Stephen's Feed
May 14, 2015

Generali posts best quarterly operating profit in 7 years

MILAN, May 14 (Reuters) – Italian insurer Generali’s
first-quarter operating profit rose 6 percent to top
forecasts as growth in its life business offset a fall in
non-life activity.

Europe’s No. 3 insurer said the figure stood at 1.326
billion euros ($1.5 billion) – its best quarterly result in
seven years and above an analyst poll of 1.28 billion euros.

May 8, 2015

Enel gets bids for Slovak utility, tables gas sale

MILAN, May 8 (Reuters) – Italy’s Enel has received
binding bids for its stake in Slovakia’s biggest power company
as it presses ahead with plans to sell 5 billion euros ($5.6
billion) of assets to cut debt and fund growth.

Enel, Europe’s second biggest utility for installed
capacity, has put the sale of its 66 percent stake in Slovenske
Elektrarne at the heart of its disposal plan, aimed at reducing
a 39.5 billion euro debt pile. But the deal has met vocal
opposition from the Slovak government.

May 4, 2015

Exor committed to $6.4 billion spurned offer for PartnerRe

MILAN/BANGALORE (Reuters) – Italy’s Exor (EXOR.MI: Quote, Profile, Research, Stock Buzz) said on Monday it remained fully committed to its $6.4 billion offer for PartnerRe (PRE.N: Quote, Profile, Research, Stock Buzz) after the Bermuda-based reinsurer rejected its attempt to trump a bid by Axis Capital Holdings (AXS.N: Quote, Profile, Research, Stock Buzz).

Exor’s decision to press ahead with its offer means PartnerRe shareholders will have to decide which deal is sweeter, and indicates it is unlikely to raise its bid for now.

May 4, 2015

Exor ‘fully committed’ to spurned offer for PartnerRe

MILAN, May 4 (Reuters) – Italy’s Exor said on
Monday it remained fully committed to its $6.4 billion offer for
PartnerRe after the Bermuda-based reinsurer rejected its
attempt to trump a rival bid by Axis Capital Holdings.

Exor’s decision to press ahead with its offer means
PartnerRe shareholders will now have to decide which deal is
sweeter, and indicates that it is unlikely to up its bid for the
time being.

Apr 29, 2015

Eni looks to higher oil output this year after Q1 profits beat forecasts

MILAN, April 29 (Reuters) – Italian oil company Eni
expects to produce more oil and gas this year as new projects
come onstream, it said on Wednesday, after higher output helped
it soften the blow of lower crude prices in its first-quarter
results.

The benchmark Brent crude oil price averaged $55 a barrel in
the quarter, down by almost half from a year ago.

Apr 29, 2015

Saipem to fight investor lawsuit claiming it overstated profits

MILAN, April 29 (Reuters) – Italian oil services company
Saipem said it would vigorously contest a 174.2
million euro ($192 million) lawsuit from a group of investors
claiming the firm overstated profits.

Deminor Recovery Services, representing 64 institutional
investors, said on Wednesday it was seeking the damages to cover
losses on share purchases caused by Saipem’s alleged failure to
correctly inform the market about revenues and costs on pending
contracts between Feb. 13, 2012 and June 14, 2013.

Apr 28, 2015

Enel asset sale plan faces rejig as Slovakia cranks up pressure

MILAN/PRAGUE (Reuters) – Enel (ENEI.MI: Quote, Profile, Research, Stock Buzz) may have to rejig its plans to sell 5 billion euros ($5.5 billion) of assets after Slovakia spooked investors by cranking up its war of words with the Italian utility over the sale of the country’s biggest power company.

    State-controlled Enel, one of Europe’s most indebted utilities, has put the sale of its 66 percent stake in Slovenske Elektrarne at the heart of a disposal plan to cut debt and fund growth. 

Apr 27, 2015

Saipem profit tops forecasts as contract margins pick up

MILAN, April 27 (Reuters) – Italian oil services group
Saipem on Monday reported stronger than expected
first-quarter operating profit thanks to healthier profit
margins from new orders.

Saipem, 43 percent owned by oil major Eni, is
trying to phase out so-called low-margin legacy contracts that
were awarded before 2013 and have weighed on profitability.

Apr 23, 2015

Eni CEO drafts in former boss to pave way for Saipem sale

MILAN, April 23 (Reuters) – Stefano Cao has been brought
back by Eni to turn around the oil service subsidiary
Saipem that he spent nearly 25 years working for and
prepare it for a sale, according to people familiar with the
plan.

Italian state-controlled oil major Eni has been mulling for
years the idea of cutting its 43 percent stake in Saipem to
somewhere below 30 percent, mainly to get 4.4 billion euros
($4.7 billion) of debt off its balance sheet that has been a
brake on its own growth.

Apr 14, 2015

Agnellis’ Exor bids $6.4 bln for PartnerRe to trump Axis

MILAN, April 14 (Reuters) – Italian holding company Exor
, which controls carmaker Fiat Chrysler Automobiles
, offered $6.4 billion in cash to buy U.S. reinsurer
PartnerRe, trumping an earlier all-share deal with Axis
Capital Holdings Ltd.

Earlier this year, Axis and PartnerRe agreed an all-share
$11 billion merger to create one of the world’s largest
reinsurers in a deal that was expected to close in the second
half of this year.

    • About Stephen

      "Based in Milan, I cover the Italian energy sector for the Italian team. I have followed energy in Italy for the last 10 years, previously for Bridge News, AFX and Thomson."
    • Follow Stephen