FONSAI-UNIPOL, TONIGHT THE RELAUNCH OF PALLADIO-SATOR
HALF ASIA CELEBRATES, USA TOWARDS AN OK START
THEAustralia, the only country that has achieved triple A in the last year, is preparing to cut rates by half a point tomorrow. It is the bet that prompted Asian stock exchanges are up open on the last Monday of April: the price lists of Japan, Vietnam and China are closed for holidays. In Hong Kong, the increase exceeds 1,2%. In great evidence in Seoul the giant Samsung +5,7%.
Positive futures on American stock exchanges. On Friday the indices had closed with positive signs: S&P +0,24%, Dow Jones +0,18% and Nasdaq +0,61%.
Who wants to experience the thrill of asking questions a Paul Krugman, Nobel Prize in Economics, regarding his violent attack against Ben Bernanke, accused of having "betrayed" his ideas as an economist as central banker, will be able to connect this afternoon via the New York Times blog. The economist will be connected live.
Short but intense week for Corporate Italy: Unipol-Fonsai, tests of restart after the abrupt stop imposed by the Antitrust. Premafin's board of directors will meet tonight to take stock of the situation. Previously, the leaders of the finance company will meet with the Antitrust. Also today, a summit is scheduled between Fonsai and Isvap, which has requested a capital increase of 1,1 billion.
In Bologna, meanwhile, the assembly will be held for the approval of the Unipol financial statements, an opportunity to obtain the opinion of Carlo Cimbri after the suspension requested by the Authority.
But above all, today it expires the “old” Sator-Palladio offer for Fonsai, which will already be proposed again tonight in new terms: an 800 million operation, half coming from the two finance companies, the remaining 4-500 million to be raised on the market thanks also to an alternative guarantee consortium to that of Mediobanca. According to rumors, at least three foreign banks are available (one should be Jp Morgan) willing to guarantee this type of increase, especially if Arpe himself will lead the relaunch, according to circles close to the CEO of Profilo.
With the spotlights turned off on the Generali meeting, attention shifts to the RCS Media Group meeting which will have to approve the appointment of the new board under the leadership of Angelo Provasoli. But it is taken for granted that the name of the new operative guide of via Solferino, replacing Antonello Perricone, will not emerge from Wednesday's meeting: the work of head hunter Spencer Stuart is not yet finished. But there are still reasons to recall: 1) the new weight of Giuseppe Rotelli, the group's first shareholder; 2) the presentation of the "independent" board of directors; 3) the first indications on the next financial and managerial moves, although the manager who will have to lead the mission has not yet been chosen. But, above all, expectation is growing for the intervention promised by Diego Della Valle, a shareholder with his hands free after leaving the pact.
The appointment for Telco members is set for Thursday 3 May. On that day, in fact, the shareholders of the "box" which holds 22,5% of Telecom Italia (Generali, Mediobanca, Intesa and Telefonica) will have to put their hands on their wallets: the Telco board of directors, as anticipated by Giovanni Perissinotto at the Generali, will have to examine a capital increase that "will be subscribed by all the shareholders". The exact amount of the deal is not yet known, as it will depend on the portion of the loans that need to be refinanced.
The 1,3 billion loan of which it is the lead bank expires in May Unicredit, in June the 600 million loan from Monte Paschi and in October 260 million will have to be repaid to Ge. The 1,3 billion bond loan of the shareholders must also be considered, expiring in June but renewable until April 2013. Whatever the financial formula adopted, the shareholders will have to reduce the imbalance between the market value of the investment, 2,6 billion, the book value, 5,4 billion, and the amount of debt, 3,4 billion.
Several important quarterly reports also stand out on the week's agenda. Over all the quarterly accounts of Finmeccanica, the public defense holding company in the midst of a judicial turmoil, to be announced after Thursday's council. Also in the pipeline is the quarterly of the subsidiary Ansaldo Sts. Also on Thursday, an appointment with the Carraro board of directors (the first quarterly after the transition between generations in the multinational from Veneto): the next day, the boards of directors of Italcementi, Indesit and Safilo are scheduled.
Last week's balance shows a positive performance of 2,7% in Milan. An excellent result if one considers that on Monday it seemed to be on the brink of catastrophe, with the Milan Stock Exchange losing 3,8%.
The other European Stock Exchanges were also positive, albeit with less enthusiasm: London rose by 0,4%, Paris +1,1% Frankfurt +0,7%. Over the course of the week, the overall European Stoxx 600 index rose by 0,6%. Since the beginning of the year, this index has recorded a positive performance of 5,8%, while the FtseMib index is negative by 2%.
A week of relaxation, at least in theory, for debt management: the next Treasury auction will in fact be held on Thursday 11 May. Meanwhile, on the government bond market, the Treasury placed both six-month BOTs and BTPs at various maturities for 5,94 billion euros during the week, out of an announced maximum amount of 6,25 billion, despite the turbulence linked to the downgrade of Spain by S&P.
Sul secondary market the Btp benchmark closed with a yield of 5,60% and a spread with the Bund at 390 points (-3 points compared to yesterday).
