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Search resuls for: "Giuseppe Fonte"


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ROME (Reuters) - Italian former prime minister Silvio Berlusconi said on Tuesday his Forza Italia opposition party would not back a reform of the euro zone bailout fund, a move that puts the government in difficulty ahead of a crucial parliamentary vote. REUTERS/Flavio Lo Scalzo/File PhotoReform of the fund, known as the European Stability Mechanism (ESM), has lacerated the ruling majority. The 5-Star Movement - the biggest party in parliament - says it would increase the risk of a public debt restructuring. “I will never vote in favour of the ESM reform,” 5-Star lawmaker Alvise Maniero told Reuters. Berlusconi’s hard-right allies, Matteo Salvini’s League and the nationalist Brothers of Italy, are both urging 5-Star’s dissidents to vote against the reform.
Persons: Silvio Berlusconi, Milan's, Flavio Lo Scalzo, Vito Crimi, , Alvise Maniero, Giuseppe Conte, Conte, Berlusconi, , Berlusconi’s, Matteo Salvini’s, Claudio Borghi Organizations: Forza Italia, Italian, REUTERS, Star, Democratic Party, Reuters, EU, Deputies, Senate, Matteo Salvini’s League Locations: ROME, Milan's San Raffaele, Milan, Italy
ROME (Reuters) - Abu Dhabi’s biggest sovereign fund is in talks with U.S. firm KKR to invest in Telecom Italia’s (TIM) last-mile network in a deal that has drawn scrutiny from Italy’s government, three sources close to the matter told Reuters. Abu Dhabi would then hold up to 11% of TIM’s last-mile grid, provided the government authorised the deal. The Italian Prime Minister’s office, TIM, ADIA and KKR all declined to comment. Rome this month gave its conditional green light to KKR’s acquisition of the last-mile network stake, demanding that the firm commit to a government-sponsored plan to create a unified ultra-fast broadband network. Infinity Investments and KKR notified the government following the first clearance to the FiberCop deal, the sources said.
Persons: Abu Dhabi’s, Abu Dhabi, Organizations: U.S, KKR, Telecom Italia’s, TIM, Infinity Investments, Abu Dhabi Investment Authority, ADIA, Macquarie, Reuters Locations: ROME, Rome, Abu Dhabi, Abu, Italian
MILAN (Reuters) - UniCredit’s board was holding informal discussions over the Italian bank’s governance on Sunday, a person familiar with the matter said, amid doubts over whether its chief executive will stay. FILE PHOTO: Unicredit bank logo is seen in the old city centre of Siena, Italy June 29, 2017. The tensions are focused on a potential bid for bailed-out Monte dei Paschi di Siena and a plan to split UniCredit’s domestic and foreign assets, the people said. Il Sole 24 Ore reported that UniCredit’s board was set to discuss conditions set by Mustier to stay on at Italy’s only “global systemically important” bank for another three years. UniCredit will update its business plan in the second quarter, and is working with JPMorgan and Goldman Sachs on strategy.
Persons: Stefano Rellandini, Jean Pierre Mustier’s, Mustier, UniCredit, Pier Carlo Padoan, Goldman Sachs Organizations: MILAN, REUTERS, HSBC, Monte, Treasury, European Central Bank, JPMorgan Locations: Siena, Italy, Italy’s, Monte dei, Brussels, Germany, Austria, UniCredit’s
FILE PHOTO: Unicredit bank logo is seen in the old city centre of Siena, Italy June 29, 2017. UniCredit is working with Goldman Sachs and JPMorgan on a business update it plans to present to the market in the second quarter of 2021, one of the sources said. JPM declined to comment while GS was not immediately available for a comment. The other two sources said JPM and GS, two investment banks traditionally close to UniCredit, were also expected to provide advice on MPS if the conditions for a deal came into place. The Treasury is also considering measures to help banks sustain the cost of layoffs in the event of a merger.
Persons: Goldman Sachs, Stefano Rellandini, UniCredit, Intesa Sanpaolo, JPM, Jean Pierre Mustier Organizations: MILAN, JPMorgan, REUTERS, Monte dei, Bank of America, Banco, MPS, Star Movement, Treasury Locations: Siena, Italy, Stefano Rellandini Italy, UniCredit, Rome
Enel CEO says time right to exit Open Fiber
  + stars: | 2020-11-24 | by ( Elvira Pollina | Stephen Jewkes | Giuseppe Fonte | ) www.reuters.com sentiment -0.99   time to read: +2 min
Open Fiber is jointly owned by Enel and Italian State lender Cassa Depositi e Prestiti (CDP), which is also TIM’s second-largest investor. “Probably, it is good for us to exit Open Fiber now. Starace said should Enel decide to sell its stake, it would do so right away and would give operational control of Open Fiber to CDP. The government has told Enel any stake sale must conform with its plans to create a national ultra-fast network without delay. Starace said Enel could transfer its experience with Open Fiber to Latin America broadband company Ufinet, in which it has a 21% stake with options to buy more.
Persons: Flavio Lo Scalzo, , Francesco Starace, Macquarie, Enel, Starace, Organizations: MILAN, Macquarie, REUTERS, Telecom Italia, Reuters Locations: Italy, Italian, America, Ufinet
Slideshow ( 2 images )ROME/LONDON/MILAN (Reuters) - Italy has picked Bank of America and Orrick as financial and legal advisers to help the Treasury secure a merger deal for bailed-out bank Monte dei Paschi as part of its privatization plan, three sources close to the matter told Reuters. Rome aims to clinch a merger with a healthier peer in 2021, the sources said, to secure a long-term solution for the bank, which is dogged by legal risks and poor quality assets. Monte dei Paschi (MPS) has said its capital buffers are set to fall below minimum requirements early next year, hit by the cost of a bad loan clean-up it is about to complete as well as provisions against legal risks following the conviction of former top executives. Italy’s Treasury and Orrick were not immediately available for comment, while Bank of America declined to comment.
Persons: Orrick Organizations: of America, Treasury, Reuters, Monte, Italy’s Treasury, Bank of America Locations: ROME, MILAN, Italy, dei, Rome
FILE PHOTO: A man walks in front of the Monte dei Paschi bank in Siena, central Italy, January 29, 2016. Italy’s Treasury and Bank of America declined to comment, while Orrick was not immediately available. Rome is expected to pay about 150,000 euros in financial and legal fees, with the lion’s share going to Bank of America, the sources said. Rome has set aside 1.5 billion euros to shore up MPS but the bank faces a shortfall of at least 2 billion, sources have said. In the case of MPS, that entails a 3 billion euro earnings boost, sources have said.
Persons: Max Rossi, Giorgio Cocini, Patrizio Messina, Marco Nicolini, Orrick, Jean Pierre Mustier, Organizations: Treasury, of America, REUTERS, Bank, America’s, Bank of America, UBI Banca, MPS, Banco Locations: MILAN, dei, Siena, Italy, Tuscany, Rome
Slideshow ( 2 images )The negotiations are part of a long-standing wrangle over Autostrade per l’Italia after a bridge it ran collapsed in 2018, killing 43 people. The state lender, with co-investors Macquarie and Blackstone, valued the whole of Autostrade at 8.5 billion-9.5 billion euros ($10 billion-$11 billion) in an initial offer, sources told Reuters. Atlantia, controlled by the Benetton family, has said it wants a quick deal at a fair price or it will fall back on previous plans to spin off its Autostrade stake. That means the fund’s valuation for the whole of Autostrade currently differs from that of the CDP-led consortium by around 4 billion euros. Last week, it said terms in the preliminary proposal were “not yet compliant and suitable for ensuring a fair market valuation of its Autostrade stake”.
Persons: Atlantia ATL.MI, Benetton, Jonathan Amouyal, Blackstone Organizations: Macquarie, Blackstone, Reuters, TCI, European Commission, Frankfurter Allgemeine Zeitung, Italian Transport Authority, Germany's Allianz ALVG.DE, EDF Invest, CDP, EDF Invest Locations: ROME, MILAN, Autostrade, Atlantia, Macquarie
Slideshow ( 2 images )The negotiations are part of a long-standing wrangle over Autostrade per l’Italia after a bridge it ran collapsed in 2018, killing 43 people. The state lender, with co-investors Macquarie and Blackstone, valued the whole of Autostrade at 8.5 billion-9.5 billion euros ($10 billion-$11 billion) in an initial offer, sources told Reuters. Atlantia, controlled by the Benetton family, has said it wants a quick deal at a fair price or it will fall back on previous plans to spin off its Autostrade stake. That means the fund’s valuation for the whole of Autostrade currently differs from that of the CDP-led consortium by around 4 billion euros. Last week, it said terms in the preliminary proposal were “not yet compliant and suitable for ensuring a fair market valuation of its Autostrade stake”.
Persons: Atlantia ATL.MI, Benetton, Jonathan Amouyal, Blackstone Organizations: Macquarie, Blackstone, Reuters, TCI, European Commission, Frankfurter Allgemeine Zeitung, Italian Transport Authority, Germany's Allianz ALVG.DE, EDF Invest, CDP, EDF Invest Locations: ROME, MILAN, Autostrade, Atlantia, Macquarie
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