Carlo Messina has picked a puzzling moment to get out of Nexi . Italy’s biggest bank by market capitalisation, a key industrial partner to the 11 billion euro payments group, sold its entire 5% stake at 8.7 euros a share late on Monday, or 584 million euros. That’s below the 653 million euros Intesa Sanpaolo paid in 2020 for a stake in Nexi, although the fact the bank revalued the shares every quarter means it is unlikely to book a loss.
The logo of Italian payments group Nexi is pictured inside their headquarters in Milan, Italy, March 28, 2019. REUTERS/Alessandro Garofalo. Italy’s biggest bank by market capitalisation, a key industrial partner to the 11 billion euro payments group, sold its entire 5% stake at 8.7 euros a share late on Monday, or 584 million euros. That’s below the 653 million euros Intesa Sanpaolo
paid in 2020 for a stake in Nexi, although the fact the bank revalued the shares every quarter means it is unlikely to book a loss.and entered a long-term partnership, will remain a key business ally. Yet selling out at a price not far from this year’s low, which in turn triggered a further 10% share slump on Tuesday, sends a conflicting signal. Analysts believe Nexi is worth 12 euros a share, according to average target prices from Refinitiv.
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