Mediaset money explodes in Piazza Affari. Meanwhile, the game does not unlock Mount Paschi, with negative repercussions for the entire credit sector. This explains the black day of the Milan stock exchange, down by one percentage point against 0,2% of Paris. On positive ground Frankfurt e London.
Mediaset leave 11% in the field after that Vivendi's about-face on Premium. The company announced in an official note that Vivendi does not intend, after the due diligence, to proceed with the contract for the purchase of 89% of Mediaset Premium.
Vincent Bolloré's company intends to limit its commitment to 20% but has sent a new proposal: confirmation of the exchange of 3,5% of the capital between Vivendi and Mediaset, but also the affirmation of the transalpine group's willingness to hold about three years 15% of the Italian issuer through a convertible bond loan, against the 5% expected so far.
"We have no intention of taking control of Mediaset," Vivendi CEO Arnaud de Puyfontaine said this morning. He dry the Biscione's reply: "The scheme changes the industrial value at the basis of the agreement to significantly affect the capital structure".
Mediaset also let it be known that the board of directors on 28 July for the approval of the half-yearly report "will officially take a position on this proposal and on the very serious communication of the CEO of Vivendi", explaining that it is firmly determined to assert all its rights in every venue . For Mediaset, with this move Vivendi is not fulfilling its contractual commitments.
Enel drops by 0,9%, Telecom Italy -0,8%.
The European banking index falls (-1,55%). Heavy Commerzbank (-6%) after reporting that operating profit and capital margin fell in the second quarter due to the bank's exposure to pensions and Italian sovereign debt.
Chilling volatility for Mount Paschi, -1,86% after posting a drop of 7,2% at the start. The stock suddenly reversed course and then moved into positive territory. Finally, down again. There is no news that explains this swing. On the other hand, there are many rumors about the outcome of the stress tests and about the measures that the bank is studying to resolve the NPL issue.
The other banks also fell sharply: Unicredit drops by 3,7%, Understanding -1,8% Ubi -2,4% Banco Popolare -3% Pop Bank. Milan -3,1% Pop. Emily -4,1% Mediobanca -3,7%.
In asset management Anima loses 3,7%, Azimuth -2,2%. Generali drops by 2,2%, Unipol -3,1%. Heavy decline of Luxottica (-4,9%), after yesterday the company lowered its estimates for the full year 2016. The other luxury stocks are also down: Ferragamo down 1,6%, Tod’s -2,2% Moncler -1,9%.
