When Italian financial power broker Mediobanca helped to grow makeup or break capital in 2022 in 2022, the former poster of the former poster of the country failed in the country. I hardly knew that it would be an acquisition target.
On Friday, MPS surprised investors one day ago by launching a 13.3 billion euros for only 5 % of the premium to the closing price of Mediobanca.
Partially partially offered the government owned by the loaner has a more shock to the Italian banking system.
“This is the final battle between Rome (politics) and Milanese’s finances,” said a government official.
Since gaining power in the latter half of 2022, the right -wing government of Georgian meloni has prioritized the market as a market -friendly one, and is aggressive in business and monetary policies in an attempt to relieve the fear of observers. Use the approach of.
However, a series of interventions to financial sectors, such as trying to design MPs to Banco BPM last year, revision of controversy on the laws of capital markets in the country, and official statements for “International Trans -Tredged”. I governed the concerns. 。
“(The largest single shareholder) is a government, a commercial lender, has begun acquiring a larger investment bank rival, and has the acquisition of a rivalry of a premium and no clear strategic goal. Starting is simply immeasurable, “said Milan Bank Executive.
After the lender conversion succeeded, Italy has met the EU commitment to reduce the shares of parliamentary parliament in 2017 and return the world’s oldest banks to their own hands.
However, the state has been the largest single shareholder with more than 11 %. In addition, parliamentarians seem to play an increasingly important role in the government’s efforts to create the center of new financial strength.
Last year, the meloni government hoped that the Tuscan lender, which was once a symbol of the financial influence of the left -wing parties in Italy, would create a Bangco BPM and a large domestic bank hub.
The purpose of the “third Paul” was to compete with large -scale rivals, competed with intesa Sanpaolo, and maintain powerful Italian footprints.
The UNICREDIT acquisition bid to Banco BPM in November hindered these plans and competed in how the government competes against the latest operation of the highest executive official Andrea Orcel.
Insida has now shown that the MPS movement at MedioBanca has abandoned the hope that the Meloni government could stop Unicredit, and that it was necessary to find BPM alternatives for integrated efforts. I did it.
On Friday, Luigi Lovaglio, the MPS, stated that the acquisition was “Industrial Project that has been considered since 2022.”
“We will create a third bank group in Japan,” Lovaglio said. He called this movement “brave,” “innovative,” and “friendly.” The insider says that Mediobanca’s chief Alberto Nagel has not seen that way.
“Obviously, the acquisition bid is a market trading,” Meloni told the reporters on Saturday. “The only thing I pay attention to is that the members of the Diet, which were once considered a problem by both institutions and citizens, are completely healthy banks that launch ambitious businesses, which are proud of us. It should be. “
Rome gives a new opportunity to replace BPM with Mediobanca and turn MPS into buyers instead of targets. Utilizing the forged connections of the two companies Italian giants, reaching the insurance group Generali. 13 % owned by Mediobanca.
At the latest auction of MPS shares in November, the government sold a considerable remaining mass of Delvecchiopamy, Constructor Francescoga Tanocartagiron, and Delfin, a BPM holding company.
Caltagirone has 7.8 % of Mediobanca and 6.9 % of Generali in addition to the new shares of parliamentarians. Delphins include 9.9 % of the general public and 19.8 of Medio Banka.
Both Cartigiron and Delphin have long conflicted the strategy between Nagel and the general of General Philip Donnet, but failed to bid to replace them.
The general decision of entering the asset management joint venture with NATIXIS in France, which was first reported by Financial Times in November and announced on Tuesday, has further consistent with Cartagiron.
Meloni allies are concerned about the risk of savings in Italy, investing more and more overseas, and the reinforcement of the huge public debt in Italy may face future hurdles.
These concerns resonated with the entire Italian facility and Cartagiron. According to people with the knowledge of deliberations, his representatives of the Generali Committee voted against the transaction.
The insider looks at Cartigiron’s hand behind the MPS movement at MedioBanca instead of Lovaglio, the boss of the MPS. In their narrative, it is a part of a widespread attempts to control the general and overhauled Medio Banka’s business and management, and Leonardo del Wecchio focused many years ago. It is a thing. Alessandro, the son of Cartetagiron, is a newly appointed member of the MPS Board of Directors.
The people close to Cartetagiron and the members of the parliament have denied the direct or indirect involvement of Rome’s big game in transactions.
The merger between Mediobanca and MPS will help you solve Caltagirone and Delfin’s many years of complaints, and at the same time provide Rome the most prestigious and influential financial table seats in Japan.
There is no certainty that transactions will occur. MPS shares closed 7 % on Friday, but MedioBanca shares have increased almost 8 %.
Analyst’s answer was mute. Jeffreies’ Marco Nikolai pointed out that the synergistic effects between the two banks are limited and high risk. “The cultural differences between the two companies can lead to inevitable profits, especially in terms of investment banks and asset management,” he added.
“Our first impression is that this offer has a limited possibility of success,” said KBW analyst Hugo Cruz.
However, people near the members of the Diet argued that Medio Banka had been “still stationary” and had excessive dividends from generals, a long -standing criticism of Milanese Bank.
“Not only the MPS, but also the entire Italian bank department, the road ahead is long for a long time. Many movable parts, many unknown actors, and too many actors are involved.” The manager said.
