Among the banks today the rally of Banco BPM stands out in Piazza Affari (+ 1% to € 2,935) which benefits from the indiscretion of the Financial Times which indicates a stalemate in the negotiations on MPS between the Treasury and Unicredit. A failure of the operation could rekindle the spotlight of a possible assault by the Piazza Gae Aulenti group on Banco BPM. “Although we still see UniCredit as the main interlocutor for Mps (according to Il Messaggero, Orcel would have set the deadline for a term sheet by October 27), we believe that a possible interruption of negotiations with the Mef could represent negative news in the short term. term for UniCredit “, the experts of Equita SIM underline today. “At the same time, however – continues the Milanese sim – we would positively evaluate the management discipline in not having to pursue the negotiation at all costs (increasing the risk of execution of the deal and reducing the potential for value-creation). he UniCredit-Mps transaction we see a positive read-across for Banco BPM, as we believe it will increase the speculative appeal in relation to a possible M&A with UniCredit “.
Since the beginning of the year, Banco BPM is the best stock in the Ftse Mib with + 62%, ahead of Unicredit which instead marks + 52%.