(Finance) – “From the credit point of view, the combined entity would benefit from a highly diversified revenue basis in all the main financial segments: banks, patrimonial management and insurance”. It is the judgment of Scope rats to the MPS offer on Mediobanca which “would also bring to its budget 2.9 billion euros of active different taxes, which would be issued over six years, with a benefit on the income statement net of the taxes of 500 million”.
“Management – underlines Alessandro Boratti, Scope Rings analyst – estimates annual synergies of around 700 million euros, thanks to the increase in revenues through cross-selling and market penetration, reducing costs thanks to the optimization of fixed costs and reducing financing costs. However, the achievement of these synergies could be difficult due to the significant differences between the two entities “.
Therefore, “the support of the two major shareholders of Mediobanca, Dolphin and the Caltagirone groupwhich together hold 27.7% of the bank’s capital and 14.8% of MPS, is fundamental for the operation. If the operation were to go through, their participation in the entity resulting from the merger would rise to about 22%”observes the analyst, according to which” the main engine of the operation is the creation of a third strong operator in the sector Italian bank behind the two market leaders, Understanding And Unicredit. It is an operation for some time hoped for by the Italian government. The combined entity would clean up a significant share of general insurance and could further strengthen its market position through future acquisitions ”