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Oct 31, 2014

Bank of Italy sounded out Intesa on Monte Paschi rescue – La Repubblica

MILAN, Oct 31 (Reuters) – The Bank of Italy sounded out
Italy’s biggest retail bank Intesa Sanpaolo on whether
it was ready to merge with bailed-out lender Monte dei Paschi
but met with a “no”, La Repubblica reported on Friday
citing people close to the matter.

Monte dei Paschi shares have lost almost 40 percent since
results of Europe-wide bank stress tests on Sunday revealed it
had a 2.1 billion euro ($2.6 billion) capital gap to fill.

Oct 30, 2014

Eni sticks to production guidance as results top forecasts

MILAN (Reuters) – Italian oil and gas group Eni SpA kept to its full-year production outlook on Thursday after third-quarter results beat expectations, shrugging off falling oil prices.

Oil majors have seen their stock market values fall since mid-June, in step with a 25 percent drop in crude oil prices to four-year lows on slowing global demand and ample supplies.

Oct 28, 2014

Saipem’s outlook warning spooks investors

MILAN (Reuters) – Shares in Saipem (SPMI.MI: Quote, Profile, Research, Stock Buzz) fell on Tuesday after the Italian oil industry services group reported a worse than expected fall in its third-quarter net profit and warned the full-year result would be at the low end of its previous range.

Saipem’s chief executive, Umberto Vergine, said a worsening in market conditions had slowed efforts to phase out low-margin contracts and made the execution of new projects more challenging.

Oct 28, 2014

Saipem outlook spooks investors as Q3 misses forecast

MILAN, Oct 28 (Reuters) – Italian oil services group Saipem
warned full-year profits would come at the low end of
a previous target range and posted third-quarter net profit that
fell short of expectations, causing its shares to drop on
Tuesday.

“A disaster … For us it’s another profit warning,” a Milan
trader said.

Oct 28, 2014

E.ON puts back bid deadline for Italy assets – sources

MILAN/FRANKFURT, Oct 28 (Reuters) – The sale of the Italian
assets of German energy group E.ON has hit another
hurdle, with the deadline for binding offers pushed back to late
November, four sources familiar with the matter said.

Germany’s biggest utility, which is seeking to offload its
Italian businesses to cut debt, had originally planned to
complete the deal in the second quarter of this year, according
to presentation slides obtained by Reuters, but Europe’s
depressed power market has prompted a series of delays.

Oct 28, 2014

Mediobanca sees role in bank consolidation only as adviser

MILAN (Reuters) – Italy’s Mediobanca (MDBI.MI: Quote, Profile, Research, Stock Buzz) is not planning any acquisitions and will take part only as an adviser in the process of consolidation expected in the banking sector in coming months, its chief executive said on Tuesday.

“We are not interested in M&A,” Alberto Nagel said in a conference call on first-quarter results.

Oct 23, 2014

Italian paper group Fedrigoni pulls flotation plans

MILAN, Oct 23 (Reuters) – Italian paper maker Fedrigoni has
become the latest in a string of companies to pull plans to list
on the stock market, as worsening market conditions across
Europe prompt a re-think in flotation plans.

In a statement on Thursday, the Verona-based group said its
decision to stop its initial public offering (IPO) reflected
worsening conditions in the offering period, adding a market
listing remained a strategic aim.

Oct 23, 2014

Italy’s local utility shake up seen tempting China

MILAN, Oct 23 (Reuters) – Italy’s plan to reduce energy
prices by pushing local government out of utilities and
promoting mergers is likely to create larger, more efficient
companies that could also appeal to foreign buyers, such as the
Chinese.

Last week, the government of Matteo Renzi introduced a 2015
budget to stimulate the economy which contained proposals to
offer incentives to public owners to sell their stakes in local
service companies.

Oct 20, 2014

Stress test jitters rattle Monte Paschi investors

MILAN, Oct 20 (Reuters) – Shares in Banca Monte dei Paschi
di Siena remained under pressure on Monday on market
fears that a European banking review may reveal a fresh capital
shortfall at the bailed-out Italian lender.

The bank said that on the basis of documents it had received
so far it had no evidence to back up the amounts mentioned in
media reports. It said it would issue a statement on results
only after the final outcome was made public.

Oct 8, 2014

Endesa prioritises dividends in new domestic focus

MADRID/MILAN, Oct 8 (Reuters) – Endesa, the Spanish
utility controlled by Italy’s Enel, has the financial
muscle to increase dividends and even fund acquisitions after
selling its Latin American assets, it said on Wednesday.

Madrid-based Endesa, 92 percent owned by state-controlled
Enel, sold the assets to its Italian parent earlier this year in
order to focus on the domestic market.

    • 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."
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