At Piazza Affari, there is a coupon detachment for nine big players
At Piazza Affari detachment of the autumn coupons for nine securities of the Ftse Mib: the technical impact at the start for the index is negative for 0.5%. To treat ex dividend are Banca Generali(2.70 euros the coupon), Mediolanum Bank (0,23) Finecobank (0,53), Intesa Sanpaolo (0,0721), Mediobanca (0,66), Italian post (0,185 euro), Recordati (0,53), Tenaris (0,13) e Terna(0,0982).
The Tim case drives Milan
An expression of interest for 100% of Tim at a price of 0.505 per ordinary or savings share. The proposal of the KKR fund, aimed at delisting the company, was examined yesterday by the board of Tim, is not binding and is subject to the achievement of the minimum membership threshold of 51% of the share capital of both share categories. It is defined by the American fund, formerly a shareholder of the subsidiary of Tim Fibercop, “friendly” and aspires to obtain the approval of the directors of the Italian company and the support of the management. It is conditional on the performance of a confirmatory due diligence lasting four weeks, as well as on the approval of the relevant institutional subjects. The Government for its part, with a note from the Mef, took note of the fund’s proposal, defining the interest of investors in important Italian companies “positive news for the country” and adding that it will carefully evaluate, also with regard to the exercise of own prerogatives (on strategic assets such as Tim’s network the government can exercise golden power, ed), projects involving infrastructure. “From the front of Vivendi, Tim’s first partner, the concern is that behind the scenes of the ‘operation with Kkr there is the current CEO of the group, Luigi Gubitosi. On this point, according to what is learned, the media company could also evaluate the legal action. Now, therefore, the eyes are focused on the next expected board of directors November 26. A board convened, shortly before the news of Kkr’s interest, after the letters of mayors and directors worried about the company’s performance, to have clarity again on the strategies and organization of the group. Initially, President Rossi had called the council for December 17, then brought it forward to November 26.
Telco in the spotlight. The Ericsson and Telenor operations
But in Europe, telecommunications are also at the center of attention for other extraordinary transactions and the sector is the best on the share markets. Ericsson sells ground to the Stockholm Stock Exchange, after the announcement of the agreement for the acquisition of the US cloud specialist Vonage, for 6.2 billion dollars, a price that analysts consider very high. The Norwegian Telenor rises in Oslo thanks to the agreement with the Thai Charoen Pokphand for the merger of the activities in the Asian country that will give life to a center with over 6 billion euros in revenues.
Generali, De Agostini on the way out
The De Agostini Group announces “that it has launched a project for the gradual disposal of its shareholding in General, equal to 1.44% of the share capital “. In this context, – explains a note – a first transaction was carried out consisting of a derivative instrument involving 2.25 million shares, representing 0, 14% of the share capital of Leone. The indiscretion on De Agostini’s exit had already penalized the Generali shares last week,
BTp, spread stable at 120 points
Plate it spread between BTp and Bund. Italian sovereign bonds are confirmed at the levels of Friday 19th with the consequence that the ‘gap’ with the German reference bonds remains unchanged. On the MTS secondary market, the yield differential between the ten-year benchmark BTp (IT0005436693) and the German bond of the same duration is indicated at 120 basis points, unchanged with respect to the closing on Friday. Without prejudice to the benchmark ten-year BTp yield at 0.87%, the same value indicated on Friday evening.
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