The Limited Times

Now you can see non-English news...

Unicredit deals exclusively with Mef for Mps

2021-07-29T19:09:17.392Z

On the plate the commercial activities of Monte dei Paschi (ANSA) UniCredit and the Ministry of Economy and Finance, in its capacity as majority shareholder of Banca Monte dei Paschi di Siena, have approved the conditions for a potential transaction involving the commercial activities of Mps, through the definition of a selected perimeter and adequate risk mitigation measures. To this end, they will initiate exclusive discussions to verify the feasibility of the



UniCredit and the Ministry of Economy and Finance, in its capacity as majority shareholder of Banca Monte dei Paschi di Siena, have approved the conditions for a potential transaction involving the commercial activities of Mps, through the definition of a selected perimeter and adequate risk mitigation measures.

To this end, they will initiate exclusive discussions to verify the feasibility of the operation.

Among the main assumptions agreed with the Mef to verify the feasibility of the transaction at the equity and economic level is its neutrality with respect to the Group's capital position on a pro forma basis. In addition, a significant increase in earnings per share after considering the possible net synergies of the transaction and in any case the maintenance of current levels of earnings per share even before taking into account the possible synergies at 2023 The exclusion of extraordinary disputes is also foreseen not relating to ordinary banking activities and all related legal risks, current or potential. And also the exclusion of impaired loans andadequate coverage of any further credit risks that are identified also following the due diligence through methods to be defined. Lastly, the agreement on personnel management based on the compendium inherent in the exercise of commercial activities, in order to ensure an easy, rapid and effective integration of the business into the group. 

"It is too early to say now whether the government will be a Unicredit shareholder"

. This was stated by the CEO of Unicredit Andrea Orcel explaining that "it will depend on what the structure of the operation will be". "We have an objective in mind and we aim to conclude the deal as soon as possible", he underlined, adding that "the perimeter we can acquire will be known in September. At the moment, neutrality on capital is a principle, first we must go to due diligence. and establish the perimeter to be acquired ".

The chairman and the CEO of Mps express satisfaction with Unicredit's expression of interest in entering the data room. This is what is learned from sources of the Sienese bank regarding the position of Patrizia Greco and Guido Bastianini.


Source: ansa

All life articles on 2021-07-29

Similar news:

You may like

Life/Entertain 2021-08-19T16:56:09.762Z
Life/Entertain 2021-07-29T19:09:17.392Z
Life/Entertain 2021-08-04T20:07:58.605Z
Life/Entertain 2021-08-02T13:02:52.077Z
Life/Entertain 2021-08-19T12:59:07.304Z
Life/Entertain 2021-07-29T18:11:52.457Z

Trends 24h

Life/Entertain 2021-09-20T17:27:18.382Z
Life/Entertain 2021-09-20T16:51:11.033Z
Life/Entertain 2021-09-20T17:51:13.244Z

Latest

© Communities 2019 - Privacy