The Ministry of Economy and Finance (MEF) has started a new placement operation for Monte dei Paschi di Siena (Mps), launching an accelerated book building. Initially, 88.2 million shares were put up for sale, corresponding to approximately 7% of the bank’s capital, for a total value of 486.4 million euros. However, strong demand led to an increase in supply up to 15%, allowing the Treasury to raise as much as 1.1 billion euros.
In an unexpected move, Banco Bpm has acquired 5% of the shares of Mps. CEO Giuseppe Castagna explained that the operation is part of the public purchase offer (OPA) on Anima. According to the group, Mps represents a key strategic partner for the future growth of the asset manager and for the strengthening of its production offer.
Castagna reiterated that he does not intend to exceed the 10% threshold and that his strategy remains focused on the objectives of the 2023/26 plan. He also stressed that there is no interest in further acquisitions in MPS. This operation could mark a significant step towards the creation of a third banking hub in Italy, capable of competing with the giants Intesa and Unicredit.
The Caltagirone group has also invested in Monte dei Paschi, purchasing 3.5% of the capital. Minister Giancarlo Giorgetti commented on the importance of the operation in the context of Italian banking policy and the strengthening of the shareholder base. The recent sale has allowed the Ministry of Economy and Finance to meet its commitments to Europe regarding the privatization of the bank and has generated significant resources for public finances. Currently, MPS shares are at their highest since the capital increase in 2022, thanks also to favorable quarterly results that brought profits to almost 1.6 billion euros. Furthermore, HSBC promoted Mps with a ‘buy’ rating, suggesting a target price of 7.2 euros, highlighting the bank’s potential in the Italian banking landscape. A union between Banco Bpm and Mps could generate a robust and competitive financial institution, with a widespread network in the most prosperous areas of the country. In conclusion, while the market is carefully observing these developments, it is expected that these movements could outline new balances in the Italian banking sector in the coming years.
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