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☆ Skip EV stocks like Tesla, says fund manager, naming a 'phenomenal' alternative
▼ + stars: | 2024-03-05 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Competition is heating up in the electric vehicle industry, especially between investor favorite Tesla and Chinese automakers like the Warren Buffett-backed BYD . He said that most EV businesses had not succeeded in making money yet, given the "extraordinary" amount of capital invested initially. He manages over $750 million across the Latitude Horizon Fund and the Latitude Global Fund . 'Phenomenal' Ferrari Lait described Ferrari in particular as "a phenomenal business." The average price target on Ferrari is 391.96 euros ($425.14), according to FactSet data, giving it potential downside of around 8%.

Persons: Tesla, Warren Buffett, EVs, Freddie Lait, CNBC's, Lait, Ferrari Lait, Ferrari, Morgan Stanley's, — CNBC's Michael Bloom Organizations: Latitude Investment Management, Ferrari, Motors, Volkswagen, BMW, New York Stock Exchange, Euronext, Euronext Milan, UBS Locations: Euronext Milan

☆ 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

☆ Paris company listings raise 92% less in 2023, research says, but London holds up
▼ + stars: | 2023-07-26 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

LONDON — Funds raised by companies debuting on the Paris stock exchange fell by 92% in the first half of the year compared to the same period last year, according to new research, underperforming other exchanges in the region. The report shows that funds raised on the Euronext Paris declined to 32.8 million euros from 402.6 million euros over the first six months of the year. Companies listed on the London Stock Exchange raised £586.2 million ($751.7 million) through initial public offerings over the first six months of the year, flat on the same period in 2022. However, there were still signs of a more subdued investment environment, with funds raised through "further issues" — additional share offerings to raise more cash — down 36% to £3.65 billion. The number of companies listing across the main and smaller alternative investment (AIM) markets in London fell to 17 from 29.

Persons: Rob Crowley Organizations: Research, KPMG UK, CNBC, Euronext, London Stock Exchange, Nasdaq Nordic, German Deutsche, IONOS, LSE, UK Capital, KPMG Locations: Paris, Europe, Euronext Paris, London, Euronext Amsterdam, Milan, German

☆ Shares in yacht maker Ferretti bob higher on Milan market debut
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +1 min

MILAN, June 27 (Reuters) - Shares in Italian yacht maker Ferretti , rose more than 4% in an initial spike on their debut on Euronext Milan on Tuesday as the company embarked on a dual listing. The shares traded as high as 3.14 euros, with an automatic halt applied for excess volatility before dropping back towards the offer price. Ferretti's main shareholder, Chinese conglomerate Weichai, sold shares accounting for 26.1% of the company capital, generating 265 million euros. Ferretti shares in Hong Kong rose 1% to HK$25 at around 0700 GMT. Fashion house Prada (1913.F) is also considering listing shares in Milan.

Persons: Ferretti, Christian Basellini, Goldman Sachs, J.P, Morgan, UniCredit, Berenberg, Elisa Anzolin, Keith Weir Organizations: MILAN, Milan, Equity Capital Markets, HK, Prada, Goldman Sachs International, Thomson Locations: Hong Kong, Milan

☆ 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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