UniCredit, Mustier wants to surround Messina with the purchase of 10% of Ubi. And also holding back Intesa’s move on Nexi

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The Antitrust hearings on the oops that Intesa SanPaolo launched on Ubi Banca are proceeding at a fast pace; hand in hand, rumors continue to circulate about the obstacles that the number one of Intesa, Carlo Messina, would meet in the ambition to conquer the Bergamo credit institution.
In recent days, there has been talk of how, in addition to the Antitrust Authority, Jean-Pierre Mustier’s UniCredit also wants to see this clearly. On the other hand, it was the Antitrust Authority itself that talked about how the operation would undermine the substantial symmetry that exists between UniCredit and Intesa SanPaolo, the two BIGs of the Italian banking system.

In addition to being clear, UniCredit may have decided to make another move too, newspapers are talking about today “The newspaper” is “The messenger”.
“According to financial rumors – Il Giornale reports – the Milanese bank led by Jean Pierre Mustier it could take the field alongside Ubi, also by acquiring a share in the limits granted, and thus making the climb of Intesa more difficult “.

Similar rumors also from the Messenger, which reports how UniCredit would be thinking of buying a share of Ubi Banca equal to 10%. And not only. The Roman newspaper adds that Mustier would also like to curb the purchase of Intesa SanPaolo del 9.9% of Nexi.
In a session that sees the Ftse Mib mark a solid rise, jumping up to + 1.8%, UniCredit rises 2.7%, Intesa SanPaolo is + 1.25%, Ubi Banca + 0.59%, Nexi +0 , 85%. Nexi recovers after the bad session on the eve, due to the news of the private equity funds’ decision to reduce their shares.
So Equita SIM in a note comments on the rumors about the acquisition of a 10% stake in Ubi Banca by UniCredit:
“We believe that the indiscretion has little foundation since UniCredit would not have direct economic advantages from the possible acquisition, if not to hinder the Intesa SanPaolo deal, avoiding the strengthening of a competitor’s competitive position. Any acquisition of a minority stake in UBI would therefore be penalizing news for UniCredit’s assessments, also because it would contradict the strategy pursued so far by management which, through various sales (i.e. Pekao, Pioneer and, finally, Fineco and Mediobanca) wanted to refocus the bank’s activities on the core business “.
For its part, Il Messaggero reports that, according to Banca Akros analysts, “if the action that the board of the Bergamo institute announced on Tuesday evening against the Offer making it ineffective, the title would lose over 20% of its current value. Opinion similar to that of Equita, who writes: Since the announcement of the Ops thanks to the prize implicit in the same, Ubi has outperformed Banco BPM and Bper by 25% -30%. And they are very unlikely to show up more advantageous strategic options for Ubi shareholders “.
Meanwhile, the Antitrust hearings continue: Intesa SanPaolo, Bper, the Banca del Monte di Lombardia Foundation have been heard in the past few days and yesterday it was Ubi Banca and Cattolica’s turn. Tomorrow it’s UniCredit’s turn.
The Antitrust Authority had announced its intention to launch an investigation into the oops in mid-May, pointing out in the note that, “in consideration of the importance of the operation, the investigation is aimed at verifying the possible effects on competitive dynamics in the banking, financial and insurance markets, national and local “.
A few days ago the news arrived of UniCredit’s decision to be heard and access the proceeding. It should be noted that the subjects admitted to participate in the investigation have the right to present briefs and more and access the documents, as well as being heard by the Management and participating in the final hearing with the College.
According to these indications provided by the Antitrust Authority, the proceeding will close by the end of July, after having collected the opinion of IVASS.





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