Stephen's Feed
Nov 20, 2014

Enel boosts Endesa shares on offer after strong demand

MILAN, Nov 20 (Reuters) – Italian utility Enel
increased the number of shares it is offering retail investors
in Spanish subsidiary Endesa, which could raise 3.2
billion euros ($4 billion) to help reduce debt.

Enel, Europe’s most indebted utility, is selling up to 22
percent of Endesa as part of wider plans this year to raise more
than 4 billion euros from disposals to help maintain its
investment-grade credit ratings.

Nov 19, 2014

Generali to hit 2015 targets a year early

LONDON, Nov 19 (Reuters) – Italy’s Generali
expects to hit its 2015 targets a year ahead of schedule and
raise its dividend payout, after cutting costs and selling
assets to focus on its main life, property and casualty
insurance businesses in Europe.

Chief Executive Mario Greco, who promised to shake-up
Generali to improve profitability when he took over in August
2012, unveiled a turnaround plan at the start of last year
centred on cutting debt through the sale of non-core businesses,
such as its U.S. life insurance arm and Swiss private bank BSI.

Nov 19, 2014

Enel on track to raise over 3 bln euros in Endesa share sale

MILAN, Nov 19 (Reuters) – Italy’s biggest utility Enel
is on track to raise up to 3.2 billion euros ($4
billion) from the sale of shares in its Spanish subsidiary
Endesa, three sources with knowledge of the deal said
on Wednesday.

Enel, Europe’s most indebted utility, is selling a stake of
up to 22 percent in Endesa to help cut its mountain of debt and
beef up the Spanish group’s market float.

Nov 18, 2014

Japan’s Hitachi closes in on Finmeccanica rail assets

MILAN (Reuters) – Italian industrial conglomerate Finmeccanica (SIFI.MI: Quote, Profile, Research, Stock Buzz) said on Tuesday Japan’s Hitachi (6501.T: Quote, Profile, Research, Stock Buzz) had submitted an offer to buy rail assets it has put on the block as part of plans to cut debt.

Finmeccanica had shortlisted Hitachi and China’s CNR Corporation (601299.SS: Quote, Profile, Research, Stock Buzz) to buy both loss-making train maker AnsaldoBreda and its coveted 40 percent stake in rail signalling group Ansaldo STS (STS.MI: Quote, Profile, Research, Stock Buzz). Bids were due by Nov. 17.

Nov 7, 2014

Enel GP sells French assets, ready to shed more in Europe

MILAN, Nov 7 (Reuters) – Enel Green Power, Italy’s
biggest renewable energy company, expects to sell its wind power
assets in France by the end of this year and is ready to shed
more of its European business as it focuses on emerging markets.

EGP, majority owned by state-controlled utility Enel
, has gradually been shifting its attention away from
Italy and Spain to countries with abundant resources, good
growth prospects and reliable regulation.

Nov 6, 2014

European insurers promise higher dividends for 2014

ZURICH/MILAN, Nov 6 (Reuters) – Major European insurers are
to offer shareholders a bigger share of their earnings this
year, as a low level of payouts for damage claims has allowed
them to build up large cash piles.

Italy’s largest insurer Generali said it would
increase the dividend on its full-year results, while
Switzerland’s Zurich Insurance – already a generous
payer at around 70 percent of net income – again flagged that
its shareholders could expect an “attractive” dividend.

Nov 5, 2014

Italy’s Enel launches Endesa share sale as debt target looms

MILAN, Nov 5 (Reuters) – Italy’s biggest utility Enel
could sell up to 22 percent of Endesa, a
stake worth about $4.4 billion, as it seeks to increase its
Spanish subsidiary’s free float and reduce its own debt.

The power generation businesses of European utility groups
have had to contend with low wholesale prices and weak demand
during the region’s persisting economic weakness, but Enel is
also under pressure to shrink a debt burden that stood at 43
billion euros ($53.7 billion) at the end of June.

Nov 4, 2014

Eni working with Credit Suisse on Saipem stake sale – sources

MILAN/LONDON, Nov 4 (Reuters) – Italian oil and gas group
Eni is working with Credit Suisse bankers to
explore options for the sale of its stake in oil service company
Saipem, sources close to the matter said on Tuesday.

Earlier on Tuesday Eni CEO Claudio Descalzi told a
parliamentary hearing the sale process had started and an
adviser had been appointed without naming the adviser.

Oct 31, 2014

Former Monte Paschi management convicted as crisis mounts

ROME/MILAN (Reuters) – The former top managers of Monte dei Paschi di Siena (BMPS.MI: Quote, Profile, Research) were sentenced to three-and-a-half years in jail on Friday over a 2009 derivatives scandal from which the bank is still struggling to recover.

Former Chairman Giuseppe Mussari, former Chief Executive Antonio Vigni and former finance chief Gianluca Baldassari were all found guilty of misleading regulators over risky derivative trades meant to conceal mounting losses.

Oct 31, 2014

Snam could take stake in TAP pipeline, but not now

MILAN, Oct 31 (Reuters) – Italian gas grid operator Snam
could eventually take a stake in the Trans Adriatic Gas
Pipeline (TAP) scheduled to carry Azeri gas to Europe by 2020,
Snam’s CEO said on Friday.

“We have no intention to become a shareholder now … We
could evaluate in the future a participation,” Carlo Malacarne
told analysts in a call on Snam’s third-quarter results.

    • 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