Conflict Player Fleece

SARAS, BUT SEEMS TO ME 'rip-NA - AS The brothers MORATTI LISTED COMPANIES TO THEIR BUSINESS AND SQUARE bargain they made in their lives (other than the Scudetto Inter): POOR IN 2006 IN YOUR POCKET AND ONE BILLION 600 MILLION, 40 MILLION BANKS - BUT IT APPEARS FROM THE FILE OF THE PROCESS THE PRICE INTENDED BY MORATTI (AT LEAST 6 € ACTION) WAS CONSIDERED TOO HIGH by analysts - have been noticed savers, NOW IS THE TITLE € 1.9. But criminal law does not protect them, and PM PROPOSES TO TAKE ACTION FOR DAMAGES

Walter Galbraith for "La Repubblica"


BROTHERS MORATTI
"It is vital that before the price there is a 6." Why May 10th, 2006, two days before setting the price of Saras, the then head of JP Morgan, Federico Imbert, has sent to his colleagues this e-mail, you can tell by the request to dismiss the prosecutor Luigi Orsi on charges of market rigging and false statement in respect of bankers JP Morgan, Morgan Stanley and Caboto (Intesa Sanpaolo), advisor of the company is headed by the Moratti family in IPO.

"We're all playing in the last few hours and I would not leave no stone unturned," said Imbert. There was a risk that Moratti block the listing, if they considered the price of the quote is not satisfactory. It was not remote hypothesis, because the two brothers have reiterated in their interrogators that "the price was not a necessity," and believed that the company underestimated. "The refinery is between 10 and 12 billion euro. I'm not a technical evaluations, but the value of the price of 6 Saras gives a total of € 5.3 billion, "claimed the CEO of Saras Massimo Moratti, comforted by her brother in a statement, photocopy and president Gianmarco.


MORATTI TO COMPLETE
Moreover, it was not easy to convince the family to list the company. We had tried a few years earlier the same bankers JP Morgan, but to no avail, and now it had come a step away from a historic achievement and one of the biggest business of the year. How? The report explains to Matthew Manfredi di Banca Leonardo, il principale collaboratore di Gerardo Braggiotti, amico della famiglia Moratti e subentrato in seguito come advisor.

«Le banche - sostiene Manfredi - tendono inizialmente a invogliare l´emittente con valutazioni molto positive e, quando poi il procedimento è avviato, il cliente pensa che quelle valutazioni possano essere mantenute. Nel caso concreto, le banche (prevalentemente le due americane, Jpm e Ms) avevano rivisto al ribasso le valutazioni fatte alla fine del 2005. Non ricordo i numeri. I Moratti ci chiesero di assisterli nella gestione del rapporto con le banche, appunto... Da parte dei Moratti c´era un momento di minore fiducia nei confronti delle banche collocatrici. Spiccava, tra i temi delle iniziali discussions, the subject of scores of Sarlux ... There was also a problem of market trends, with multiples of that in the meantime had fallen. "


SARAS REFINERY
In a first meeting (April 19) to fix the price, Braggiotti to push on the accelerator. The banks, as stated in the minutes, offering a fork between 4.6 and 5.8 euro, while the consultant of the family gets up between 5 and 6 €. The managers of Syndicate Desk (Vas Pinto Henrik Gobel for JP Morgan and Morgan Stanley), the ones that have the pulse of the market, they noted, "unanimously that it was more prudent to lower a price range in what was to come a real Training the book of questions. "



SARAS REFINERY
At the crucial meeting of May 12, two days after the e-mail Imbert, we can no longer procrastinate, the price to be fixed. The equity (20% of the total) allocated to small investors is fully subscribed by at least a week, you assess the quality of institutions, those who understand, and find a meeting point with the family. It is not easy, because there is a problem.

To tell what happened is Levantini Andrea Morgan Stanley: "Braggiotti provocatively suggested fix to 6.5 suggesting an increased share from 20% retail al 40%. Fu Prosdocimi (Massimo, di Caboto, ndr) a opporre a Braggiotti che aumentare l´offerta al retail avrebbe irrigidito il mercato».


MATTEO MANFREDI
I Moratti e Braggiotti escono dalla riunione, nel frattempo Jpm aveva proposto a Ms e Caboto 6,1 euro. Quando rientrano i Moratti hanno fatto la loro scelta: «Secondo noi il prezzo giusto è 6,2, abbiamo capito che per voi l´operazione è fattibile a 6,1. Tuttavia questa che è una bella operazione, diventa una ottima operazione a 6 euro».

Il 6 là davanti è garantito, le banche incasseranno 40 milioni di euro di commissioni, i Moratti 1,6 miliardi. Il pm ha chiesto l´archiviazione per le banche nonostante i dubbi del consulente tecnico su utili non ricorrenti, magazzino, margine di raffinazione, costi di manutenzione, valore di Sarlux elencati nel prospetto, e ha suggerito ai piccoli azionisti di intraprendere un´azione civile. Oggi il titolo vale 1,9 euro.

by dagospia