Montepaschi, Axa’s exit kicks off the Corriere.it reorganisation

Twenty investors, many international, with one request equal to five times the offer which concerned one hundred million shares. The first ten of the list of requests arrived on the desk of Exane Bnp Paribas, which placed 7.94% of Monte dei Paschi on behalf of Axa, took 60% of the position. The company led by Thomas Buberl, the bank’s second shareholder, said goodbye to Siena, maintaining 0.0007%. He divested at 2.33 euros per share, cashing in 233 million, with a capital gain of 33 million in four months. The reason for the disengagement – explained Axa to the market – stems from the intention not to seek representation on the Sienese bank’s board at the April meeting, or to influence its long-term strategy, after having played the role of catalyst in the MPS increase. And without any impact on the agreements of the jv with Mps.

Axa has faith in MPS and its management and trusts to continue working with the bank even after 2027, said Antimo Peretta, Axa CEO for Europe.

The result of the French farewell? A free float for Mps – equal to 35.8% – even more widespread, with a more liquid title, which joins the 64.2% of the Treasury and which, according to the market, could even make the next step more fluid with the exit of the Mef, through an aggregation, according to the scheme designed by the CEO Luigi Lovaglio which led to the port the increase from 2.5 billion and achieved the objectives of the plan in advance. Without Axa, the bank has simpler governance, which is useful when it comes to negotiating a merger, according to Mef sources. The most popular partner remains Banco Bpm, on the strength of agreements with Mps in asset management through Anima, a product factory for Mps and Banco Bpm, whose president Massimo Tononi yesterday, after the CEO Giuseppe Castagna, reiterated that the bank is not interested in Monte.