Capperi! “In relation to the recent rumours on potential strategic combinations, UniCredit looks regularly at any option that can create value for is shareholders and also Capitalia may have such characteristics,” a statement from the Italian bank declared on Thursday, before adding: “However, there are no concrete plans.”
Obviously, the statement has suffered a little in translation, but you get the drift …
UniCredit, locked in an ongoing competition with rival Intesa Sanpaolo to be Italy’s largest bank, made the comments on Thursday alongside first quarter figures showing a forecast-busting 29 per cent rise in net profits.
It was enough to force an immediate statement out of Capitalia, where the management are still at each other’s throats and where ABN Amro is the largest shareholder. After a five per cent spike in its share price on Wednesday, the banks now admits that it has contacted other banks about “strategic options,” but as yet there is no plan to merge with anyone.
So, that’s clear then. No concrete plans at UniCredit. No merger for Capitalia. Yet.