Parliamentarians want mediobranca. Bisignani: Behind the new Palio between Siena and Paris

In the middle (bank) Stat MPS. The Palio of Financial Power among the hooded districts of Paris against those of Siena began blocking the operations of Mount Dei Paschi in Mediobanca. Alberto Nagel, Gran Ciambellano di Piazzetta Cuccia and the part of Philippe Donnalet, CEO of Generali, are mobilizing their reliable snacks from Olralpe and a friendly back patrol to launch a more attractive “counter”. For Duo-Mariovaglio, it is a fortune that today the dominus of a time of the Public Prosecutor of Milan, Francesco Saverio Borrelli, Francesco Greco and his armed arm Guido Rossi are no longer in saddle. Otherwise, Rocca Salimbeni would probably have already received undesirable warnings and visits, and certainly for both of them would no longer allow not only to try the climbing in Mediobanca, but not even attending the Palio. Making the question even more theatrical is the involvement of Francesco Giavazzi, called for the rescue of mediobranca. After his “beloved” actions in Palazzo Chigi, where he got the company impossible to make even a champion like Mario Draghi loses its lucidity, he is now ready for a new “mission impossible.”

The French twist, studied in secret, resembles another transalpine attempt of conquest: the attack on Generali twenty -two years ago. At the time they intervened capital, Unicredit and parliamentarians with Geronzi, Profumo and Besis – to defend the Fortino insurance, with the support of the government of Berlusconi, the Bank of Italy and the economic policy led by Gianni Letta. The three banks acquired Generali’s actions for one billion each and signed a “consultation pact”, thus preserving the economy of the Italians.

Today, the game is played in the Mediobanca, but the scheme is similar: France Advances, Italy resists the OPA and the inevitable maneuvers under track. In this context, the Ops on Mediobanca, with the blessing of Engineer Tenaz and Concrete Caltagirone for which “, however, will be a success”, to put it in Chiambretti, is not just a market operation. With this operation after the glory of the Duplex Capalo-Geronzi, MPS is a candidate to become the new bank of the capital system, as Rome is the only European capital not to have a bank. To avoid the OPA, perhaps there were even a Milanese law firm who, to take time, with the indication of Piazzetta Cuccia, is trying to imply the consortium that there would be an imaginative concert among shareholders.

The government seems to have clear ideas: Best Mediobra that speaks Italian with the help of MPS and JP Morgan, represented by former Minister Vittorio Grilli, increasingly close to the inner circle of Giorgia Meloni and, above all, his cabinet head, Gaetano Caputi. Such a strong alliance that it will also discourage the best Italian banker Carlo Messina, CEO of Intea, from the race for the rescue of mediobranca.

An operation that perhaps in the past had also considered to allow antitrust. The parliamentarians of the “acquisition offer”, unlike statements by the leaders of the mediobricas who call “destructive”, would contribute to strengthen the Italian banking system and create value for companies, investors and savers. And cannot be considered hostile. It is certainly hostile to Nagel and Pagliauro, but not in Mediobanca. On the contrary, the agreement between Generali and Natixis, a French business manager and assets, who raised more than one question about the mediabanca strategy in promoting the entry of transalpine individuals into the heart of the Italian financial system, is much more controversial.

Mediobranca lives in four businesses: investment bank, participation (Generali), savings management (wealth, private and retail with the Premier Mediobanca, ex which bank) and consumer credit (Compass).
All complementary or easily integrated businesses. Synergies on consumer management and credit economy are evident. And the market knows.
About participation, Generali is everything. And the story shows that Piazzetta Cuccia has achieved with a logic of “asphyxiation”, avoiding any use of capital increases for additional growth in order not to lose their control.

Finally, in the investment banking front and, in the connected financial advice, it is clear that today Midiobanca, after destroying groups like Ferruzzi and Ligresti in the past, lost the past’s nail polish. No more leadership in large operations, also in hand in Italy for large international banks. Without Enrico Cuccia and her hypnotic charm in business dynasties, Italy’s most famous business bank would have done better to focus on the fabric of Italian SMEs, where deputies, on the other hand, are undoubtedly well positioned. Generational passages are made with finance and governance. But, you know, the lucrative leaders of the mediobar love the trenches of the challenges more. Following the “best” principles of the so-called agency theory, according to which “agents” (managers) often pursue their personal interests, at the expense of shareholders (their “main”) and those interested- preferred to protect themselves than the future of the Institute. It is also for this reason that the government’s initiative on the decree of “capital” so -called and the attempt to correct the crushing of the “board of directors” should be seen, with a mechanism that tries to give greater presence in the councils of directors to lists very qualified minorities. The industrial plane of parliamentarians could take the leaders of its elitist gold, which reduced a small square to manage a club to some elected.

And speaking of exclusive clubs, the strenuous defense of the Mediobanca Council seems to be more linked to the desire to preserve a certain lifestyle than to a real industrial project. The Golden Triangle of Social Relations of the main managers develops between Via Dei Giardini (the “The Wild Club” club), Piazzetta Cuccia (the trenches) and Via Monenapoleona (Pasticceria Marchesi). And while real money runs elsewhere, they continue to meet in an increasingly golden, self -referential and irrelevant strong. If Giorgia Meloni could put the seal in this operation, it could even claim it as a patriotic victory. With the help of capitalists with capital, he pointed out “Mickey Mouse Tria”.

Source: IL Tempo

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