now not on October twenty first” | EUROtoday

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Today’s information on the general public provide for the sale of a second tranche of Poste Italiane is that there can be no sale. At least not within the quick time period and above all not on Monday 21 October, the day for which the beginning of the provide had been hypothesized in current days. The machine to rapidly launch the OPV was set in movement the day after 17 September, the day on which the Council of Ministers permitted the Prime Ministerial Decree for privatisation, albeit revised and corrected in comparison with the preliminary model permitted by the chief on 25 final January: from 29% it drops to a share to be put available on the market of 14 p.c. The week following the approval of the Prime Ministerial Decree, the number of the advisor to the Ministry for the Economy started. The choice for the consortium of banks for the position started subsequent, introduced on 5 October. In the next days, the dialogue between Poste Italiane and Consob intensified and the data prospectus was filed, to be permitted earlier than the beginning of the Opv.

In the meantime, Poste has began the institutional data marketing campaign on TV, newspapers and numerous media, to launch the operation among the many normal public. Then, a number of days in the past, the automobile was abruptly stopped. It isn’t market causes that impose reflections, fairly the other. The inventory turbocharged Piazza Affari and continued its upward race regardless of the await a major amount of securities to be positioned available on the market with the IPO, a course of which usually has a depressive impact on the value of shares on the inventory change.

The inventory reached an all-time file: 13 euros

And final Tuesday the Poste inventory reached an all-time file, reaching 13 euros and bringing the capitalization to round 17 billion. The fog on the explanations that led to this inexplicable resolution started to clear when the Prime Minister, Giorgia Meloni, in Parliament in view of the European Council, started to reply to the criticisms of the opposition, particularly from a 5 Star parliamentarian, on the privatization of the Post Office.

Melons in parliament: no buyers, we solely promote to savers

«I’m afraid you have not understood, or do not know the story: Blackrock has completely nothing to do with it. We motive in regards to the sale of a reasonably minority share, devoted completely to retail, i.e. small Italian savers and Post Office workers. Poste, in any case, should stay within the palms of Italians and that is how the Government is shifting. Because not like what we now have typically seen accomplished on this nation, we don’t intend to unload any of the household jewels”, he declared. Talking in these terms about a public offering of shares in a state-controlled company, moreover on open markets, seemed strange. Blackrock, in fact, is already a shareholder of Poste Italiane and in theory may be interested in increasing its stake during an IPO. He is an investor like any other. But, above all, the operation is not only aimed at savers, but also involves institutional investors, as is normal in these cases, also to provide liquidity to the stock and allow the value to appreciate on the stock market. On the other hand, the Ministry of Economy has just selected the global coordinators, the banks that, in fact, must collect the orders that will arrive from all over the world.

Another window possible in November

Therefore, a necessity for prudence could have prevailed. Postponing now means having to postpone the OPV to November, after the publication of the Post Office’s 9-month accounts and the US elections on 5 November. There can be a window, and it could stay open till Thanksgiving Day, which within the USA is well known on November twenty eighth. The identical window that can be used to promote an 8-9% share of MPS. Informal surveys proceed there to evaluate the attainable curiosity of commercial companions in getting into the capital of the financial institution, the place the federal government contact within the establishment is the president Nicola Maione. The conclusions can be drawn in November.