Piece by piece is now being completed the placement puzzle of the percentage of the Financial Stability Fund in the National.
The Capital Market Commission already has the information in its hands, while today we will find out the price at which it will be made. The goal is that the discount, in relation to the price of the dashboard, should not be more than 5%. I remember that the previous one was at 2.5%.
The complaints remain
Of course, there will be no shortage of complaints about the price. That is why the government chose the solution of not allocating the entire percentage.
In other words, the public should also keep a part, i.e. 6% to 8%, depending on which percentage is ultimately allocated. For purely communication reasons.
In any case, however, the goal is to get about 1 billion euros into the coffers, which communicatively “clicks” more with the government’s narrative.
Dissatisfaction with the institutions
However, as my source from an investment bank told me, the solution they chose did not please the institutions on the other side of the Atlantic very much.
That is, the Americans. That is, those who have a… some “allergy” to the presence of the government in the share compositions.
In fact, my source showed me another listing that also pays the same “price”, which was evident in its own placement last Fall.
In any case, from Monday when the process starts we will have a better picture.
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The “hidden expectations” for Alpha Bank
In addition to the above now, a hidden expectation in the market recently caught my radar.
I think you have noticed that since September 12, Alpha Bank’s share has not “rested” in its ascent…
I asked about it and they gave me two explanations.
Το UniCredit effect…
The first explanation had to do with developments in Germany. One of the main shareholders of Alpha Bank, UniCredit has turned the Germans upside down with the aggressive moves he is making at Commerzbank.
The Italian Andrea Orcel has shown great methodicality, giving the message that he wants to make his bank “European champion”.
I don’t know how it will turn out, of course, my sources don’t go that far, but do you understand what impact it will have on Alpha Bank to have a strong player on its share book?
Andrea Orsel
The second reason
The second reason they gave me is that the stock had been lagging a lot in the past period.
In fact, it was the only one that turned negative during the summer from the beginning of the year.
Of course, there was a reason for this, as Alpha Bank seems not to be taking full advantage of the growth of the Greek economy, especially on the lending front.
She was the one with the smallest growth. Although to be more precise, Alpha Bank’s lending criteria have always been stricter. The bank followed a more conservative policy in this area.
Of course, we are now dealing with a field that still has room for growth, but given that ECB interest rates will sooner or later cut the margins, the “pie” of the market will leave behind old practices.
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After the lights went out…
The Prime Minister’s presence in the Greek diaspora in the USA went well. He made his usual appearance, they all rejoiced together and went on with their lives and businesses.
This was the comment made to me by a person who was present at the event of the meeting of Kyriakos Mitsotakis with members of the diaspora in New York.
And as he added: when the lights went out, everyone was happy to be together again.
Nothing more… no interest in investing in Greece. At most a “cottage” in their village of origin and if…
Something the Prime Minister knows…
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Like Lamda…
Something that, of course, also knows In Lam. That’s why he’s starting a US tour.
Not the management, but the residential sales team of ‘The Ellinikon’.
The tour will start from October 5th in Chicago, alongside representatives in Miami, while it will end on October 12th in New York.
What is the reason? To communicate the housing purchase options in the largest urban regeneration project in Europe.
Let’s see…
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“The moment of truth”
But to return to the political landscape, next week will be hot. And not for the reason you think…
On Tuesday, October 1st, the Athens Democracy Forum will begin, where prominent personalities will speak about the… truth.
This is the theme of this year’s forum, in the shadow of the new reality created by artificial intelligence, fake news, the “meta-truths” of many and so on…
Jordan Bardela with Marine Le Pen
Jordan Bardella present
Without overshadowing the other speakers, the presence of Jordan Bardella will be of particular interest. The “poulein” of Marine Le Pen, the leader of the extreme right in France.
The almost prime minister of the second largest economy in Europe.
And guess who will be his interlocutor…
Roger Cohen, the New York Times’ Paris bureau chief.
If nothing else, the discussion will be of great interest, especially at a time when the center-left is in great decline, not only in our country, and the far-right now exerts a charm… on a larger part of the population.
The forum will be held in Great Britain… just saying!
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The developments in Avramar are also coming
From next week we will also have and developments for Avramar.
That is, for the offers that have been submitted for its acquisition.
As they inform me, of the schemes that have expressed interest, the one from the Middle East has a slight lead.
But, nothing is certain yet, since the financial situation of the company and the course of its sales are a big thorn.
As a typical banking source close to the process told me, it must be one of the few Greek companies that has not taken advantage of the economic recovery.
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First the announcements…then the due diligence
If I have any reservations about Avramar, they don’t compare to those about Frigoglass.
Especially when the company announced that it had signed a binding agreement to acquire two companies, from Spain and Portugal.
Provisiona Iberia and Serlusa Refriger.
The consideration will be shares, through a capital increase with waiver of the preemptive right.
Obviously, the process also brings temporary dilution for the shareholders of Frigoglass, although in the long term it will create some values, for understandable reasons, and if the project is successful.
So I don’t understand the constant limit ups of the stock…
Lots of things to do
I also don’t understand the rush of announcements. When in fact from the listed company itself there is an admission that the completion of the transaction is subject to the usual conditions and exceptions for the type of these transactions.
Including the completion of due diligence checks, that is.
In any case, if all goes well, Frigoglass’ venture to acquire… object is expected to be completed within the first quarter of 2025.
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AADE is moving to Piraeus
At the end of October we will have the opening of its new offices Independent Public Revenue Authority.
It is moving, from Karagiorgi, Serbia, to Syntagma, to the former Athens Heart shopping center in Piraeus.
About 1,500 workers will also be transferred there. The office of the head, Giorgos Pitsilis, is now located there.
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