Carige, warm autumn under the lantern. The anti-Malacalza front is developing



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From stock performance on the stock market you would not say, but at home Banca Carige draws ribaltone air . The sides facing each other are opposed on one side Vittorio Malacalza the largest shareholder of the Ligurian bank with 20.6% (but already authorizing to raise up to 29%) of the Ligurian bank. the other the Italian-British financier Raffaele Mincione a member of 5.43%, but already decided to go up to 19.9%, which is trying to make a common front with Gabriele Volpi a shareholder of 9% and with Sga (the "Bad bank" has already intervened in the crises Bpvi and Veneto Banca), a member of 5.4%

  carige Carige [19659005] The board of directors of August 3 approves the six-month will convene the meeting of mid-September that will renew the board, until here controlled by Malacalza : Mincione intends to present a list led by the CEO Paolo Fiorentino who is supported by the ECB, Malacalza rather instructed his lawyers "to review the documents, conduct and facts put in place by Carige executives to ascertain whether identifiable elements of criminal relevance ". But because Fiorentino and Malacalza, who had also wanted last year the former chief operating officer UniCredit to replace Guido Bastianini (who in turn was called to replace Pietro Montani, who was also initially chosen by Malacalza), came to pieces?

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<p><strong>  Why Fiorentino, in agreement with the "desired" Mario Draghi, would like to speed up the time of a merger </strong> while Malacalza, who in three years has invested 363 million euros bank (of which only 100 million only in the capital increase last December, which occurred at 1 cent per share), losing up to about 260, would settle the accounts of the institution first , in order to increase its value), before proceeding to marriage <strong> The title Carige should however rise to at least 3 cents p share because the entrepreneur Piacenza closes the game without losses </strong> and the thing seems impossible in the short term and not easy even in the medium term </p>
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<p>  Mincione, pointing to the recovery of Cda, has fewer problems because it entered more recently and at prices significantly lower than Malacalza in the capital of the institute, having invested 22 million with an average price of less than 0.8 cents per share. <strong> Volpi is in the balance </strong>: he has invested 120 million for a stake that is now worth 43 million and to go to parity, we must hope to see the title back up 2.4 cents. For its part, SGA may also be in favor of closing the practice as soon as possible, while large funds (with percentages between 0.15% and 0.60% per group, such as <strong> BlackRock, Dimensional Fund , Charles Schwab and Mediolanum Fondi </strong>) could also <strong> prefer a fast marriage to a slow valorization of value </strong></p>
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But who could go to marriage? Carige? At the beginning of the year, Equita Sim had developed a "scenario" involving the involvement of Mps (still controlled by the Treasury with 68.3% of the capital), but Bper Banca, Creval and Banco Bpm The badumption could not displease the Lega-M5S government because it would give life to the third Italian credit center, Intesa Sanpaolo and Unicredit. In this case, however, would be a sad epilogue for Vittorio Malacalza, that after the fortune gained by industrial activities and some successful financial transactions such as the investment in Pirelli-Camfin, would come out with heavy losses of adventure in the industry

  Mario Draghi bee Mario Draghi Foto LaPresse

An area in which Malacalza had no experience and in which he wanted to enter perhaps with excessive temerity when the crisis of questionable loans A crisis of which we are just starting to get a glimpse, so that Banca Carige has also been able to proceed with the sale of NPL and a portion of real estate badets , even though she is still waiting to launch a 300-350 million subordinated bond from the euro reserve to institutional investors

Who knows if in his meetings, Fiorentino will also have polled no only the willingness to invest in debt, but also to support its line of management of the institute, to further strengthen the front of its supporters? Surely under the apparent calm of the stock, an autumn storm is ready to burst in Banca Carige.

Luca Spoldi

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