Silvia's Feed
Jan 9, 2012

UniCredit capital increase gets off to rocky start

MILAN, Jan 9 (Reuters) – UniCredit’s capital raising
plans failed to convince investors on Monday, with a sharp fall
in the Italian bank’s shares and the rights to buy into its cash
call highlighting the difficulty European lenders face to
recapitalise.

The bank’s 7.5 billion euro ($9.5 billion) rights issue is
seen as a litmus test of investor appetite for European banks,
which have been told they must find 115 billion euros by June to
shore up their capital buffers to withstand a euro zone debt
crisis.

Jan 6, 2012

UniCredit 3-day share plunge reaches 37 percent

MILAN (Reuters) – Shares of UniCredit (CRDI.MI: Quote, Profile, Research, Stock Buzz), Italy’s biggest bank by assets, sank for a third day as investors punished the stock after the lender priced a 7.5 billion-euro ($9.5 billion) rights issue at a deep discount.

The shares closed down 11.1 percent at 3.98 euros on Friday, the last trading day before the new share offer takes effect on Monday, extending losses over the past three days to 37 percent.

Jan 6, 2012

UniCredit extends three-day plunge to 37 percent

MILAN, Jan 6 (Reuters) – Shares in UniCredit
(CRDI.MI: Quote, Profile, Research), Italy’s biggest bank by assets, dived for a third day
as investors punished the stock after the lender priced a
7.5-billion euro ($9.54 billion) rights issue at a deep
discount.

The shares closed down 11.1 percent at 3.98 euros on Friday,
the last trading day before the new share offer takes effect on
Monday, extending losses over the past three days to 37 percent.

Jan 4, 2012

UniCredit rights issue priced at big discount

MILAN, Jan 4 (Reuters) – UniCredit launched
a 7.5 billion euro ($9.8 billion) capital increase meant to
shore up its ravaged balance sheet at a significant discount,
sending its shares down as investors worried about the high
dilution of their holdings.

Shares in Italy’s largest bank by assets, which like many
European banks must raise funds to meet new stringent capital
requirements, dropped 9 percent after it detailed an issue that
is much more sharply discounted than those of its peers.

Dec 2, 2011

Analysis: Crisis-hit Italy tests Fiat’s allegiance

MILAN (Reuters) – Fiat SpA’s (FIA.MI: Quote, Profile, Research, Stock Buzz) five car factories in Italy are all in the red and its profits now driven squarely by U.S. affiliate Chrysler, meaning a further scaling back of its 100-year-old Italian operations — if not a complete pullout — now looks increasingly likely.

The company’s quixotic chief executive Sergio Marchionne says it would be unthinkable for the company not to have the interests of its 80,000 employees and its homeland at heart.

Nov 28, 2011

Monte Paschi foundation renegotiating debt

ROME/MILAN, Nov 28 (Reuters) – The foundation which
controls Banca Monte dei Paschi di Siena is
renegotiating with creditors the terms of 1.1 billion euros of
loans, backed by Monte Paschi shares, as it seeks to keep
control of Italy’s third biggest lender.

The foundation, which owns 48.4 percent of the Tuscany-based
bank (MPS) and which was forced to take out the loans to
underwrite two capital increases since 2008, said on Monday
talks with the banks were at an advanced stage.

Nov 28, 2011

Italy’s Northern League sees opportunity in Monti’s woes

MELEGNANO, Italy, Nov 28 (Reuters) – On a cold and
foggy Sunday morning, a battle for the hearts and minds of
Italian voters is quietly under way in the medieval square of
this town on the outskirts of Milan.

“Bye Bye Silvio!” reads a giant billboard put up by the
leftist SEL party, whose leader has reluctantly thrown his
weight behind Mario Monti’s emergency government, tasked with
rescuing Italy from financial disaster.

Nov 24, 2011

Insight: Switzerland looks good to Italians

MILAN/LUGANO (Reuters) – Marco, a 31-year-old from southern Italy, has never set foot in neighboring Switzerland. Now he’s thinking of moving his family’s cheese-making business there.

Growing fear about the impact of the eurozone crisis in Italy is making Switzerland — traditional banking safe haven for the world’s wealthy — increasingly attractive to ordinary men and women nervous about the impact of austerity measures and even the possible collapse of the eurozone.

Nov 24, 2011

Switzerland looks good to Italians

MILAN/LUGANO, Nov 23 (Reuters) – Marco, a 31-year-old
from southern Italy, has never set foot in neighbouring
Switzerland. Now he’s thinking of moving his family’s
cheese-making business there.

Growing fear about the impact of the eurozone crisis in
Italy is making Switzerland — traditional banking safe haven
for the world’s wealthy — increasingly attractive to ordinary
men and women nervous about the impact of austerity measures and
even the possible collapse of the eurozone.

Nov 23, 2011

Pressure mounts on Finmeccanica chairman to quit

MILAN, Nov 23 (Reuters) – Pressure mounted on
Finmeccanica Chairman Pier Francesco Guarguaglini to quit on
Wednesday over a corruption probe that has engulfed Italy’s
defence conglomerate and exposed a growing rift in the company’s
top ranks.

The defence group, controlled by Italy’s Treasury, is
involved in a long-running probe centering on accusations of
false invoices and slush funds that were allegedly used to bribe
politicians.