(Finance) – The third pole hypothesis takes shapedespite countless denials by Giuseppe Castagnanumber one of BPM desk which he always has denied the possibility of aggregation with Banca Monte dei Paschi di Siena, reiterating several times the independence of the Bank and its unwillingness to join other entities.
With a blitz lasted a few hours the couple BPM desk –Soul – the Bank recently promoted a takeover bid for the asset manager – it reached hold 9% of the Sienese Bankpurchasing the shares put up for sale by the Treasury and now being the second largest shareholder of Siena after the MEFWhile Caltagirone, shareholder of Banco BPM and Anima, has secured a 3.5% share of MPS.
An evolution that paves the way for the creation of the third banking hub as part of the consolidation of the sector at national level. A European consolidation, to date, still appears premature and, as evidenced by the story Unicredit–Commerzbankstill faces too many ideological obstacles.
The MEF puts 15% of MPS up for sale
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 collections 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 wins with a 5% share
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 – the Bank specifies 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 “doesn’t mean to” ask for permission to “possibly be able to exceed the 10% threshold” since “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%.
Anima steps forward in the evening with another 3%
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 our our appreciation for the Bank e broaden the horizons of fruitful collaboration“, concludes the manager.
Caltagirone closes the round with 3.5% of MPS
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.
Delfin also acquires 3.5%
Lastly, too Dolphinthe holding company of the Del Vecchio family, would have acquired 3.5% of MPS capital, according to press rumours.