DIRS.INFO The most relevant business & tech news

☆ Della Valle family fails to reach 90% Tod's target as offer closes
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 25 (Reuters) - The Della Valle family failed to reach the 90% ownership threshold needed to proceed with a proposed delisting of luxury shoemaker Tod's (TOD.MI) under their buyout bid, a Borsa Italiana filing showed on Tuesday. On the last day available for the offer, investors tendered Tod's shares accounting for a total of 4,134,358 shares. According to Reuters calculations, the Della Valles, who own 64.5% of the company, needed to gain the acceptance of 5,144,373 shares to reach the 90% threshold in their effort to take the company private. The Della Valle family has stated it could delist Tod's by merging it into DeVa Finance within six months of the closing of the takeover bid. Tod's shares ended down 2.4% at 39.6 euros, underperforming Milan's all-share index (.FTITLMS) which ended up 1.5%.

☆ Italy's Antitrust probes Iren, Iberdrola, E.On over customer contracts
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 19 (Reuters) - Italy's competition watchdog has opened inquiries into Italian utility Iren (IREE.MI), Spain's Iberdrola (IBE.MC) and German's E.ON (EONGn.DE) over alleged electricity and gas contract issues with their customers, it said on Wednesday. The authority accused Iren and fellow Italian utility Dolomiti of allegedly making unlawful unilateral changes in the electricity supply price, it said in its statement. Iren said in response that its actions were in line with rules and it was committed to protecting its customers struggling with rising energy prices. There was no immediate comment from Iberdrola or E.ON. Register now for FREE unlimited access to Reuters.com RegisterReporting by Cristina Carlevaro, editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

☆ Italy's Enel in talks with banks to secure $15.7 bln credit line - source
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

MILANO, Oct 18 (Reuters) - Enel (ENI.MI) is discussing with a pool of Italian banks to secure a credit line, worth up to 16 billion euros ($15.7 billion) to support Italy's biggest utility, a source close to the matter said on Tuesday. The facility would have a 70% guarantee from Italy's credit export agency SACE under a state-guarantee scheme to help Italian companies affected by surging energy prices, source added. Enel declined to comment. ($1 = 1.0163 euros)Register now for FREE unlimited access to Reuters.com RegisterAndrea Mandalà, editing by Cristina CarlevaroOur Standards: The Thomson Reuters Trust Principles.

☆ Virgin Orbit to launch first satellite in Europe within six weeks - Branson
▼ + stars: | 2022-10-18 | by ( Juliette Portala | ) www.reuters.com time to read: 1 min

MILAN, Oct 18 (Reuters) - Richard Branson's small satellite service provider Virgin Orbit Holdings Inc (VORB.O) will be doing its first launch from European soil within the next six weeks, its founder said on Tuesday. "Virgin Orbit can launch satellites into space from anywhere in the world into any orbit at a days notice," Branson said during a press conference in Milan. "We are doing the first launch from European soil into space within the next six weeks ... from Cornwall," he added. Founded by Branson back in 2017, the company began commercial service in 2021. Register now for FREE unlimited access to Reuters.com RegisterReporting by Elisa Anzolin; writing by Agnieszka Flak, editing by Cristina CarlevaroOur Standards: The Thomson Reuters Trust Principles.

☆ Percassi family regains full control of KIKO as Peninsula exits
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: 1 min

MILAN, Oct 18 (Reuters) - The Percassi family has bought the 38% stake in Italy's KIKO held by UK private equity fund Peninsula Capital, regaining full ownership of the cosmetics group it had founded in 1997, it said in a statement on Tuesday. The closing of the operation is expected by the end of this year, it added, without disclosing any financial details. Peninsula bought a stake in KIKO back in 2018 to help fund the brand's international growth and boost profitability. Popular due to its cheap but trendy make-up products, KIKO is present in 52 countries with sales of around 750 million euros ($738.53 million). ($1 = 1.0155 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Agnieszka Flak, editing by Cristina CarlevaroOur Standards: The Thomson Reuters Trust Principles.

☆ Ryanair boss blames Brexit for UK economic 'car crash'
▼ + stars: | 2022-10-18 | by ( Alvise Armellini | ) www.reuters.com time to read: +2 min

ROME, Oct 18 (Reuters) - Ryanair (RYA.I) boss Michael O'Leary on Tuesday described the economic situation in Britain as a "car crash" caused by the country's vote to leave the European Union in 2016. Britain's new finance minister, Jeremy Hunt, on Monday scrapped Prime Minister Liz Truss's economic plan and scaled back her vast energy support scheme in a historic policy U-turn to try to stem a dramatic loss of investor confidence. Register now for FREE unlimited access to Reuters.com RegisterIrishman O'Leary said he expects Truss, who became prime minister last month, to be out of a job within a week or two. O'Leary welcomed the appointment of Hunt, who took over as finance minister last Friday and has since rewritten government plans presented only last month. "The Remainers are coming back, the adults are taking charge again ... we will return to some sensible economic policies," O'Leary added.

☆ Family's exit from Ferragamo is "out of the question", chairman says
▼ + stars: | 2022-10-12 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 12 (Reuters) - The Ferragamo family does not plan to exit the eponymous luxury company as it is committed to further developing the brand worldwide, Chairman Leonardo Ferragamo told Reuters on Wednesday. Rumours of a possible stake sale by the family, which holds a 64% stake in the luxury company (SFER.MI), have been recurring every now and then, but have always been denied. Ferragamo added he hoped the China market could soon return to normal. In the second quarter, the Italian luxury group saw a slight slowdown of its business in China due to COVID-19 restrictions, though overall group sales in the first half of the year were still better than expected. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Giancarlo Navach, writing by Gianluca Semeraro, editing by Cristina CarlevaroOur Standards: The Thomson Reuters Trust Principles.

☆ Stellantis invests in Turin as part of switch to electric
▼ + stars: | 2022-09-20 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +2 min

REUTERS/Massimo Pinca/File PhotoTURIN, Italy, Sept 20 (Reuters) - Stellantis (STLA.MI)signalled its commitment to the historic carmaking city of Turin on Tuesday with an investment to boost its role in electric vehicle production and as a centre for the recycling of cars and their parts. The Franco-Italian group signed an agreement with its partner Punch Powertrain to increase production of electrified dual-clutch transmissions (eDCT) for hybrid and plug-in hybrid electric vehicles at its Mirafiori plant in Turin, the carmaker said on Tuesday. Chief Executive Carlos Tavares said the company was investing upwards of 10 million euros in the gearbox upgrade, without giving a precise figure. Turin is the historic home of Fiat which merged with France's PSA last year to form Stellantis. At full production, the Mirafiori and Metz facilities together will supply all relevant Stellantis manufacturing sites in Europe.

☆ Stellantis invests in Italian plant as part of switch to electric
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterWorkers install a flag with the logo of Stellantis, the world's fourth-largest automaker which starts trading in Milan and Paris after Fiat Chrysler and Peugeot maker PSA finalised their merger, at the main entrance of FCA Mirafiori plant in Turin, Italy, January 18, 2021. REUTERS/Massimo Pinca/File PhotoTURIN, Italy, Sept 20 (Reuters) - Stellantis (STLA.MI) signed an agreement with its partner Punch Powertrain to increase production in Italy of electrified dual-clutch transmissions (eDCT) for hybrid and plug-in hybrid electric vehicles, the carmaker said on Tuesday. The upgraded facility will be developed within Mirafiori, Stellantis' main plant in Turin, northern Italy, and it will complement the existing capacity of a plant in the French city of Metz, it added. The new Mirafiori e-Transmissions Assembly site is expected to start production in the second half of 2024. Register now for FREE unlimited access to Reuters.com RegisterAt full production, the Mirafiori and Metz facilities together will supply all relevant Stellantis manufacturing sites in Europe.

☆ Italy's antitrust launches inquiry into Intesa over alleged unfair commercial practice
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +1 min

Intesa Sanpaolo bank logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/IllustrationMILAN, Sept 20 (Reuters) - Italy's antitrust said on Tuesday it had launched an inquiry into Intesa Sanpaolo (ISP.MI) over an alleged unfair commercial practice while marketing real estate mortgages for clients at fixed and variable rates. Under this practice the loan repayment period is likely to be longer and as a result the cost of the mortgage may be higher, it added. Intesa Sanpaolo was not immediately for comment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Cristina Carlevaro; editing by Agnieszka FlakOur Standards: The Thomson Reuters Trust Principles.

One of the sources said the bid could be announced before Saturday, as the two partners rush for taking the Italian infrastructure group private after an unsolicited approach by a consortium led by Global Infrastructure Partners (GIP) and Brookfield. Benettons' holding company Edizione, which controls Atlantia with a 33% stake, and Blackstone are expected to set up a new company that will launch the offer for the infrastructure group, the sources said. In March, GIP, Brookfield and Spain's ACS (ACS.MC) approached the Benettons with a proposal to buy the infrastructure group, they said last week. "Edizione and Blackstone are not currently discussing any plan to involve GIP and Brookfield in their bid," one of the sources said. CRT declined to comment; GIC, Global Infrastructure Partners and Brookfield was not immediately available to comment.

Search resuls for: "Cristina Carlevaro"

11 mentions found