Oops, how Intesa Sanpaolo will move with Bper on Ubi after the Antitrust

Oops, how Intesa Sanpaolo will move with Bper on Ubi after the Antitrust

Facts and rumors about the moves in the pipeline of Intesa Sanpaolo for the Ops launched on Ubi Banca. The role of Bper to acquire other branches, the maneuvers of Palenzona pro Messina and the words of Micciché (Imi)

Intesa Sanpaolo is working to change the Ops on Ubi especially in the part of the sale of Ubi branches to Bper to convince the Antitrust Authority that there will be no dominant position in some areas and sectors.

This is the belief of the experts in the wake of the preliminary results of the investigation opened by the Antitrust Authority and on the basis of the words of the president of Banca Imi (Intesa Sanpaolo group), Gaetano Micciché, leading exponent of the banking group headed by the administrator delegate, Carlo Messina.

Bper will play a leading role. The hypothesis in the pipeline of Intesa Sanpaolo and Bper is that of sending a new agreement to the Antitrust Authority which extends the perimeter of the business unit to be transferred to Bper, in order to guarantee compliance with the thresholds set by the Antitrust Authority.

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Intesa Sanpaolo is "confident of overcoming any possible criticalities in light of the indications that emerged in this first preliminary phase and of reaching the hoped for release of the authorization with solutions compatible with the applicable legislation," said Miccichè.


According to financial rumors relaunched today by Mf / Milano Finanza, Bper would be willing to take over another 100 branches compared to those already agreed with Intesa Sanpaolo as part of the transaction planned by Intesa with Bper on the Ubi branches.


These rumors – in fact – also the media effect of calming the turmoil of shareholders, stock market analysts and insiders given the latest news on the antitrust orientation that is far from favorable in full compared to the Ops, unlike what happened in the home of the Bank of Italy and the ECB which on the systemic stability profiles gave the go ahead to the Offer planned by Messina on the bank led by the CEO, Victor Massiah.


In fact, at the end of the preliminary examination, the market guarantee authority chaired by Roberto Rustichelli transmitted the findings emerged during the analysis to the institute led by Messina, explaining that he believed that the Ops on Ubi "is not in the state of the acts. susceptible of being authorized "as it is capable of" producing the establishment and / or strengthening of the dominant position "of Intesa" in numerous markets "without the agreement for the sale of a business branch to Bper" being able to be taken into consideration, as an intervention aimed at resolving competitive problems ».


This is a preliminary assessment, as the Antitrust itself clarified in a note issued in response to the rumors of a definitive rejection of the Ops "No decision was taken by the Authority on the compatibility of the transaction with the competition rules », Reads the note, in which Rustichelli's offices clarify that« only the Communication of the Investigation Results was sent to the companies concerned, which represents the preliminary assessment of the Authority's offices regarding the possible competitive criticalities of the concentration ». The fact is, as he annotated the BBC yesterday that "the Antitrust brakes on the integration of Intesa Sanpaolo and Ubi".


But the group headed by Messina is confident of the final result. Intesa Sanpaolo "is lending maximum collaboration to the Antitrust authority" in the investigation into the concentration with Ubi Banca "and intends to continue its investigations with the latter, being confident of overcoming any possible critical issues in light of the indications that emerged in this first preliminary phase and to reach the desired release of the authorization with solutions compatible with the applicable legislation ". This was stated by the president of Banca Imi, Gaetano Micciché, in an interview with the newspaper La Guida di Cuneo, headquarters of the CRC Foundation, one of the main shareholders of Ubi Banca (on the Turin foundations he is working in a pro-Intesa direction – as La Stampa wrote – also Fabrizio Palenzona, one of the strong men of banking foundations in Piedmont).


Micciché disputes the fact that Intesa, of which Banca Imi is a part, is proceeding with a "stew" of Ubi, but rather with the "sale of branches in those areas where the concentration" would cause "the competitive levels envisaged by the Antitrust regulations to be exceeded" , and reiterates that the acquisition of Ubi represents "an operation of high strategic value" which Intesa "has all the intentions to complete" and which offers Ubi shareholders the opportunity to become shareholders of a group "of size European, solid capital, capable of creating value, with top-level profitability in the sector, a low risk profile and a resilient and well-diversified business model ". As for Ubi, he adds, "it is certainly a well managed bank, one of the best from this point of view in the Italian panorama but has structural weaknesses" in terms of "profitability, operational efficiency and asset quality" which represent "important challenges for the future of the bank if it were left alone on the market ".


Bper in action on the same wavelength as Intesa Sanpaolo. The CEO of Bper, Alessandro Vandelli, updated the board of directors regarding the agreement signed with Intesa Sanpaolo to take over 400-500 branches of the entity that should arise from the merger between Intesa and Ubi Banca in the event of the success of the Ops launched on the bank chaired by Letizia Morattia. Agreement at the center of the Antitrust debate, given that the market guarantor considered that it could not consider it in examining the competitive effects of the oops because 'based on the information provided by Intesa Sanpaolo, it was in no way possible list the Ubi business unit to be sold to Bper, without significant uncertainties regarding its perimeter remaining. ' Shortly, according to what financial sources report to Radiocor , a discussion will therefore be initiated with Intesa which, if the conditions are met, will result in the convening of a new Bper board by the deadline of June 15, set by the Antitrust Authority to present memories and documents. on the transaction ahead of the hearing on June 18.


In the meantime, the work of the consultants is proceeding in parallel with the comparison with the offices of the authority of Piazza Verdi so as to be able to arrive at a shared operation that can get the go-ahead from the Antitrust, after having already received those of the European Central Bank and of the Bank of Italy. “The two banking authorities have put the seal on recognizing that the operation goes in the direction of consolidating the banking system and strengthening the first Italian bank and for this reason it is positive. But the ECB and Bankitalia have a "political" role and different tasks from those of the Antitrust, which is responsible for verifying the profiles of competition in concentration operations, "said Corriere della Sera .

After the 2006 regulatory intervention, which doubled the control functions on stability (left to Bankitalia) and on competition (conferred on the Antitrust Authority), the paradox can be produced – as the editorialist Angelo De Mattia defines it today, already in the Bank of Italy – for which an operation can be approved for the stability and efficiency profiles and will fail for those of the competition, even if efficiency is fueled by competition, notes De Mattia.

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/ops-come-si-muovera-intesa-sanpaolo-con-bper-su-ubi-dopo-lantitrust/?utm_source=rss&utm_medium=rss&utm_campaign=ops-come-si-muovera-intesa-sanpaolo-con-bper-su-ubi-dopo-lantitrust on Thu, 11 Jun 2020 14:15:30 +0000.