After the numerous rumors comes the official: the Ministry of the Treasury and Unicredit have interrupted the negotiations on Mps. «Despite the efforts made by both parties, UniCredit and the Ministry of Economy and Finance communicate the interruption of negotiations relating to the potential acquisition of a defined perimeter of Banca Monte dei Paschi di Siena», explains a press release.
After the negotiation with Unicredit was wrecked, the Treasury must look for the Monte dei Paschi di Siena to alternative plans with the variable time that should not be underestimated. Among the hypotheses circulating in financial circles are those of a stand alone plan. In this sense, they could also be considered parts of the negotiations just interrupted, such as the sterilization of legal actions and NPLs and the sale of these to subjects such as Amco, which at the time entered the data room. Basically a segmentation of the perimeter but not a stew of the bank. The Mef, which controls 64% of Siena, must leave with the closing of this year’s financial statements. The commitments made with Brussels require it. Unless it is possible to negotiate for an extension of the sale of at least 6 months, ie June of next year. Hypothesis, it must be said, which has emerged in recent days but is that it has been denied even if not officially and therefore could be taken into consideration if only to buy time and work on a viable way out. The unknowns are not lacking, starting from the fact that the DG Comp is not certain to be available for extensions. Apart from everything, the plan put in place by the CEO Bastianini always remains in the drawer, but never approved by the ECB. A road that foresees an increase of 2.5 billion euros to address the lack of capital and the restructuring costs necessary to put the income statement back on track. But also 2,670 net redundancies in 2025 and return in profit in 2023, after a balanced budget in 2022. According to the latest rumors, however, a recapitalization should be at least 4 billion.
The reactions
Luigi Marattin and Luciano D’Alfonso, chairmen of the Finance Committees of the Chamber and Senate, immediately issued a note following the press release: “Following the announcement of the stop to negotiations with Unicredit Spa for the sale of the share of the Mps bank currently in hand to the public sector, in line with the commitments made by Minister Daniele Franco in the hearing of 4 August, we request that the Minister or the Director General of the Treasury promptly report to the Finance Committees of the Chamber and Senate on the situation relating to Mps and its future prospects “.
The League took the opportunity to immediately put pressure on Letta, a new deputy from Siena: «What solution does the honorable Letta, elected a few days ago in Siena, propose? Months, years, billions and jobs lost due to the Democratic Party »said sources of the party led by Salvini after the latest news on the negotiations with Unicredit.