(ANSA) - MILAN, OCTOBER 29 - The reshaping of tax incentives for bank mergers, with the introduction of a 500 million euro ceiling for the transformation of DTAs into tax credit, causes an earthquake on the stock exchange.
Banco Bpm (-6.2%) and Bper (-6%) collapse, seeing the incentive vanish, while Carige (+ 4.1%) continues, on whose size the stimuli were factored after the failed sale of Mps aUnicredit.
"The M&A game is over", write the analysts of Mediobanca who rushed to cut the judgment on Bper eBanco, underlining how "the incentive of the Dta is substantially unchanged for Carige and resized for all others" after the latest drafts of the maneuver is an "unexpected ceiling" appeared, represented by the lowest between 500 million euros and the value of 2% of the assets of the smallest bank involved in the merger, effectively introducing a 'cap' of half a billion for the transformation of DTAs into tax credits.
"After the interruption of negotiations between Unicredit and the Ministry of Economy on a potential transaction for MPS, let's see the extension of the DTA to June 2022 at risk", write the analysts.
(HANDLE).
