MILAN, Sept 2 (Reuters) – UniCredit has
shortlisted Lone Star and a consortium comprising Italy’s
Prelios and Fortress Investment Group for the sale of its
bad-loan management unit, and is expected to pick a bidder by
mid-October, five sources with direct knowledge of the situation
The sale, which could yield UniCredit around 700-800 million
euros, is part of the bank’s plan to raise capital and
strengthen its balance sheet through asset sales ahead of a
Europe-wide bank asset review by the European Central Bank.
MILAN (Reuters) – European Union foreign ministers considered on Friday the options for firmer action against Russia over the Ukraine crisis, discussing tougher sanctions but leaving any decision to their national leaders.
Ministers attending the informal meeting in Milan spoke of possibly toughening an arms embargo, extending the list of individuals or sectors targeted by economic sanctions and sending military equipment to Ukraine.
MILAN (Reuters) – European Union foreign ministers met in Italy on Friday to find what a diplomatic source said would be a clear message on sanctions for EU heads of states to make to Russia over its actions in Ukraine.
EU leaders meet at a summit in Brussels on Saturday.
The five-month conflict in Ukraine reached a dangerous point this week after NATO said on Thursday that well over 1,000 Russian troops had crossed the Ukrainian border and were fighting alongside pro-Moscow separatists.
PARIS/MILAN (Reuters) – The battle over Brazil’s telecoms market intensified on Thursday as European competitors Telecom Italia and Telefonica made rival offers for Vivendi’s Brazilian broadband business GVT.
Vivendi, which will examine the bids at a Thursday board meeting, must now choose whether to exit its last remaining telecom business after selling off its French and Moroccan mobile operations to focus more on media.
MILAN (Reuters) – Unfazed by Italy’s gloomier economic outlook, China’s cash-rich central bank is snapping up stakes in high-profile Italian companies and has invested around 3 billion euros in blue-chip firms as it seeks to diversify beyond government debt.
Filings from stock market watchdog Consob showed on Friday that the People’s Bank of China now owns 2.014 percent of Generali (GASI.MI: Quote, Profile, Research, Stock Buzz), Italy’s biggest insurer and Europe’s third-largest sector player by market capitalization. The stake is worth 471 million euros at current market prices.
MILAN, July 31 (Reuters) – Generali posted a 20.4
percent increase in operating profit in the second quarter
helped by a shift towards higher-margin insurance products and a
surprisingly strong performance in crisis-hit Italy.
The second quarter marked the end of an intense phase of
disposals, a centerpiece of CEO Mario Greco’s turnaround
strategy, that have helped Generali boost its capital base.
MILAN, July 8 (Reuters) – Italian banks are preparing to
sell between 10 billion euros and 16 billion euros of bad loans
over the next two years to free up capital to support new
lending to companies and households and to improve profits, a
survey by Deloitte showed.
This would represent up to 10 percent of a record 166
billion euros ($226.43 billion) of sour loans on the banks’
books built up as a result of Italy’s two-year recession, its
worst in 70 years.