In 2006 the Italian companies in Turkey there were less than 500. At the beginning of this year they exceeded 1000. Turkey has also become a reference market for Italian companies: Ankara is today the sixth market for Made in Italy in the world, the second after the Use outside the European Union.
However, the latest violence in Türkiye could change that scenario.
It is interesting to see if and what consequences the collapse of the Turkish stock exchange is having on Italian companies operating in Türkiye. From the list provided by the National Institute for Foreign Trade, listed on the Stock Exchange are few but among these stand out companies such as Unicredit, Intesa Sanpaolo, Generali Assicurazioni, Eni Spa, Fiat, Finmeccanica and Pirelli, which have long been present in the Turkish territory.
How did these companies react to the Turkish stock market knockout?
Generali, Pirelli, Fiat, Eni and Finmeccanica have not recorded huge losses on the market, with changes in the share in line with what happened on the market and strongly influenced by the different situations of the various companies. The case of Italian banks is different.
Intesa Sanpaolo, recorded yesterday a loss of 1,9%, significantly higher than what happened on the market (which recorded a -0,9%). but today it appears to be in clear recovery
Unicredit owns 41% of the Turkish institute Yapi Kredi Bank, which in turn represents 16% of the capitalization of the Piazza Cordusio share. In fact, Unicredit's balance sheet includes portfolios of Turkish government bonds for 3,3 billion euros and loans in the country for 15 billion euros. This naturally had negative consequences on the stock which recorded a decrease of 2,3% yesterday; effect that was easily overcome with the drop in the spread recorded today and which brought the Unicredit share to 4,33 euros in line with other Italian banks.
With the exception of the banks, the situation in Turkey seems to have had no significant effects so far on Italian companies listed on the Stock Exchange, whose performance is mainly influenced by other variables such as in the case of Pirelli (see Camfin) and Generali (see sale of assets in the US).
