Post Office, stop position: October 21 deadline passed

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The news today about the public offer to sell the second share of Poste Italiane is that there will be no sale. At least not in the short term and above all not on Monday 21 October, the day on which there was an idea of ​​the start of the offer in the last few days. The tool for fast throwing the OPV was moved the day after 17 Septemberthe day the Council of Ministers approved the Prime Minister’s Order for privatization, although it was revised and corrected compared to the original version approved by the executive on January 25: from 29% it will be ‘ fall to a share that will be placed on the market equal to 14% cent. The week after the approval of the Prime Minister’s Order the selection of an adviser to the Ministry of Economy had begun. The election for the coalition of banks for the workplace began next, which was announced on October 5. In the following days, the communication between Poste Italiane and Consob increased and the information preview was recorded, to be approved before the start of the Opv.

In the meantime, Poste has started an institutional information campaign on TV, newspapers and various media, to launch the activity among the general public. Then, a few days ago, the car suddenly stopped. Market reasons that include shadows are not, completely different. The stock turbocharged Piazza Affari and continued the race up despite waiting to put many securities on the market with the IPO, a process that usually has a negative impact on the price of shares on the exchange stock.

The stock reached an all-time record: 13 euros

And last Tuesday the Poste stock reached an all-time record, reaching 13 euros and bringing the capital to around 17 billion. The fog on the reasons that led to this uncertain decision began to clear when the Prime Minister, Giorgia Meloni, in the Parliament as a result of the European Council, began to respond to complaints opposition, particularly from a 5 Star MP, to the privatization of the Post Office.

Melons in parliament: there are no investors, we only sell to savers

“I’m afraid you haven’t understood, or don’t know the story: the Black Rock has nothing to do with it. We are making a reason to sell a small portion, which is dedicated to sales only, ie small Italian savers and Post Office workers. Poste, at least, must remain in the hands of Italians and this is how the Government is moving. Because unlike what we have often seen done in this country, we do not intend to sell any of the family jewels”, he said. It was strange to talk in these terms about a public offering of shares of the state-controlled company, as well as on open markets. Blackrock is, in fact, already a shareholder of Poste Italiane and could theoretically be interested in increasing its stake. the IPO. He is an investor like any other. But, above all, the work is not only aimed at savers, but also gives a- in institutional investors, as is usual in these cases, also to give liquidity to the stock and allow the value to appreciate on the stock market. On the other hand, the Ministry of Economy has just to choose global orders, the banks that must, of course, collect the orders that come from all over the world.

Another possible window in November

Therefore, there may have been a need for understanding. Canceling now means you have to postpone the OPV until Novemberfollowing the publication of the 9-month Post Office accounts and the US elections on 5 November. There would be a window, and it would be open until Thanksgiving, which in the US is celebrated on November 28. The same window that will be used to sell 8-9% share of MPS. Informal studies are continuing there to assess the potential interest of business partners in entering the bank’s capital, where known the government in the institution the president Nicola Maione. The results will be drawn in November.