Ansaldo Sts stands out in Piazza Affari with a +2,27% to 6,52 euros, while the market continues to decline (-2,03% the Ftse Mib). According to reports from Milano Finanza, the sale of Ansaldo Breda e Ansaldo Sts it is close and discussions are in progress with Hitachi, for now about price and governance but also about the possible golden share that a ministerial decree will have to define shortly.
According to sources close to the dossier, the deal would have a good chance of reaching port "in a reasonable time". After a period of silence on the part of the press, hypotheses of transfer are returning, also involving Ansaldo Sts. “Since this is a deal that includes both Breda and Sts, we believe that in the event of the sale of the majority with a mandatory takeover bid, the price of Ansaldo Sts can be maximized, which is why we believe our target price at 7,8 euros is also valid in the event of an M&A”, Equita analysts observed in a note this morning.
In the event of the sale of a stake of less than 30%, without a takeover bid, Ansaldo Sts however, it will be able to benefit mainly from commercial synergies. If it were confirmed then it would be very positive news for Finmeccanica, as for Intermonte analysts this sale would bring greater trust and credibility of investors towards the new management and consequently would lead to a re-rating of the stock Finmeccanica which now drops by 1,50% to 3,80 euros. Equita recommends the purchase of Ansaldo Sts, Intermonte of Finmeccanica with a target price of 5 euros.
