the French sell their 8% stake – Corriere.it
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Axa comes out of Monte dei Paschi di Siena. With an accelerated bookbuilding procedure reserved for institutional investors, announced yesterday afternoon with the markets closed, the French insurance giant has put almost all of its stake up for sale in the oldest bank in the world. The French company, which had 7.94 percent of the capital in its portfolio, will maintain an almost symbolic stake of 0.0007 percent in Monte dei Paschi, whose stock will probably be included in the Ftse-Mib index tomorrow. The placement, entrusted to Exane Bnp Paribas, will take place by 2 March at a price between 2.33 and 2.47 euros.
On the Stock Exchange
The sale by Axa, which was not expected, produced two evident effects. The Monte dei Paschi di Siena share lost about 5 percent on the stock exchange in the final stages of yesterday’s session. The last price recorded was 2.6075 euros, against a high for the day at 2.77. The other evident aspect of the operation is the transfer of the French share simplifies the process of renewal of the top management of Monte dei Paschi di Siena, which will be submitted to the vote of the assembly on 20 April. Less than a month after the presentation of the lists, which will have to be formalized on March 26, the exit of Axa, which was the second largest shareholder after the Italian government, which controls over 64 percent of the shares, facilitates future strategies.
The joint venture
Antimo Perretta, CEO of European markets and president of the board of Axa Italia, said last week, Axa wants to continue being an insurer and is not interested in managing a foreign bank. The French, who have an insurance joint venture with Mps that has been going on with mutual satisfaction since 2007 (and will continue), they had become shareholders of Mps on the occasion of the last capital increase. In one of the most delicate moments of the operation, their check for 200 million euros had resolved many unknowns. A financial operation, it had been said. Now the proof: they come out cashing in a significant capital gain. In four months, Axa accounts for a gain of between 16.5 and 23.5 percent.
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