MILAN, Sept 17 (Reuters) – Italian investment bank
Mediobanca ended its financial year posting a net loss
on the back of heavy writedowns on equity investments such as
Telecom Italia but the market welcomed moves to clean
up its balance sheet.
Mediobanca, which has for decades played a pivotal role in
helping to forge Italian capitalism, announced in June a radical
change of strategy that will see it curb or sell stakes in some
of Italy’s biggest corporate names to focus squarely on banking.
MILAN (Reuters) – Telecom Italia has scrapped a crucial board meeting due later this week, people with knowledge of the situation said, as it buys time to figure out a new shareholder structure that could revive its fortunes after years of underperformance.
The meeting, initially set for September 19, was expected to discuss a proposal by Spanish telecoms operator Telefonica to buy out Telecom Italia’s core domestic shareholders.
Italy #job data show young people #employed are down to 5.3 million from 6.3 million three years ago. That’s 1 million less, Istat data show
It’s a dull and rainy day here in #Milan.
CERNOBBIO, Italy, Sept 7 (Reuters) – Italy and the European
Commission have agreed that Banca Monte dei Paschi di Siena will
have to carry out a larger-than-expected capital hike, cut costs
and reduce its large government bond holdings in order to win a
EU green light for state aid, officials said on Saturday.
Rome has offered 4.1 billion euros of state loans to Monte
Paschi, Italy’s No.3 bank, in order to prop the
lender, which has a weak capital position following a
derivatives scandal and big Italian bond investments.
MILAN (Reuters) – Italy has no plans to oppose foreign takeovers of domestic companies, its economy minister said on Saturday, as suitors size up Telecom Italia (TLIT.MI: Quote, Profile, Research, Stock Buzz) and Finmeccanica’s (SIFI.MI: Quote, Profile, Research, Stock Buzz) power engineering business.
The defense group is in talks to sell AnsaldoEnergia to South Korea’s Doosan Heavy Industries (034020.KS: Quote, Profile, Research, Stock Buzz) while Egyptian tycoon Naguib Sawiris expressed interest in Italy’s main telecoms operator ahead of a September 19 board meeting.
CERNOBBIO, Italy, Sept 7 (Reuters) – The chief executive of
Intesa Sanpaolo said on Saturday he expected a new
phase of mergers in the banking sector, both inside Italy and
Enrico Cucchiani also said his bank was not interested in
increasing its exposure to Italy’s banking system.