Unicredit Mps, obstacles on the merger. The Mef does not want stew

From the definitive safety of Monte dei Paschi to the race to exploit, through a new round of marriages, the treasury constituted by the Dta, the deferred tax assets that can be transformed into a tax credit. After the summer break, enlivened by the due diligence of Unicredit sul Monte and a round of tonic half-yearly accounts, these are the autumn challenges for the banking sector.


On the Sienese front, which also heats up politics, especially considering the coincidence with an important round of administrative elections and with those for the college of the Tuscan city which see the secretary of the Democratic Party Enrico Letta among the protagonists, the first news are expected for September. Within the first ten days of the month, Unicredit and its CEO, Andrea Orcel, should receive updates following the analysis conducted on Mps: the Milanese bank, barring extensions of the due diligence, will find itself discussing with the Ministry of Economy and Finance, the perimeter of Mps in which it is interested and the remaining outlines of the operation. Among the conditions set that it is neutral for Unicredit’s capital and that it increases its earnings per share. In the Monte data room, Medio Credito Centrale would also enter, which will acquire part of the assets (starting from the branches in Southern Italy) in which the bank led by Orcel is not interested or which it cannot acquire for antitrust reasons.


“On the part of the Treasury, which would like to minimize the social repercussions for employment and as the Minister Daniele Franco underlined in Parliament, wants to avoid dismemberments”, writes Il Messaggero, who explains: “In the coming days the Treasury will agree with Unicredit “risk mitigation measures” that could have the selected perimeter re-examined. One of the concessions will concern employment levels to contain the number of redundancies to be managed with the seven-year guarantee fund financed by the state. It may not be enough. In government environments. the hypothesis of involving the banking system would have reappeared “.


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