EURO (AND ITALY) ALERT IN WALL STREET AND ASIA
FONSAI SAYS TO UNIPOL. THE LIGRESTI AT THE LAST BEACH
THEeuro, after yesterday morning's lively rebound, is back below 1,25. Wall Street and the Asian Stock Exchanges, in the wake of fears rebounded from Europe, suffered heavy losses. In Tokyo the Nikkei index is down 0,90%, down as well Hong Kong -0,76%.
It was worse on Wall Street: Dow Jones -1,14%, Standard & Poor's 500 -1,26% and Nasdaq -1,70%.
This is how the price lists reacted to the malaise that comes from Europe. Indeed, judging by the numbers, from Italy, the epicenter of the crisis that broke out yesterday afternoon. L'FtseMib index lost 2,8% against very limited declines in the rest of Europe: London unchanged, Paris -0,2%, Frankfurt +0,1%. The decline of the Madrid Stock Exchange was also more modest (-0,5%). This morning the European lists are floating around parity while Piazza Affari, dragged down by the new decline of the banks, loses about 1%. Instead, the titles of the Ligresti team fly, after the yes to the swaps with Unipol: but the game remains open.
The alarm rings out on the headlines of the major international press, "Monti fights the battle to give a new shape to Italy under the shadow of the euro crisis". It sounds like this, for example, the opening headline of the New York Times after a dramatic day, which anticipates days of high tension: from tomorrow to Friday the mid-month Treasury auctions are scheduled, while on Sunday we vote in Greece.
Yesterday, starting in the early afternoon, the euphoria over the agreement on Spanish banks took over target practice against BTPs and shares, especially banks, in Piazza Affari. To favor the landslide of the corporate Italy international tensions, the mess of the "exodus" (which threatens to nullify the effects of the pension reform), the negative GDP in the first quarter (-1,4%, the worst figure for three years now) contributed.
The most dramatic notes, as usual, come from government bonds. The yield of ten-year BTP it "ripped" up to above 6% from 5,60% in the morning. The spread widened by nearly 50 basis points from morning levels to 470.
Il performance of the Spanish Bono the spread with the Bund rose to 6,46% at 516 (+32 basis points).
With the BTP suffering, the decline hit the banks of Piazza Affari: Unicredit , on which weighs the sword of Damocles of bankruptcy Ligresti (largely financed less than 18 months ago) lost 8,8%, Understanding -5,9% MontePaschi -5,2% Banco Popolare -5,9% Mediobanca -5,6%.
Strong reductions for all the companies involved in the maxi insurance aggregation project: Fondiaria-Sai -10%, Milano Assicurazioni -8,7%, Premafin -8,2%, Unipol -5,4%. Yesterday, meanwhile, ithe board of Fonsai he voted in favor of the agreement with Unipol with the members of the Ligresti family in the board voting against, according to rumours. meanwhile theCEO of Unicredit Federico Ghizzoni, representing Premafin's creditors, reiterated the hard line: either the agreement with Unipol or the banks will proceed with the enforcement of the Fonsai securities as guarantee. It is in this dramatic setting that thecrucial act of the challenge: the Premafin assembly in which the very survival of the holding will be decided. If the Ligresti, who rose up after the cancellation of the indemnity, vote no, the capital increase necessary to ensure business continuity will be skipped. This will make the perspective of the tangible failure. Meanwhile, the Amber fund, a shareholder of Fonsai with just under 2%, showed up with a letter from the Fonsai board of directors: "It would be unacceptable and offensive for the Ligrestis to maintain a significant position in the capital and in the management of the company".
Enel closed down 2,8%, Enel Green Power -4,1%.
The risk Italy has fallen on almost all blue chips. Affected by Generali sales -2,6% (Axa in Paris scored +2%, sector index recovering). Telecom Italia -4,5%, Parmalat -4,3%, StM -2,5%.
Fiat decreased by 3,7% (Volkswagen up by 2%, auto sector with a positive sign) Finmeccanica -4%. Positive Pirelli +0,6%.
They held luxury stocks: Ferragamo +0,3% and Luxottica +0,4%.
Il Board of Impregilo has co-opted which new administrators Roland Berger, Giuseppina Capaldo, Alberto Giussani, Gian Maria Gros-Pietro and Fabrizio Palenzona, later appointed president. Massimo Pini, Carlo Buora, Maurizio Maresca, Massimo Ponzellini and Antonio Talarico exit. During the board meeting, Alfredo Cavanenghi also resigned for professional reasons. But the real news is that Igli, 100% of the Gavio group, has launched a solicitation like the Salini group to ask Impregilo shareholders for a mandate to vote in the shareholders' meeting on 12 July against the revocation of the directors requested by Salini. Igli imitated another move by Salini, sending a complaint against his opponent to Consob. Thus the first proxy fight of the Italian Stock Exchange is looming.
A2A is studying the expansion of the shareholding structure of Edipower, taken over in the context of the Edison reorganization and which has allowed the Lombard multi-utility to become the second largest energy force in the country. The board of directors of the former genco Enel received a proxy from a recent extraordinary meeting for a capital increase reserved for a financial partner, who would in any case enter with a minority stake.
The reference shareholders of Seat, CVC, Permira and Investitori Associati, ask for the indemnity for the board of directors, which they themselves expressed, before the restructuring that will lead private equity to dilute its stake almost entirely becomes effective. The proposal will not struggle to obtain the go-ahead from the shareholders' meeting given that the three private equity companies still hold 49,5% of the capital at the moment. The resolutions on indemnity and liability actions concern the work in the period 2009-12 including all the actions undertaken in the financial restructuring. Seat, weighed down by 2,7 billion euros, is undergoing a restructuring process which will lead to Lighthouse bondholders holding 88% of the capital and the current shareholding to be reduced to
