Amundi
Note: This is a daily stock update and the information stands true as of 29/11/24, 09:00 CET.
Company Update:
Expert Opinion:
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Company Update:
According to the Italian newspaper Corriere della Sera, Unicredit and CASA’s CEOs will meet in Paris “shortly” to discuss UCG’s bid on Banco BPM in which CASA owns a 9% stake. Orcel will also meet Amundi, AXA, BNP and Lazard’s CEOs according to the same sources.
Points to be discussed are the potential sale of the 9% stake in Banco BPM held by Casa as well as the renewal of the Amundi partnership with UniCredit.
Expert Opinion:
Amundi shares dropped substantially on the news of the takeover bid on Banco BPM as there are concerns that if the deal were to succeed, Anima could replace Amundi as a provider of savings solutions for UniCredit. The shared consensus is that M Orcel will try to seek alternatives to the Amundi partnership and that is why he is meeting with Axa CEO and other asset managers.
I have a slightly different opinion and Amundi’s situation could actually be improved. Indeed, Amundi (through its main shareholder CASA) is now better placed to negotiate a renewal of the deal in exchange for the CASA’s support to UniCredit.
In all I believe that the recent drop in Amundi (Asset management, BUY, €12.2bn mkt cap, 50% upside) already prices in a very negative outcome scenario for the UniCredit business which may be over pessimistic. In the current environment, asset management is an asset people want to have. I would buy Amundi on these levels.
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