Mps, Aponte renounces entry. Cordata plan uphill

The project of an all-Italian consortium led by Enrico Marchi's Banca Finint to take over 10% of Mps seems to be increasingly uphill. The surveys carried out so far among family offices and entrepreneurs, we learn, have recorded several closures. So much so that, according to what has been reconstructed by Il Sole 24Ore, some prominent players that could have given important support to the realisation of the plan, such as Gianluigi Aponte's Msc, which was contacted, would have withdrawn after evaluating the dossier. The timeframe, however, is very tight, considering that, we learn, the placement of the 10% of Siena by the government must take place by 28 November, the day on which Thanksgiving is celebrated in the US.

The Mef, a partner with 26.7% of Mps, is working on the future of Siena. The Treasury is reportedly sounding out various interlocutors with a view to the final divestment from the capital of the Sienese bank, agreed with the European Union by the end of 2024.

The transaction, which would involve a first tranche of 10%, should take place by 28 November. Several options are under consideration, from the flash placement, as tried and tested by the public shareholder so far, to the direct sale to third parties. And this is where the consortium that is supposedly trying to build up Marchi comes into play. The number one of Banca Finint and Save, as reported in recent weeks by press indiscretions, is supposedly testing the ground to put together a hard core of entrepreneurs, to raise around 800 million to take over a large part of the stake that the Treasury would like to divest. The plan, it is learnt, would envisage that the package of around 10% of Siena should be divided among the various players in the consortium with shares of between 1 and 2%. And with this in mind, several interlocutors would have received the dossier, mainly family offices. One of the first entrepreneurs to whom Marchi would turn would be Msc's number one Gianluigi Aponte. According to some sources, the owner of Msc would have made it known that he was not interested in the operation. Above all because it is very far from Msc's investment philosophy, which is oriented towards taking over controlling stakes and not minority financial packages.

Msc, contacted by Il Sole24 Ore, had no comment.

More generally, according to various observers, the path towards the identification of an all-Italian group appears increasingly complex. So much so that, barring any last-minute twists and turns, it seems increasingly likely that a market placement will be made, as in the past. As is known, in November 2023 the Ministry of the Economy carried out the placement of an initial 25% package of Siena for EUR 920 million, and then proceeded in March with the sale of another 12.5% for another EUR 650 million. The alternative to the 'pure' market, is that an industrial partner may take over already at this early stage, at least partially, so that on the one hand a lightening of the public share can take place, but at the same time creating the basis for a future marriage project. And here the market continues to bet on a role for Unipol, which, through its chairman Carlo Cimbri, has already expressed interest in a bankinsurance partnership. To date, Cimbri recently emphasised, an interlocution for a possible industrial partnership between Mps and Unipol on bancassurance 'does not exist'. Not least because Siena has an agreement with Axa that expires in 2027. And here is the point. Unipol, as Cimbri has repeatedly stated, is not and will never be interested in a stake in Monte dei Paschi di Siena without an industrial partnership, and therefore an alliance in bancassurance, which is, however, 'not available' to Siena today.