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Enel, hitherto the world's biggest listed renewables developer, plans 35.8 billion euros ($39 billion) of gross capital expenditure in its plan to 2026, of which nearly 19 billion euros will help to modernise and make its networks more resilient. Shares in the state-controlled power group were down 0.4% at 1530 GMT paring a 1% initial loss on the Milan bourse and underperforming a nearly flat blue-chip index. Rising indebtedness was one of the reasons why the Italian government, which is the single biggest shareholder in Enel, decided to oust the group's previous CEO, Francesco Starace. New CEO Flavio Cattaneo pledged to spend only the cash generated by the business, without increasing the debt pile. The group will devote some 3 billion euros to actively manage its customer portfolio through bundled offers, which will include different commodities and services.

Persons: Antonio Parrinello, Enel, Francesco Starace, Flavio Cattaneo, Cattaneo, Stefano De Angelis, Starace, Francesca Landini, Giancarlo Navach, Keith Weir, Giulia Segreti, Elaine Hardcastle, Jonathan Oatis Organizations: REUTERS, Milan bourse, Thomson Locations: Catania, Italy, MILAN, Milan, Enel

☆ IPO laggards’ race to the bottom misses the target
▼ + stars: | 2023-11-10 | by ( Lisa Jucca | ) www.reuters.com time to read: +5 min

A view shows the Milan stock exchange building, as stocks slid in the first hours of trading after fears that the collapse of Silicon Valley Bank could trigger a broader financial crisis, in Milan, Italy, March 13, 2023. REUTERS/Claudia Greco Acquire Licensing RightsMILAN, Nov 10 (Reuters Breakingviews) - Italy is scrambling to make its stock market more attractive. Over the past few years, some prominent companies have moved their listing venue abroad. Companies rushing to list in the Netherlands are no doubt attracted by its lax approach to companies with dual voting share classes. Doubts over the sustainability of Rome’s high public debt push up listed companies’ cost of capital, depressing their valuations and making the stock market less appealing.

Persons: Claudia Greco, Giorgia, Rishi, Agnelli, Neil Unmack, Oliver Taslic Organizations: REUTERS, Reuters, Ministry, Companies, Reuters Graphics Reuters, Financial, Thomson Locations: Milan, Silicon, Italy, Amsterdam, New York, Paris, Italian, Netherlands, Britain, United States, London

☆ CNH launches $1 bln buyback, NYSE single listing plan effective from Jan 2
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

MILAN, Nov 7 (Reuters) - Farm and construction equipment maker CNH Industrial (CNHI.MI) said on Tuesday its plan to abandon the Milan stock market and retain a single listing for its shares on the New York Stock Exchange would be effective from Jan. 2 next year. The Italian-American group, whose shares are currently traded both on the NYSE and in Milan, earlier this year announced a plan to abandon its Italian listing. CNH said in a statement on Tuesday that the Milan Stock Exchange had approved an application it filed to delist its ordinary shares from Milan bourse and had set the Jan. 2 date for when a NYSE single listing will be effective. As part of its New York single-listing plan, CNH announced a new share buyback program worth up to $1 billion. Since it spun-off its truck and bus unit in January 2022, now separately listed as Iveco Group (IVG.MI), the majority of CNH stock trading has progressively shifted to NYSE, the company said.

Persons: CNH, Goldman Sachs, Giulio Piovaccari, Alvise Armellini, Keith Weir Organizations: MILAN, CNH, New York Stock Exchange, NYSE, Milan Stock Exchange, Milan bourse, Euronext Milan, Iveco Group, Milan, BNP, Thomson Locations: Milan, American, South America, York, Europe

☆ CNH launches $1 bln buyback to support NYSE single listing plan
▼ + stars: | 2023-11-07 | by ( ) www.reuters.com time to read: +2 min

MILAN, Nov 7 (Reuters) - Farm and construction equipment maker CNH Industrial (CNHI.MI) said on Tuesday it had approved a new share buyback program worth up to $1 billion as part of its plan to pursue single-listing in New York. The Italian-American group, whose shares are currently traded both at the NYSE and in Milan, earlier this year announced a plan to abandon its Italian listing. It is confident that single listing on NYSE would be effective at the beginning of January next year, it added. The new buyback program will run between Nov. 8 and March 1 and will be funded through the company's liquidity. Goldman Sachs is acting as financial advisor to CNH, while BNP Paribas is acting as co-advisor and buyback agent for the group in Europe.

Persons: CNH, Goldman Sachs, Giulio Piovaccari, Alvise Organizations: MILAN, CNH, NYSE, Euronext Milan, Milan bourse, Iveco Group, Milan, BNP, Thomson Locations: New York, American, Milan, Europe

Nov 7 (Reuters) - Agricultural and construction machinery maker CNH Industrial on Tuesday lowered its 2023 revenue forecast, citing a softening for its farm machinery, predominantly in South America, sending its shares plummeting. A Milan-based trader told Reuters European funds were also selling the stock ahead of CNH's delisting from the Milan bourse. The Italian-American company lowered its net revenue forecast from industrial activities, which accounts for the majority of CNH's revenue, of between 3-6% this year, down from a previous forecast of 8-11%. CNH, which houses brands such as Case IH and New Holland, reported third-quarter net sales from industrial activities down 1% year on year at $5.33 billion. CNH, which also announced a new share buyback programme as part of plans to achieve single listing on the New York Stock Exchange, reported quarterly adjusted operating profit from industrial activities of $657 million, down from $670 million a year earlier.

Persons: Scott Wine, Alessandro Parodi, Giancarlo Navach, Bianca Flowers, Kirsten Donovan, David Goodman, David Evans Organizations: Reuters, Milan bourse, Deere, Co, Caterpillar Inc, IH, South, New York Stock Exchange, Thomson Locations: South America, Milan, New York, American, New Holland

MILAN, June 12 (Reuters) - Silvio Berlusconi, the billionaire media mogul and former Italian prime minister who transformed the nation's politics with polarising policies and often alarmed his allies with his brazen remarks, died on Monday aged 86. Berlusconi, Italy's longest-serving premier who counted Russian President Vladimir Putin as a friend and gained notoriety for his "bunga bunga" sex parties, had suffered from leukaemia and recently developed a lung infection. Berlusconi's Forza Italia party is part of Prime Minister Giorgia Meloni's right-wing coalition, and although he himself did not have a role in government, his death is likely to destabilise Italian politics in the coming months. Farewell Silvio," Italian Prime Minister Giorgia Meloni said. After building a television empire in the 1980s, Berlusconi threw himself into politics in 1994 and almost immediately became prime minister.

Persons: Silvio Berlusconi, Berlusconi, Italy's, Vladimir Putin, Paolo, ANSA, Giorgia Meloni's, Marina, Silvio, Giorgia Meloni, Enrico Letta, Putin, Emilio Parodi, Elvira Pollina, Alvise Armellini, Edmund Blair Organizations: MILAN, Berlusconi's Forza Italia, Twitter, Milan bourse, Forza Italia, Monza, Serie, Thomson Locations: San Raffaele, Milan, Italy, Italian, Ukraine, Moscow, Kyiv

☆ Italian Design Brands shares rise on first day of trading
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: 1 min

MILAN, May 18 (Reuters) - Shares in Italy's Italian Design Brands (IDB) (IDB.MI), a hub of Italian furniture and lighting companies, jumped more than 3% on their Milan bourse debut on Thursday. At around 1000 GMT IDB's shares were up 3.3% from the fixed price set in its initial public offering. The group, which offered newly issued shares worth 70 million euros ($77 million), is aiming to use part of the IPO proceedings for new acquisitions. "We hope to bring in another company by year-end," IDB's Chief Executive Andrea Sasso told journalists. Citigroup and Equita acted as joint global coordinators and joint bookrunners for the IPO.

☆ Italy's Digital Value sees sales above 1 bln euros by 2025-adviser
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +1 min

MILAN, May 10 (Reuters) - Italian digital services provider Digital Value (DGV.MI) expects to drive sales above 1 billion euros ($1.1 billion) by 2025 thanks to rising tech investments by businesses and the public administration, a strategic adviser to the firm said. "It is a target we can achieve," Marco Patuano, a veteran Italian executive who sits on Digital Value's board, told reporters. Such a move could help Digital Value, which specialises in providing digital infrastructure services to big corporate and public administration clients, to play an active role in the sector's consolidation, Patuano said. He said he had received a waiver to keep his board seat at Digital Value and his role as strategic adviser to the company. ($1 = 0.9084 euros)Reporting by Elvira Pollina; editing by Valentina ZaOur Standards: The Thomson Reuters Trust Principles.

☆ Euronext pulls $5.8 billion offer to buy Allfunds
▼ + stars: | 2023-02-28 | by ( Mathieu Rosemain | ) www.reuters.com time to read: +3 min

SummarySummary Companies Euronext withdraws cash and shares bidDue to insufficient synergies, share price decline - sourceEuronext shares jump, but Allfunds shares slumpPARIS, March 1 (Reuters) - Euronext (ENX.PA) has withdrawn its 5.5 billion euro ($5.8 billion) indicative offer to buy fund distribution firm Allfunds (ALLFG.AS), boosting the exchange operator's shares while sending Allfunds' lower. Allfunds subsequently entered into discussions on terms with Euronext but no agreement was reached and discussions have been terminated," Allfunds said on Wednesday, after Euronext withdrew its offer. Allfunds' shares slumped around 13% to 7.21 euros in early trading, while Euronext shares rose around 5%. "Allfunds shares were trading around 7.20 euros before news of Euronext's unsolicited indicative offer became public. But Euronext shares did not respond well, falling by around 10% over the last week.

☆ Italy working on measures to boost Milan bourse's allure
▼ + stars: | 2023-02-20 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +3 min

With an overall capitalisation of around 680 billion euros ($726.3 billion), the value of companies listed on Milan's bourse lags far behind European Union peers. "We aim to present a bill in parliament by April to strengthen Milan's ability to encourage listing," Treasury junior minister Federico Freni told Reuters. To boost initial public offerings (IPOs) in Milan, the draft bill includes measures to simplify the listing process, which current rules companies say make it costly and cumbersome to provide adequate risk disclosure for investors. "SME qualification is currently envisaged when capitalisation does not exceed 500 million euros: such a threshold would be increased to 1 billion euros," the draft showed. This would make only the institution liable while shielding its employees including top executives, a move the Treasury believes could speed up the listing process.

☆ Atlantia exit highlights Milan's battle to retain market heavyweights
▼ + stars: | 2022-11-25 | by ( Elisa Anzolin | Hadeel Al Sayegh | ) www.reuters.com time to read: +4 min

snapshotFEW NEWCOMERSOn the plus side, four companies joined the main Euronext Milan market this year, including truckmaker Iveco (IVG.MI), which was the result of a spin off. The situation is healthier for Euronext Growth Milan itself, a market dedicated to small and medium-sized enterprises with minimum access requirements. Over the past 20 years, the main market has lost 268 listed companies and gained only 185, according to Intermonte research published in March. In contrast, the less regulated SME market has attracted 263 listed companies and seen 68 delistings. CULTURAL ISSUEThe fact that there are relatively few listed companies has its roots in the country's history, said Andrea Beltratti, professor of Political Economy at Milan's Bocconi University.

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