UniCredit and the Ministry of Economy and Finance, as the majority shareholder in Banca Monte dei Paschi di Siena, have agreed to the terms of the potential transaction involving the business activities of Mps, by defining specific perimeters and appropriate risk mitigation measures. To this end, they will start exclusive discussions to check the feasibility of the operation.
One of the main assumptions agreed with Mef to ascertain the feasibility of the transaction at the equity and economic level is its neutrality with respect to the group’s capital position on a pro forma basis. In addition, there is a significant increase in EPS after considering the potential net synergies of the transaction and in any case maintaining current levels of EPS even before taking into account potential synergies in 2023 It is also expected that unusual disputes not related to normal banking activities and all legal risks are excluded relevant, current or potential. As well as excluding non-performing loans and adequate coverage of any other credit risks are also determined after due diligence through the procedures to be determined. Finally, agreement on personnel management on the basis of the intrinsic essence of doing business, in order to ensure easy, rapid and effective business integration into the group.
“It is too early to say now whether the government will be a shareholder in Unicredit.”. This was stated by Unicredit CEO Andrea Orcel stating that it “will depend on the structure of the operation”. He stressed that “we have a goal and aim to close the deal as soon as possible,” adding that “the perimeter we can get will be known in September. At the moment, capital neutrality is a principle, first we should go into due diligence and define the perimeter which will be obtained.
The Chairman and CEO of Mps are pleased that Unicredit has expressed an interest in entering the data room. This is what has been learned from Sienese Bank sources regarding the position of Patrizia Greco and Guido Bastianini.
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