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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

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.

Oct 6, 2014

EU’s Oettinger expects Russia-Ukraine gas deal this month

MILAN, Oct 6 (Reuters) – Europe’s top energy official said
on Monday he expected an interim gas deal between Russia and
Ukraine to be completed this month, enabling Russian gas
deliveries to Ukraine this winter and curbing the threat of cuts
to Europe.

“We should get the interim solution in October,” European
Energy Commissioner Guenther Oettinger said on the sidelines of
a meeting of energy and environment ministers.

Sep 18, 2014

Enel gears up for asset sales as it forges ahead in Latin America

MILAN, Sept 18 (Reuters) – Italy’s biggest utility Enel
faces a busy few months as it reshapes itself to
focus on Latin America, with its stake in Spain’s Endesa
under the spotlight and more than 4 billion euros ($5
billion) of assets in Eastern Europe to sell.

Enel, Europe’s most indebted utility, is looking to cut net
debt to about 37 billion euros by the end of this year from 41.5
billion euros at the end of March to keep its investment-grade
rating. To do that it has committed to sell around 4 billion
euros of assets this year.

Sep 11, 2014

Eni CEO investigated by prosecutors over Nigerian oil deal

MILAN, Sept 11 (Reuters) – Eni said on Thursday CEO
Claudio Descalzi is under investigation by Italian prosecutors
over alleged international corruption relating to a big Nigerian
oil deal.

Milan prosecutors opened an investigation into the deal
earlier this year and have now widened the net to include new
Eni CEO Descalzi in a case relating to its $1.09 billion
acquisition of Nigeria’s OPL-245 offshore oil block in 2011.

Sep 4, 2014

Italy court upholds U.S. ruling on Parmalat damages to Citibank

MILAN, Sept 4 (Reuters) – An Italian court has upheld a
ruling by a U.S. court for Italy’s Parmalat to pay
Citibank $431 million in damages in a case relating to the
dairy group’s bankruptcy more than 10 years ago, lawyers for the
U.S. bank said on Thursday.

Parmalat collapsed in 2003 after the discovery of a 14
billion euro ($18 billion) hole in its accounts. At the time it
was Europe’s biggest bankruptcy and its demise wiped out the
savings of more than 100,000 small investors.

Aug 29, 2014

Fiat says exit rights exercise won’t jeopardize Chrysler merger

MILAN (Reuters) – Fiat (FIA.MI: Quote, Profile, Research, Stock Buzz) said on Friday its merger with Chrysler was on track to go ahead as planned in October since it did not expect a 500 million euro ($658.3 million) cap on the money it set aside to pay off any dissenting shareholders would be breached.

Chief Executive Sergio Marchionne wants to incorporate the two carmakers into a Dutch-registered company called Fiat Chrysler Automobiles (FCA), paving the way for a U.S. stock market listing, key to help fund an ambitious investment plan.

Aug 28, 2014

Italy aims to thin out local utilities, form big national firms

MILAN, Aug 28 (Reuters) – Italy is planning legislation to
pry hundreds of public utilities from the control of local
authorities in a move toward consolidating a highly fragmented
sector to create big, national companies, according to ministry
sources and draft documents.

On Friday the centre-left government of Matteo Renzi is set
to unveil a package of measures aimed at shoring up some of the
weakest points of Italy’s sluggish economy.

    • 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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