Purchases on Mps, 'phase 2' of the risiko begins between board renewals and shareholder waltz

(Il Sole 24 Ore Radiocor)- At Piazza Affari, the second half of the banking mergers has already begun, which this time are not so much about takeover bids but about the delicate renewals of the boards of directors that will take place in the coming months Banco Bpm and Banca Mps . Both tables where the renewal of the respective governance is being discussed have entered into full swing. In the case of Rocca Salimbeni, indiscretions from 'La Stampa' report of a close confrontation between CEO Luigi Lovaglio, chairman Nicola Maione and the big shareholders, Caltagirone and Delfin in view of a possible list of the outgoing board. This is while waiting for the Plan to clarify the future Mediobanca, whose fate is still in limbo between delisting with integration or a future as a more autonomous company (albeit armoured by Siena's subsidiary). But the movements are also in the shareholding structure. Premier Giorgia Meloni has explained that the Mef, in no hurry, will divest its remaining 4.86% stake. It only remains to be understood when, while rumours, never denied, report of a return of flame of the ad of Unicredit , Andrea Orcel, for Rocca Salimbeni, where he could enter through the main door, taking over the 17.53% share now in the hands of the Del Vecchio holding.

The deal, Equita analysts reason, "would position UniCredit as Mps's largest shareholder and could represent afirst step towards a potential full takeover of the bank, as well as a lever to explore possible collaboration spaces with Generali". In an operation of this kind, the broker underlines how 'the role of the government should not be underestimated', given that Palazzo Chigi has recently 'reiterated its wish for the birth of a third banking pole'.

Complicating these plans are then the French of Credit Agricole , by now above 20% of Banco Bpm after the Bce ok (they could get close to 30% after the changes to the Tuf without obligation of Opa). A share that "demonstrates the long-term investor approach of the French bank", according to Intermonte, which will certainly weigh in the election of the new board of the bank in Piazza Meda, where the top duo Giuseppe Castagna and Massimo Tononi are also aiming for a renewed mandate (the "reconfirmation of the current ceo Castagna" is also expected by analysts of the Milanese Sim). Banque Verte as a shareholder could aim up to five directors, presenting its own list, but the hypothesis that BPM would have to go through the shareholders' meeting for changes to the articles of association always balks. So many pieces on the table for an unpredictable final settlement. And the market, meanwhile, is betting on new potential rearrangements.