Stefano's Feed
Oct 13, 2014

Atlantia planning sale of minority stake in Rome airports: sources

ROME (Reuters) – Italian motorway company Atlantia will put up for sale a stake of up to 20 percent in airport operator Aeroporti di Roma (ADR) this year as part of plans to cut its holding in ADR to around 60 percent, three sources said on Monday.

The highway group, which currently owns 96 percent of ADR, has hired consultants to advise on the sale and will likely offer the stake to institutional investors and sovereign funds, two of the sources said.

Oct 10, 2014

Berlusconi’s Fininvest ordered to sell 20 percent stake in Mediolanum

ROME/MILAN (Reuters) – Fininvest, the holding company of Silvio Berlusconi, must sell a 20 percent stake in Mediolanum (MED.MI: Quote, Profile, Research, Stock Buzz) because Italy’s central bank no longer considers the former prime minister fit to own more than 10 percent of a financial company.

Asset manager and insurer Mediolanum is in the process of registering as a bank, thus falling under the supervision of the Bank of Italy, which Fininvest said had requested the stake sale because of Berlusconi’s conviction for tax fraud last year.

Sep 25, 2014

EU markets watchdog tells banks to investigate stress test rumors

ROME/FRANKFURT (Reuters) – The European Union’s markets watchdog has warned banks they must investigate any rumors about how they have fared in the European Central Bank’s banking sector health check, sources familiar with the matter told Reuters.

Any leaks or market rumors have the potential to distort share prices of the 131 euro zone banks undergoing the ECB assessment, ranging from international titans such as Deutsche Bank to national champions including Bank of Ireland and Bank of Cyprus.

Aug 7, 2014

Monte Paschi posts worse than expected loss as bad loan charges rise

MILAN, Aug 7 (Reuters) – Italy’s third biggest bank, Monte
dei Paschi di Siena, posted a worse-than-expected loss
in the second quarter as charges on souring loans rose,
underlining the challenges the bailed-out lender still faces to
turn itself around.

The bank, which received 4.1 billion euros ($5.47 billion)
in state aid last year, said the net loss in the three months
between April and June stood at 178.9 million euros.

Jun 27, 2014

Monte Paschi raises 4.99 bln euros in rights issue

MILAN, June 27 (Reuters) – Italy’s Banca Monte dei Paschi di
Siena said on Friday it had raised 4.99 billion euros
($6.81 billion) through the sale of new shares, boosting its
capital base and increasing the chances it could pass an EU
review of bank assets.

Monte dei Paschi, Italy’s No.3 bank by branches, is one of
15 Italian lenders targeted in a health check of euro zone
lenders by the European Central Bank before it takes over
supervision of the sector in November.

Jun 6, 2014

Monte Paschi says may need more capital after ECB review

MILAN/ROME, June 6 (Reuters) – Bailed-out Italian bank Monte
dei Paschi di Siena has warned its 5 billion euro
($6.9 billion euros) share issue may not be enough to bolster
its balance sheet if EU regulators force it to set aside more
cash to cover for bad loans.

In a 515-page prospectus for the cash call, due to start on
Monday, Italy’s third-largest bank said it could need further
capital-strengthening measures after the European Central Bank
(ECB) and the European Banking Authority (EBA) complete their
review of lenders across the euro zone.

May 21, 2014

Monte Paschi shareholders approve 5-billion euro share sale

SIENA (Reuters) – Shareholders in Italy’s Monte dei Paschi di Siena approved a proposal to boost the size of an upcoming share sale to 5 billion euros ($6.9 billion) to help it absorb a hit on its finances it expects from a Europe-wide bank health check.

At an extraordinary meeting in the bank’s hometown of Siena, shareholders overwhelmingly agreed to raise the capital increase, initially planned at 3 billion euros, by two billion euros. The new amount is twice the bank’s current market value.

Apr 15, 2014

Italy’s Monte dei Paschi considers bigger cash call

MILAN/ROME (Reuters) – Italy’s Banca Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research, Stock Buzz) is considering increasing the size of its planned share sale to help it pass a euro-zone wide bank health check and repay state aid this year.

Late on Monday, Italian news agency ANSA said Italy’s third-largest lender was looking to tap investors for up to 5 billion euros ($6.9 billion), more than the 3 billion planned.

Apr 8, 2014

Italy’s Renzi says he has found funding for tax cuts

ROME (Reuters) – Italian Prime Minister Matteo Renzi said on Tuesday he had found ways to fund a pledged 7 billion euro tax cut this year, moving to reassure sceptics and European officials that Italy does not plan to upend its public finances to fuel economic growth.

Speaking to reporters before a cabinet meeting to lay out his new government’s economic goals, Renzi shrugged off scepticism from opponents that a set of tax cuts were an electioneering gambit ahead of next month’s European elections.

Mar 19, 2014

Banking foundation cuts historic ties with Monte Paschi share sale

ROME/MILAN, March 19 (Reuters) – In just six months,
Antonella Mansi has cut the umbilical cord that for 500 years
united Monte dei Paschi di Siena to its medieval home

Mansi, a 39-year-old chemicals company executive, took the
helm of the Monte dei Paschi foundation – a powerful and
politically-connected charity that was long the bank’s
controlling shareholder – last year.