The start of a nightmare week for Banca Mps, which continues to be priceless. Monday after an entire session in the volatility auction closed with a theoretical decline of 34.5%, today – however – marks a theoretical decline of 23%. A mini recovery resulting from the prohibition imposed by Borsa Italiana on entering a price order without price limits, on the market.
Basically, to buy and sell Mps, you need to enter a minimum or maximum price for which you are willing to pay or buy the stock. Despite this technical limitation, however, the stock fails to make a price because sell orders find no buyers.
A dynamic that worries insiders not a little, while the 2.5 billion euro capital increase is approaching. The start of the operation is expected in mid-October.
The stock was also penalized by the grouping of the shares – designed to facilitate the operation on the capital -, with a ratio of one new stock every 100. And so the price of the shares went from 0.3 to 30 euros, but yesterday it marked a theoretical 20 euros, while today it is around 23 euros.
The market, therefore, continues to question whether the operation on the capital will be successful, which is essential to finance the substantial redundancy plan, which provides for the exit of about 3,500 employees. The managing director, Luigi Lovaglio, had already declared in the meeting that the times for strengthening the capital are tight: “The times are crucial: the operation must be done by November 30, hence the urgency”, he said. .
All in a profoundly changed political scenario. In fact, it is not certain that the center-right has the same attention for Monte as the outgoing government. On the other hand, as Fratelli d’Italia has shown skepticism about the privatization of Ita, he has always said that the capital increase of Mps – of which the Ministry of Economy is the main shareholder – should have started with the new government. And it is not excluded that the approach will change.
Of course, yesterday, Giorgia Meloni’s economic advisor, Maurizio Leo, underlined how Lovaglio has the necessary experience to complete the operation. But the game has only just begun.