Without great directionality, Piazza Affari together with the other main stock exchanges of the Old Continent. In Milan, eyes on Stellantis, Juventus and De Longhi
The session in Piazza Affari was without great direction, like the other main stock exchanges of the Old Continent. In Milan, eyes on some individual titles, such as Stellantis, Juventus and De Longhi.
At the end of trading the FTSEMib recorded an increase of 0.26% to 30,353 points while the All Share advanced by 0.26% to 32,470 points. Plus sign, but still with little direction, also for Mid Cap (+0.27%) and STAR (+0.33%).
Among the main stocks on the Milan stock exchange, all eyes are on Stellar (-0.09%). S&P Global raised its rating to ‘BBB+’ with a stable outlook. The upgrade is mainly due to profitability, which remains favorable or so is expected, but also to the “cash flows destined to remain strong and the post-merger synergies put in place, at 7 billion compared to the 5 that the group led by Carlos Tavares had set himself the goal.” S&P Global Ratings also explains that the rating is also influenced by “favorable pricing conditions and a high share of sales in the profitable US market” and by the fact that Stellantis “benefits from merger synergies and investment spending discipline, which contributed to a Focf/sales ratio of approximately 5% in 2022.”
From Longhi (+2.48%) has signed agreements for a business combination operation between Eversys and La Marzocco, to create a world-class operator in the professional coffee machine sector. The operation involves the creation of a new corporate structure controlled by De Longhi with the related contribution of Eversys, the acquisition by De Longhi of La Marzocco International both from De Longhi Industrial and from minority shareholders, for approximately 41.2% of capital. The total net cash outlay expected for De Longhi amounts to approximately 374 million dollars, covered entirely by the group’s own resources.
Also focus on Juventus FC (-2.12%) after yesterday’s good day in the wake of the ruling of the European Court of Justice on the Super League. The club has appointed Citigroup e UniCredit (+0.33%) as joint global coordinators in the context of the capital increase under option up to a maximum of 200 million euros. In the meantime, EXOR has undertaken to subscribe and release, at the subscription price, the newly issued shares that are not subscribed at the end of the auction of unexercised rights, up to a total amount of approximately 72 million euros. The capital increase will be approximately completed in the first quarter of 2024.
Purchase on Biesse (+2.16%). The company has signed the contract for the acquisition of the entire capital of GMM Finance, the holding company at the head of the GMM group. This holding company includes GMM, Bavelloni, Techni Waterjet and their respective Italian and foreign subsidiaries active in the sectors of user-friendly machinery for processing stone, glass and other materials. The provisional consideration for the acquisition, which will be paid entirely in cash at closing, has been set at 72 million euros. Closing is expected by January 15, 2024.
2023-12-22 17:16:00
#Piazza #Affari #busy
