market. He frames this operation as a necessary step toward fortifying MPS as a crucial contributor to the Italian banking hub, which aspires to stand strong alongside institutions like Intesa Sanpaolo and UniCredit. This strategic overview indicates a proactive governmental approach in shaping a resilient and competitive banking sector, reinforcing important partnerships while paving the way for potential growth within this pivotal market segment.
Ultimately, as these narratives intertwine in the vast realm of finance, it’s clear that MPS and BancoBpm are poised for significant changes—changes that may redefine the Italian banking landscape. Only time will tell how these tactical decisions will unfold, but one thing is for certain: the drama is far from over, and stakeholders across the board will want to remain attentive as this financial saga continues to develop.
