Fineco under scrutiny amid speculation of interest from Unicredit

(Il Sole 24 Ore Radiocor) - Finecobank is in the spotlight on the Milan Stock Exchange amid rumours that it could be a potential takeover target for Unicredit . According to reports in Corriere Economia, UniCredit’s chief executive, Andrea Orcel, following the acquisition spree that saw the group strengthen its presence in Commerzbank , is said to have turned his attention back to the Italian market, where potential consolidation opportunities have now dwindled.

Potential targets are said to include Banca Generali, a subsidiary of the Generali, Banco Bpm, which, however, has a troublesome shareholder, namely Credit Agricole, which holds just under 30 per cent of the share capital, and Finecobank , which, by contrast, is a public company. The bank, led by Alessandro Foti, has a market capitalisation of around 14 billion.

For UniCredit, this would mark a return to the past, given that Fineco was owned by the bank: that was when

The stake was acquired in 2014 and was then gradually divested, culminating in the sale of the final shareholding in 2019 as part of the capital strengthening strategy launched under the leadership of the then chief executive, Jean Pierre Mustier. ‘It is clear,’ reports Corriere Economia, ‘that any such initiative appears premature, given the commitment required by the Commerzbank dossier. However, Orcel launched two market operations simultaneously as early as last year and could do so again, not least because time is running out and the alternatives are becoming increasingly few and far between.’

Meanwhile, Banca Akros has confirmed its ‘Accumulate’ recommendation on Fineco, setting a target price of 24 euros. “We believe that these rumours represent a factor underpinning Fineco’s speculative appeal,” the analysts explained.