MILAN, March 26 (Reuters) – Italy’s Saipem is
close to signing a joint venture with a big local partner in
Nigeria just days after clinching a similar deal in China with
PetroChina as the oil contractor seeks access to new
Saipem, 43 percent owned by Italian oil major Eni,
has seen some 10 billion euros ($11 billion) wiped off its
market value over the past two years after two profit warnings,
a corruption investigation in Algeria and a worsening outlook.
MILAN (Reuters) – China National Chemical Corp (ChemChina) is close to becoming the biggest single shareholder in Pirelli (PECI.MI: Quote, Profile, Research, Stock Buzz) in a deal that would trigger a 7 billion euro ($7.5 billion) buyout of the Italian tire company.
Three sources familiar with the deal, which would be the latest in a string of Chinese investments in large Italian companies, said ChemChina was discussing a deal with Pirelli’s top shareholders to buy a holding company called Camfin, which owns 26 percent of Pirelli and is 50 percent owned by Russia’s Rosneft (ROSN.MM: Quote, Profile, Research, Stock Buzz).
MILAN, March 20 (Reuters) – China National Chemical
Corporation is close to striking a deal with the top
shareholder in Pirelli that could see it take control
of the Italian tyre company, two sources familiar with the
matter said on Friday.
A deal with ChemChina would be the latest Chinese investment
to be made in large Italian companies and is expected by
analysts to make it Pirelli’s single largest shareholder instead
of Russian oil giant Rosneft.
MILAN, March 19 (Reuters) – Enel aims to raise
profits and dividends over the next five years by focusing on
emerging markets and green energy after Italy’s biggest utility
reported an 84 percent fall in 2014 net profit on Thursday due
Under the first business plan of CEO Francesco Starace, Enel
said it would spend 18 billion euros ($19.2 billion) on growth,
more than half in emerging markets like Latin America and Africa
while doubling the capacity of its green power division.
MILAN, March 13 (Reuters) – Italy’s Eni cut its
dividend and suspended a share buyback programme on Friday
becoming the first oil major to reduce payouts amid a steep oil
price decline in a bid to save funds to spur future production
In the first major business plan of Chief Executive Claudio
Descalzi, Italy’s biggest listed company said it would pay a
2015 dividend of 0.8 euros per share compared with the 1.12
euros per share it paid on 2014 results.
MILAN, March 12 (Reuters) – Italian gas company Snam
will spend more than 5 billion euros over the next four
years to upgrade its grid as it looks to play a leading role in
Europe’s plans to make gas supplies more secure.
Snam, which has a strategic alliance with Belgium’s Fluxys
, wants to expand its footprint across Europe and help
integrate the area’s patchwork of gas grids.
MILAN, March 12 (Reuters) – Italian insurer Generali
missed 2014 profit forecasts on Thursday, hit by a
weaker-than-expected performance in property and casualty
insurance and one-off charges, taking some of the shine off
recent turnaround successes.
Europe’s No. 3 insurer has strengthened its balance sheet by
cutting costs and selling assets, and has met a series of
recovery targets early.
MILAN, March 10 (Reuters) – Europe’s gas storage operators
are discussing plans to develop a common European storage
mechanism to see off potential threats to the bloc’s gas
supplies, the head of Italian gas grid company Snam
told Reuters on Tuesday.
“It makes strategic sense to pool our resources and we are
keen on taking our proposals to Europe and to ministries,” Snam
CEO Carlo Malacarne said in a telephone interview.
MILAN, March 5 (Reuters) – Italian hat maker Borsalino,
which has helped clothe politicians, celebrities and movie stars
including Humphrey Bogart in “Casablanca”, is looking at ways to
stay afloat having run into financial problems.
Founded in 1857 by the eponymous family, Borsalino is one of
a series of small Italian fashion houses that have strong brands
but are short on the financial muscle and management skills to
boost growth beyond a stagnating domestic market.
MILAN (Reuters) – The European Banking Authority (EBA) will not this year run stress tests to gauge whether European banks have sufficient core capital to withstand shocks to the system, it said on Tuesday.
“Instead of a stress test, in 2015 EBA will be running a transparency exercise in line with the one conducted in 2013,” it said in a statement on its website.