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☆ 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%.

"When you run a business, if you keep hearing on the news that gas supplies are at risk, you've got to do something. It's not like you can start screaming and stamping your foot when they actually do halt flows for two hours a day," Checchi told Reuters. Higher prices contributed to the 16.2% rise in manufacturing turnover Italy reported in July on a calendar adjusted basis, but volumes also increased by 1.7%. "We invested 10 million euros to build two cogeneration plants and save 4 million euros this year," he said, adding Italcer saved another million by reducing the tiles' thickness to 8.5 from 10 millimetres. Italian business lobby Confindustria has warned of an "economic earthquake", saying the new government will struggle to offset the hit from energy prices on firms like Draghi managed to do without hurting Italy's fragile public finances.

☆ Italy OKs process to grant state guarantees for Enel credit facility - source
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Companies Enel SpA FollowMILAN, Oct 19 (Reuters) - Italy's Treasury has given a preliminary go-ahead to a request by utility Enel (ENEI.MI) to tap state guarantees for an up to 16 billion euro ($16 billion) credit facility provided by a pool of banks, a source with knowledge of the matter said. The preliminary green light from the ministry sets in motion a process that entails numerous approval steps and stretches over several weeks. Register now for FREE unlimited access to Reuters.com RegisterUnder the process, the boards of the banks in the pool will need to approve the credit facility. Italian state exports credit agency SACE will need to clear the guarantees which will then need a final green light from the ministry itself. Europe's biggest utility has asked to tap a state guarantee scheme Rome has designed to help domestic companies hit by surging energy prices.

The entrance to the headquarters of Monte dei Paschi di Siena (MPS), the oldest bank in the world, in Siena, Italy, August 11, 2021. Rome failed to meet an initial EU deadline when talks to sell MPS to UniCredit (CRDI.MI) collapsed a year ago. One of the sources said UniCredit and Banco BPM are still seen in Rome as the best options for MPS. Investor commitments cover more than half of the up to 900 million euro portion of MPS's share sale that will not be funded by the state. Five years after spending 5.4 billion euros to rescue MPS Italy is having to pump another 1.6 billion euros into the bank.

☆ Credit Agricole, AXA to bid this week for Banco BPM's insurance deal-sources
▼ + stars: | 2022-10-18 | by ( Andrea Mandala | ) www.reuters.com time to read: +2 min

Credit Agricole has bought 9.2% of Banco BPM this year with a view to expanding their strategic partnerships beyond consumer finance. Insurance and asset management, which Banco BPM has put at the core of its profit strategy, are seen as the obvious candidates. Banco BPM, AXA, Credit Agricole and Generali all declined to comment. Banco BPM CEO Giuseppe Castagna recently said the bank was in no rush to select an insurance partner. In August Banco BPM had indicated it would take a decision by the end of the year.

☆ Monte dei Paschi kicks off 2.5 bln euro cash call
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 17 (Reuters) - Italy's Monte dei Paschi di Siena (BMPS.MI) launched on Monday a new share sale, its seventh in 14 years, seeking to raise up to 2.5 billion euros ($2.4 billion) to fund its latest turnaround plan. MPS, which is owned by the state following a 2017 bailout, is offering shareholders 374 new shares for each three shares owned at a price of 2 euros each. On Friday Italian market regulator Consob set the shares' reference price at 2.0630 euro each, stripping out a theoretical price for subscription rights of 7.8371 euros each. Register now for FREE unlimited access to Reuters.com RegisterThe stock rose sharply in early trade on Monday, triggering an automatic trading suspension. ($1 = 1.0290 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Valentina Za; editing by Agnieszka FlakOur Standards: The Thomson Reuters Trust Principles.

☆ NFL roundup: Bills edge Chiefs in AFC Divisional round rematch
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +9 min

Allen passed for 329 yards and three touchdowns for the Bills, who have the best record in the AFC. Register now for FREE unlimited access to Reuters.com RegisterButker booted a 44-yard goal to give the Chiefs a 20-17 lead with 9:49 remaining in the fourth quarter. Jimmy Garoppolo threw two first-half touchdown passes to Brandon Aiyuk, but also mixed in a pair of interceptions on a 29-for-41, 296-yard day. Bengals 30, Saints 26Joe Burrow threw three touchdown passes as visiting Cincinnati came from behind in the fourth quarter to defeat New Orleans. The two connected on a scoring strike with 9:55 left in the fourth quarter to help the Steelers snap a four-game losing skid.

☆ Monte dei Paschi to pay 125 million euros in fees for share sale
▼ + stars: | 2022-10-15 | by ( Valentina Za | ) www.reuters.com time to read: +3 min

MILAN, Oct 15 (Reuters) - Italy's Monte dei Paschi di Siena (MPS) (BMPS.MI) said a new share sale to raise up to 2.5 billion euros ($2.4 billion) would cost it 125 million euros in fees to financial institutions backstopping the issue. Register now for FREE unlimited access to Reuters.com RegisterAfter difficult negotiations that risked derailing the capital raising, the eight banks have agreed to guarantee the share issue for up to 807 million euros. Algebris is backstopping up to another 50 million euros. The fees amount to nearly 15% of the guaranteed sum and compare with a market value of just 99.8 million euros for MPS on Friday. The cost of the capital increase, which totals 132 million euros, would shave 15 basis points off that target, MPS said.

☆ Monte dei Paschi to pay 125 mln euros in fees for share sale
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: 1 min

MILAN, Oct 14 (Reuters) - Italy's Monte dei Paschi di Siena (BMPS.MI) said a new share sale to raise up to 2.5 billion euros ($2.4 billion) would cost it 132 million euros, mostly due to fees paid to financial institutions backstopping the issue. Monte dei Paschi said it was set to pay 125 million euros in fees to a group of eight banks led by global coordinators Bank of America (BAC.N), Citigroup (C.N), Credit Suisse (CSGN.S) and Mediobanca (MDBI.MI), plus London-based fund Algebris. ($1 = 1.0263 euros)Register now for FREE unlimited access to Reuters.com RegisterReporting by Valentina Za, editing Gianluca SemeraroOur Standards: The Thomson Reuters Trust Principles.

Up to 200 million euros of the capital will come from France's AXA (AXAF.PA), MPS' partner in an insurance joint-venture. Another 50 million euros are being guaranteed by London-based fund Algebris, whose founder Davide Serra is a close associate of Lovaglio. The state will put in 1.6 billion euros towards the capital raising, based on its 64% stake. Local banking foundations in Tuscany - charitable organisations overseen by Italy's Treasury - have already put in some 30 million euros. After its market value shrunk to just 256 million euros, MPS will sell the new shares with a discount of only 8.6% over Wednesday's closing price stripped of subscription rights.

Another 50 million euros are being guaranteed by London-based fund Algebris, whose founder Davide Serra is a close associate of Lovaglio. The state will put in 1.6 billion euros towards the capital raising, based on its 64% stake. If MPS gathers less than the maximum 2.5 billion euros, the state's contribution will be proportionally reduced so as not to exceed 64% of the total. At least 100 million euros will come from France's AXA (AXAF.PA), MPS' partner in an insurance joint-venture. After its market value shrunk to just 256 million euros, MPS will sell the new shares with a discount of just 8.6% over Wednesday's closing price stripped of subscription rights.

☆ TIM's board set to meet Friday over request to extend network deal deadline-sources
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

MILAN, Oct 13 (Reuters) - Telecom Italia's (TIM) (TLIT.MI) directors are expected to meet on Friday over a request from state lender CDP and its partners to extend a deadline to finalise a deal over the Italian phone group's network, two sources close to the matter said. CDP, infrastructure fund Macquarie and Open Fiber have asked for more time to clinch a deal to buy TIM's network assets, pushing back an initial deadline for a binding deal set at the end of this month. The multi-billion bid is part of a long-held plan to combine TIM's fixed network assets with those of CDP-owned rival Open Fiber to create a single national network operator under CDP's control. Telecom Italia declined to comment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Elvira Pollina; editing by Valentina ZaOur Standards: The Thomson Reuters Trust Principles.

By late on Wednesday six banks, including global coordinators Bank of America (BAC.N), Citigroup (C.N), Credit Suisse (CSGN.S) and Mediobanca (MDBI.MI), had signed the guarantee contract, the sources said. Five years after an 8.2 billion euro ($8 billion) bailout that handed the state its 64% stake, MPS plans to raise the extra cash to lay off staff and bolster capital. The eight banks due to underwrite the MPS issue are willing to backstop only a third of the 900 million euro private portion of the capital raising, one of the sources said. MPS CEO Luigi Lovaglio had until recently not produced the written commitments, triggering a race in the last few days to get all the necessary documents signed. The Tuscan bank has so far secured support from its insurance partner AXA (AXAF.PA), local banking foundations and asset manager Anima Holding (ANIM.MI).

Five years after an 8.2 billion euro ($8 billion) bailout that handed the state its 64% stake, MPS plans to raise the extra cash to lay off staff and bolster capital. They have demanded written commitments from investors for an amount roughly equivalent to half the overall figure, accepting pledges which are not in writing for the rest to get to two thirds of the total, the source added. MPS CEO Luigi Lovaglio had until recently not produced the written commitments, triggering a race in the last few days to get all the necessary documents signed. MPS and the banks expect to be able to get to a deal on the underwriting contract later on Wednesday, although sources had previously not ruled out preparations taking until Thursday. A January 2030 bond yielded 41.42% after spiking to 45.44% from 39.95% at closing on Tuesday.

MPS (BMPS.MI) had scheduled a board meeting on Tuesday to set the terms of an up to 2.5 billion euros ($2.4 billion) share issue, the Tuscan bank's seventh in 14 years after an 8.2 billion euro bailout in 2017. Rocky markets and the size of the cash call, equivalent to more than 10 times MPS' current market value, have complicated talks over the share sale. The banks have long seen it as too risky to bring to the market without a pre-committed core of investors. The new shares will value MPS above healthier peers, exposing underwriters to likely losses on any shares left on their books, bankers and analysts say. On Tuesday, a source with knowledge of the matter told Reuters that MPS had secured some 30 million euros ($29 million) from local not-for-profit banking foundations in its home region.

☆ Monte dei Paschi to get some $29 mln from local banking foundations - source
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

The logo of Monte dei Paschi di Siena bank is seen in a bank entrance in Rome, Italy, August 16, 2018. REUTERS/Max Rossi/File PhotoFLORENCE, Italy, Oct 11 (Reuters) - Monte dei Paschi di Siena (BMPS.MI) is set to get around 30 million euros ($29 million) for its new share issue from local banking foundations, including the Tuscan bank's former top shareholder, a source with knowledge of the matter said. In some cases, including that of the Fondazione Monte dei Paschi di Siena, they have seen their fortunes wiped out by the demise of the banks they owned. A fourth banking foundation, Cassa di Risparmio di Pistoia e Pescia (CariPistoia), has not yet taken a decision on a possible 3 million euro contribution, the source added. The chairman of CariPistoia had told Reuters the foundation was not interested in investing in Monte dei Paschi.

☆ Private equity funds approach Italy's Serie A to explore media rights deal -sources
▼ + stars: | 2022-09-28 | by ( Elvira Pollina | ) www.reuters.com time to read: +2 min

The approach by the four private equity firms comes after Serie A last year failed to reach a media rights deal worth 1.7 billion euros ($1.7 billion) with a group of funds led by CVC Capital Partners due to opposition from some of its clubs, including Juventus (JUVE.MI) and Lazio (LAZI.MI). The sources, who declined to be named because talks are confidential, said representatives for Apax, Carlyle and Three Hills met with Serie A top executives earlier this week. One of the sources said the three funds, which are working with Italian law firm Zoppini, could present a joint preliminary proposal in the next few days. Searchlight representatives held a separate meeting with Serie A chiefs, the sources said, adding the fund is also considering submitting a formal expression of interest. The funds' interest was briefly discussed at a closed-door meeting the 20 Serie A clubs held in Milan on Wednesday, the sources said, adding Serie A would share with the clubs any proposal from the private equity investors.

☆ Italy's Caript has no plans to invest in Monte dei Paschi, chairman tells Reuters
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

FLORENCE, Italy, Sept 28 (Reuters) - Italy's Fondazione Cassa di Risparmio di Pistoia e Pescia (Caript) has no plans to invest in an upcoming new share sale at state-owned bank Monte dei Paschi di Siena (BMPS.MI), the chairman of the not-for-profit banking foundation told Reuters. "As far as Caript is concerned, an investment in Monte dei Paschi is not on the agenda," Chairman Lorenzo Zogheri told Reuters. Italian daily Il Sole 24 Ore reported on Wednesday Italy's Treasury had sounded out banking foundations, long-standing investors in the country's lenders, as Monte dei Paschi struggles to secure support from private investors amid tough markets. The report said Tuscan foundations such as Caript were top of the list. Register now for FREE unlimited access to Reuters.com RegisterReporting by Silvia Ognibene, writing by Valentina Za, editing by Maria Pia QuagliaOur Standards: The Thomson Reuters Trust Principles.

The Intel Corporation logo is seen at a temporary office during the World Economic Forum 2022 (WEF) in the Alpine resort of Davos, Switzerland May 25, 2022. A spokesperson for Intel did not comment as negotiations are ongoing and confidential. Among other reasons, the site is well connected with Germany and in particular with the city of Magdeburg, where Intel will build two factories, one of the sources added. Intel and the government had also initially considered sites in the Lombardy, Apulia and Sicily regions. The sources declined to provide further details, but Reuters has previously reported that Rome is ready to fund as much as 40% of Intel's total investment in Italy.

The Intel Corporation logo is seen at a temporary office during the World Economic Forum 2022 (WEF) in the Alpine resort of Davos, Switzerland May 25, 2022. Intel's investment in Italy is part of a wider plan announced by the U.S. chipmaker last March to invest as much as 80 billion euros ($77.5 billion) over the next decade in building capacity across Europe. A spokesperson for Intel did not comment as negotiations are ongoing and confidential. Intel and the government had also initially considered sites in the Lombardy, Apulia and Sicily regions. The sources declined to provide further details, but Reuters has previously reported that Rome is ready to fund as much as 40% of Intel's total investment in Italy.

The logo of Monte dei Paschi di Siena bank is seen in a bank entrance in Rome, Italy August 16, 2018. Closer ties could hamper MPS' future search for a merger partner as the state seeks to cut its 64% stake. The banks organising the stock issue, however, have long seen the need for cornerstone investors, sources had previously said. Anima could contribute up to 250 million euros towards MPS' capital raise, when including an upfront payment for the improved partnership terms, a source had previously said. The state is allowed to cover 64% of MPS' capital raise based on the size of the stake it acquired after a 2017 bailout.

☆ UniCredit focused on "internal delivery", open to M&A in all its markets
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File PhotoROME, Sept 21 (Reuters) - UniCredit (CRDI.MI) is focused on delivering targets set under its business plan, though it remains ready to seize M&A opportunities in all the markets where it operates, CEO Andrea Orcel said on Wednesday. read moreOrcel said he had not deviated from his standard message that M&A can provide a way to accelerate growth in all the markets where UniCredit is present if opportunities arise "at the right conditions." "We're a lot more focused on internal delivery," he said. "When I took this job, UniCredit's stance was 'no M&A' while I said that at the right conditions M&A can be an accelerator. This, together with the fact that I've done my fair share of M&A deals in the past, made everyone think we would do deals, that a financial tsunami was on the cards."

The Banco Sabadell logo can be seen behind leaves on top of a building outside Madrid, Spain, April 13, 2016. REUTERS/Andrea Comas/File PhotoLONDON/MADRID, Sept 21 (Reuters) - Spanish bank Sabadell (SABE.MC) has received indicative bids from France's Worldline (WLN.PA), Italy's Nexi (NEXII.MI) and U.S. firm Fiserv (FISV.O) for its payments arm, with a deal valued at up to 400 million euros ($393.64 million), three sources said. Register now for FREE unlimited access to Reuters.com RegisterSabadell, Worldline, Nexi and Fiserv declined to comment. In Spain, Sabadell has a strong presence on the payments front and accounts for close to 16.3% of the country's overall revenue generated at the point of sale (POS). Its payments arm, which is mainly focused on consumer lending, has core earnings of about 25-30 million euros, one of the sources said.

☆ Cinven seeks deal for Eurovita to meet demands to raise $250 million in capital
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

MILAN, Sept 20 (Reuters) - Italy's insurance watchdog has told life insurer Eurovita to quickly boost its capital reserves by around 250 million euros ($250 million), prompting its owner British private equity firm Cinven to seek a sale, sources said. Three sources close to the matter said Cinven, which last year unsuccessfully attempted to sell Eurovita, was again working with advisers Deutsche Bank and Citi to find a buyer. Italian daily MF reported earlier this month specialist life insurer Athora was eyeing Eurovita, after it entered the Italian market last year with the acquisition of mid-sized player Amissima Vita. Like other Italian insurers, Eurovita has seen premiums shrink during the pandemic. Demands by IVASS for insurer Cattolica to raise capital eventually led to its takeover by bigger rival Generali.

☆ The Talented Kitchen Spice Rack Keeps Your Cabinets Uncluttered
▼ + stars: | 2022-08-13 | by ( ) www.wsj.com time to read: +3 min

And while we both enjoy cooking, I’m the one who expanded our spice collection from merely encyclopedic to multi-volume-unabridged (i.e. Luckily, I found a solution: the aptly named Talented Kitchen Wall-Mount Spice Racks. Talented Kitchen Stainless Steel Spice Racks with 24 Spice Glass Jars $38 at AmazonI had initially looked for a free-standing spice rack with a tiny footprint. Then I realized I’d been overlooking a 3- x 4-foot sliver of wall that runs from our kitchen counter to the ceiling. I ordered two sets of Talented Kitchen wall-mount racks.

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