Down Mps, Orcel's move on Bpm drives away speculation that bet on the third pole

(Il Sole 24 Ore Radiocor) - Banca Mps down in Piazza Affari (FTSE MIB ) after the surprise move by Unicredit on Banco Bpm. Investors are wondering about the future of Rocca Salimbeni, given that an integration with Banco Bpm, as speculated by the market, seems blocked. The ceo of Unicredit himself, Andrea Orcel, has declared "we have no ambitions on Mps". In addition, Unicredit itself has demanded as a condition that Banco Bpm, as a defensive move, by the payment date (scheduled for June) does not alter the terms of the offer on Anima and does not undertake any acts or transactions that could thwart the achievement of the transaction. Thus is beating retreat the speculation that was betting on the creation of a third pole formed by Mps and Banco Bpm, after the latter's entry into Siena's capital, with a 3.5% stake (which rises to around 9% considering the shares held by Anima).

Even though the number one of the institution in Piazza Meda, Giuseppe Castagna, had thrown water on the fire, outlining a stand-alone strategy for the institute and stating that he would not ask the banking authorities for authorisation to increase beyond 10% of Rocca Salimbeni, for the Stock Exchange the road towards the third pole now seemed marked. All the more so since even the government has on several occasions expressed the desire for a third large bank to be formed in Italy. Orcel, however, reshuffled the cards and at this point investors were left bewildered, wondering about the future of the Sienese institute and eventually of Anima Holding , whose shares are moving away from the 6.2 euro put on the table by Banco Bpm in recent weeks. After all, the stock exchange is questioning the future of the sgr, which has a commercial partnership with Mps that accounts for around 12% of retail funding. The contract still has a long duration (it will expire in 2030), but it goes without saying that Anima-Mps relations could become more uncertain, when and if Anima ends up under another banking pole. Orcel himself said this morning about the stake acquired in Mps by the Piazza Meda institution: 'it is to protect the distribution agreements with Anima. I think it is a good idea'..