THUMBS TOWARDS MEDIOBANCA TO PERISSINOTTO
SATURDAY BOD. MARIO GRECO ALREADY WARMING UP THE ENGINES
“An attempt by Mediobanca to defenestrate is underway John Perissinotto”. This is how the Financial Times summarizes the news of the extraordinary board of directors of Generali convened for tomorrow morning which could replace Perissinotto with Mario Greco, current CEO of the general insurance sector of Zurich and in the past at the helm first of Ras (now Allianz) in Italy, then of Eurizon Vita, the insurance hub of the Intesa Sanpaolo group.
The convening of the board of directors via e-mail came after a direct confrontation between the top management of Mediobanca, Lorenzo Pellicioli (CEO of De Agostini, a large Generali shareholder) and Perissinotto himself who refused the pressing invitations to resign that had already been asked of him, with an interview with Corriere della Sera on the eve of the shareholders' meeting on 30 April by Leonardo Of the Old.
What are the accusations against Perissinotto? The stock market performance weighs heavily and, in the light of the latest news, the discontent of the reference shareholders may not be extraneous. In the last month, the share of Leone lost 22%, which becomes 31% in the last semester, and 45% in the last year. With today's drop (-0,67%) the share reached 8,21 euros, below the book value (which has its roots in the history of national capitalism) of Mediobanca, the leading shareholder with over 13% of the quotas. Perissinotto himself, on the sidelines of a conference, a few days ago underlined that "the market is evaluating us in terms of capitalization as when we had profits equal to a fifth of current ones, premiums equal to a tenth and assets which today are approximately six-seven times higher".
Ma the real cause of the disagreements with Piazzetta Cuccia arise from the anger of Alberto Nagel against Palladio Finanziaria, guilty of having taken the field on Fonsai, and by the alleged "complicity" of Perissinotto with the merchant bank of Vicenza. You accusations reaffirmed by an article today in the Corriere worthy of the Inquisition, which essentially accuses Trieste's management of having tried to create an alternative majority for Leo. Among the prosecution evidence there is even reference to the overly cordial relationship with Enrico Cucchiani of Intesa.
The Asian lists enter the month of June with yet another decline. The European crisis combined with signs of a slowdown in China (first cause of the slowdown in oil prices) continues to weigh on the stock markets, which in May recorded their worst monthly performance since 2008. This morning the Tokyo Stock Exchange lost 1,25 %. Better Hong Kong +0,14% after the drop of two percentage points on Thursday.
Negative session also on Wall Street: at the end of the session the Dow Jones fell by 0,21%, S&P -0,23%, Nasdaq -0,35%. The data on US employment weighed on the session: the change in employment in private companies in the United States is positive for 133 thousand units, up from the 113 thousand new employees in April, but less than the expectations which indicated 150 thousand more payrolls. Preliminary data on US GDP indicate growth of 1,9%, less than the +2,2% of the previous quarter.
THEeuro it traded this morning at 1,255, up slightly from the previous close's data. Weak gold (1.559 dollars per ounce - 0,32%) and Wti oil (86,48 dollars per barrel -0,06%).
Once the Treasury auctions are over, tension on sovereign debt will not ease: the 5,86-year BTP recorded a slight improvement with the yield falling to 5,93%, from 466% yesterday. The spread with the Bund fell to 145,6. The XNUMX-year German Bund remains at its all-time high (XNUMX).
In May they fled from Spain capital of 97 billion euros. The bulletin of the central bank reveals it, in the crosshairs of the ECB for having hidden the real extent of the banking crisis.
“The European banking system must move towards a banking union with more centralized supervision”. As Mario Draghi in front of the European Parliament while Europe is starting to experience the two weeks preceding the Greek vote. Perhaps the most delicate phase of the crisis: any flight from deposits before the elections could trigger a similar "bank run" in Spain and accelerate the flight to the "safe havens" of Bunds and Treasury Bonds, at all-time lows. The governor of the Bank of Italy Ignazio Visco takes the same line: the exit from the crisis is possible with good internal politics, and a strengthening of the European Union, which goes in the direction of political union, and which is also inclusive of the countries in difficulty.
In the dreadful month of May the Milan Stock Exchange it lost 11,9%. Alone Madrid -13,1% did worse. In Piazza Affari yesterday the FtseMib index fell by 0,1% settling at 12.854, i.e. only 1,8% above the fateful 12.621 which corresponds to the minimum of 9 March 2009.
La London Stock Exchange fell by 0,2%, Paris closed unchanged, Frankfurt -0,2%.
Among the blue chips of Piazza Affari, the star of the day was Snam, up 3,8% after the agreement with which the parent company Eni +1,6% will sell 30% of Snam to Cassa Depositi e Prestiti.
Meanwhile, it has been announced that Finmeccanica -1% will sell 14% of Avio to the FSI fund when the aircraft engine company is listed on the Stock Exchange (by 2012).
Fiat it lost 3,2% and Fiat Industrial rose by 2%: on the latter, JP Morgan raised the target price to 9 euro. Mediaset decreased -2,8% on indications of weak advertising sales for the month of June.
Banks in no particular order: Unicredit +0,4%, Intesa -0,4%, Banco Popolare -2,3%, MontePaschi +1,2%.
telco, the holding company that holds the controlling stake in Telecom Italia, completed the 3,4 billion debt refinancing operation through the issue of a 1,750 billion bond to be subscribed by the shareholders, a capital increase of 600 million and a 1,050 billion loan guaranteed by a pledge on Telecom Italia shares. Telco is owned by Telefonica, Mediobanca and the Generali group
