Unicredit is suspended the most times to the upside this morning (+3,46%), then readmitted to the quotations, with a trend very volatile. High trade: at 10:40 they were out of hand, more than 42 million pieces, and the title was even turning red (-0,09% at 2,286), but came back immediately positive. On the market are circulating rumors of a possible merger between the Italian group and the French bank Société Générale , Paris salt of 2.2%. A spokesman of the school of milan has not wanted to comment on.
The bank is expected to announce the next 13 December a recovery plan that provides for an increase in capital by eur 13 billion in the context of the strategic plan that the bank is preparing to recapitalise. And’ as reported today the agency Dow Jones, citing sources aware of the facts, according to which Unicredit will determine the timing of the operation once it will be known the outcome of the constitutional referendum on 4 December. The amount of the expected increase is slightly less than the market capitalization of the bank. The victory of the no could oust the premier Matteo Renzi and give way to a period of instability of the market.
As previously mentioned, then, according to rumors in the market, Unicredit is reportedly considering the possibility of a merger with Societe General . In financial circles it is circulating the indiscretion (in fact, for months, today it is once again in evidence), on a possible agreement between the Italian institute and the French to give life to a european giant of the credit.
To give credit to the hypothesis is the fact that the current chief executive officer of the bank in piazza Gae Aulenti, he spent most of his career at SocGen , where he was responsible for Corporate & Investment Banking and member of the executive committee of the bank and knows strengths and weaknesses, and any affinities of the two realities.
This morning, the american commercial bank Goldman Sachs has raised the target price on Unicredit 3.7 to 3.8 euros, confirming the title in its Conviction List Buy. “We have updated the estimates to take account of the accounts in the third quarter, with core income slightly weaker but a better trend in the costs; the expected Eps 2017-2019 rise of 1-3%,” explain the analysts.
Meanwhile, in Frankfurt the flywheel the first two German banks, Deutsche Bank and Commerzbank , on which several times they were shot rumors of a possible merger. At 11:15 Deutsche Bank earned the 3,66% per share 15,29 euros, while Commerzbank he flew to the +6% to 7,15 euros per share.
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