Silvia's Feed
Apr 16, 2012

Unipol sets conditions for Fondiaria-SAI merger

MILAN (Reuters) – Italian insurer Unipol (UNPI.MI: Quote, Profile, Research, Stock Buzz) laid down its conditions on Monday for pressing ahead with the rescue of peer Fondiaria-SAI (FOSA.MI: Quote, Profile, Research, Stock Buzz), saying it wanted to own 66.7 percent of the new merged group that would become Italy’s No. 2 insurer.

In January, Bologna-based Unipol agreed to a complex 1.7 billion euro (US$2.22 billion) deal to save Fondiaria-SAI through a four-way merger that involves three capital hikes.

Apr 16, 2012

BTG Pactual boss Esteves fined for insider trading

MILAN/LONDON, April 16 (Reuters) – AndrĂ© Esteves, the
billionaire boss and controlling investor of Brazilian
investment bank BTG Pactual, has been fined 350,000 euros
($457,900) by Italy’s financial regulator for insider trading
five years ago.

Esteves bought shares in Italian meat company Cremonini in
November 2007, a purchase that was based on privileged
information about a planned joint venture involving the company,
Italian market watchdog Consob said on Monday.

Apr 5, 2012

Italy Northern League leader resigns amid fraud scandal

MILAN (Reuters) – Umberto Bossi, the firebrand leader of Italy’s opposition Northern League party, resigned on Thursday after allegations that taxpayers’ money was used to pay for renovations at his villa and holidays for his children, the party said.

The move, announced at a meeting of the League’s federal council in Milan, is likely to destabilize the populist, anti-immigration party, weakening one of the main political forces opposing Prime Minister Mario Monti’s austerity program in parliament.

Apr 4, 2012

Fiat sees Europe 2012 car sales down for fifth year

TURIN, Italy, April 4 (Reuters) – European new car sales
will decline for the fifth year in a row in 2012 to 13 million
units, Fiat Chief Executive Sergio Marchionne said on
Wednesday, predicting stabilisation and the beginnings of a
recovery only at the end of the year.

That would compare with 13.1 million cars sold in Europe
last year, and almost 16 million cars sold in 2007, before the
start of the financial crisis, according to figures from lobby
group ACEA.

Mar 29, 2012

Big writedowns drag Monte Paschi deep into the red

MILAN (Reuters) – Banca Monte dei Paschi di Siena SpA (BMPS.MI: Quote, Profile, Research, Stock Buzz), Italy’s No.3 lender, posted a stunning 4.69 billion euros ($6.2 billion) loss in 2011 after writing down billions of euros of goodwill on past deals to clean up a balance sheet ravaged by the euro zone debt crisis.

Monte dei Paschi, the last Italian lender to report results, follows in the steps of bigger domestic banks such as UniCredit SpA (CRDI.MI: Quote, Profile, Research, Stock Buzz) and Intesa Sanpaolo SpA (ISP.MI: Quote, Profile, Research, Stock Buzz), which have both booked massive writedowns triggered by the euro zone storm of 2011.

Mar 29, 2012

Monte Paschi posts 4.7 billion euros net loss in 2011

MILAN (Reuters) – Banca Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research, Stock Buzz), Italy’s No.3 lender, posted a bigger than expected 4.69 billion euros ($6.2 billion)loss in 2011 after writing down billions of goodwill on past deals to clean up a balance sheet ravaged by the euro zone debt crisis.

The writedowns by the Tuscan lender, which is undergoing a radical transformation under a new management, totaled 4.51 billion euros.

Mar 28, 2012

Italy seize 1.1 bln euros of Gaddafi family assets

MILAN, March 28 (Reuters) – Italian tax police have seized
1.1 billion euros ($1.46 billion) of assets belonging to members
of the Gaddafi family, including stakes in top Italian
companies, bank deposits and a Harley Davidson, at the request
of the International Criminal Court.

In a statement on Wednesday, police said the assets included
stakes in Italy’s largest bank UniCredit, oil and gas
giant Eni, defence group Finmeccanica,
carmaker Fiat, truck-maker Fiat Industrial and
Turin-based soccer club Juventus.

Mar 27, 2012

UniCredit returns to profit in Q4 2011

MILAN, March 27 (Reuters) – Italian lender UniCredit
eked out a last quarter profit of 114 million euros
($152 million) as it sought to turn a corner after a massive
clean-up of its balance sheet led to a 10.6 billion euros loss
in the previous three months.

Third-quarter writedowns, mostly related to goodwill, pushed
UniCredit’s full-year results firmly into red territory, with a
9.2 billion euro loss for the whole of 2011. Italy’s biggest
bank by assets had already scrapped the dividend for the year.

Mar 15, 2012

Intesa books big writedowns, to cut targets

MILAN, March 15 (Reuters) – Intesa Sanpaolo,
Italy’s biggest retail bank, posted a 10 billion euro loss in
the fourth quarter as it joined domestic rival UniCredit in
writing down billions of euros of goodwill to repair a balance
sheet damaged by the euro zone debt crisis.

The lender said in its results statement that it will have
to revise its business plan targets because of market turmoil
and amid expectations the Italian economy could shrink as much
as 2.2 percent this year.

Mar 14, 2012

Siena loses its grip on world’s oldest bank

SIENA, Italy, March 14 (Reuters) – Siena’s 55,000
residents say they fall into three categories: those who work
for Monte dei Paschi, those studying to work for it and those
who have retired from the world’s oldest bank.

But Banca Monte dei Paschi di Siena’s ties to the
town where it was founded in 1472 are under threat.