MILAN, June 17 (Reuters) – Saipem’s share price
fell by as much as 25 percent on Monday, after Europe’s biggest
oil industry services group gave its second major profit warning
in less than six months due to problems with contracts in
Algeria, Mexico and Canada.
Saipem, 43-percent-owned by Italian oil company Eni
, said after markets closed on Friday that it now
expected to make a net loss of 300 million to 350 million euros
this year instead of a profit of 450 million euros.
MILAN, June 16 (Reuters) – Italy’s best-known investment
bank Mediobanca will announce on Friday it is ready to
gradually exit all of its strategic holdings except life insurer
Generali, a source with direct knowledge of the
The Milan-based bank, which owns stakes in some Italy’s
biggest companies, will present a new business plan to focus on
its banking business and break with years of meddling in Italy’s
top corporate developments.
MILAN/ROME, June 13 (Reuters) – Top management at Banca
Monte dei Paschi di Siena is pressing to increase the
ceiling on a possible rights issue to 2 billion euros ($2.66
billion) from 1 billion euros, two sources familiar with the
situation told Reuters.
Italy’s No. 3 bank took 4.1 billion euros in state aid this
year to stay afloat, but the lender may need more money to cope
with a worsening economic situation and repay the state.
PARMA, Italy, June 13 (Reuters) – Ten years after its
spectacular collapse in an accounting scandal, reborn Italian
dairy firm Parmalat is still struggling to free itself
from legal disputes that are clouding both its prospects and
those of its new French owner.
In March, a local court put Parmalat under the oversight of
a special commissioner as part of an investigation into its
purchase of a business from its majority owner Lactalis – a deal
which helped Lactalis to cut its debt, but which some minority
investors say was overpriced and makes little strategic sense.
MILAN, June 11 (Reuters) – Generali SpA Chief
Executive Officer Mario Greco took another step towards meeting
a 4 billion euro ($5.3 billion)disposal target, agreeing to sell
out of two Mexican companies for $858 million.
The Italian insurer said it would bag a net capital gain of
500 million euros from the sale of 49 percent stakes in Seguros
Banorte Generali, the larger or the two assets, and Pensiones
Banorte Generali to Grupo Financiero Banorte, Mexico’s No.4
MILAN (Reuters) – A group of investors led by Pirelli (PECI.MI: Quote, Profile, Research, Stock Buzz) Chairman Marco Tronchetti Provera will launch a takeover bid for the company that controls the Italian tire maker, in a move that will consolidate the executive’s grip on the business.