SIENA, April 16 (Reuters) – The European Central Bank (ECB)
has told Monte dei Paschi di Siena to close a
loss-making derivatives trade with Nomura by late July,
a move that would generate a pre-tax loss of 1 billion euros ($1
billion), according to a letter sent by the bank to prosecutors.
The letter, dated Feb. 18 and seen by Reuters, adds to
pressure on Monte Paschi to settle the trade, known as
Alexandria, as the bank pursues a related civil lawsuit in which
it is seeking 750 million euros in damages from Nomura and
former Monte dei Paschi executives.
MILAN, April 11 (Reuters) – Banca Popolare di Milano
is ready to start looking at possible tie-ups and
would like to seal a merger before its planned conversion into
joint-stock company in the next 18 months, the chief executive
of the Italian cooperative bank said.
Italy has passed a landmark reform of the ownership
structure of large cooperative lenders which forces them to drop
their cooperative status and become joint-stock companies.
MILAN/VICENZA (Reuters) – Italy’s biggest cooperative banks are bracing for a wave of mergers following a government reform that forces them to convert into joint stock companies within 18 months.
The reform aims to strengthen Italy’s banking sector, which fared the worst in a Europe-wide health check of lenders last year. The government says it will also ultimately support bank lending to businesses, which has been shrinking for the past three years as Italy grappled with its longest post-war recession.
MILAN, April 10 (Reuters) – Italian bank Monte dei Paschi di
Siena said on Friday it had overstepped regulatory
limits with regards to its financial exposure to Japanese bank
Nomura, in a surprise disclosure that could raise
questions about whether the Italian lender’s plans to raise
capital and seek a buyer are on track.
Monte dei Paschi di Siena, Italy’s third largest bank, said
in a statement that it was looking at all possible measures to
cut the exposure, or potential risk related to loans to Nomura,
which it said equalled more than one third of its core capital
at the end of last year.
PARIS/MILAN (Reuters) – Italian online fashion retailers Yoox and Richemont’s Net-a-Porter confirmed merger talks were under way to create a leader in the fast-growing online luxury market.
The deal, which could be announced as early as on Tuesday, would combine Yoox’s leading discounts offer with Net-a-Porter’s full price, current season items.
MILAN, March 28 (Reuters) – Switzerland’s Dufry has
agreed to buy a majority stake in World Duty Free in a
deal which values the Italian firm at 3.6 billion euros ($3.8
billion) and will make it by far the world’s biggest travel
Edizione, the holding company owned by the Benetton family
and controlling World Duty Free (WDF), said on Saturday it was
selling its 50.1 percent stake in the group to Dufry for 10.25
euros per share.
MILAN, March 23 (Reuters) – After years of economic decline,
Italy has become a hunting ground for Chinese companies keen to
take control of prized but cash-strapped corporate names such as
Pirelli, and they are no longer investing from the back seat.
“The Chinese have the capital, Italy has the brands, the
products and the know-how, but no money,” said a banker with
direct knowledge of the Pirelli deal.
MILAN, March 22 (Reuters) – The chairman of troubled Monte
dei Paschi di Siena, Alessandro Profumo, said he will
step down after Italy’s third-biggest bank completes a 3 billion
euro ($3.3 billion) rights issue in the next few months.
The veteran Italian banker was named in 2012 to turn around
the world’s oldest bank after its costly acquisition of local
rival Antonveneta as well as the euro zone debt crisis nearly
triggered its collapse.
MILAN, March 18 (Reuters) – Big Italian banks are expected
to take up the bulk of longer-term cheap funds offered by the
European Central Bank this week, as a recovery in the domestic
economy encourages them to lend more, according to figures
provided by banks and compiled by Reuters.
Data collected from 14 large Italian lenders showed they
would request an overall 32 billion euros ($34 billion) at
Thursday’s TLTRO tender. That compares with a total take-up of
40 billion euros estimated by analysts in a Reuters poll.
MILAN (Reuters) – Italian medical device maker Sorin and its smaller U.S. peer Cyberonics Inc (CYBX.O: Quote, Profile, Research, Stock Buzz) announced a merger on Thursday to create a global leader in cardiac surgery and neuromodulation with an equity value of $2.7 billion.
The all-stock deal values the Italian company at about $1.4 billion, a 14.2 percent premium to its market capitalisation before the deal was announced.