The shock in Telecom Italia and the probable white smoke for the agreement between Bpm and Banco Popolare have triggered the comeback of Piazza Affari. The Exchange of Milano posts an increase of 1,2%, ahead of Frankfurt (+1,1) and Madrid (+0,5%). The price lists of Paris (+ 0,1%) and London (+ 0,2%).
The strong rebound of the two most targeted banks in the past week is pulling the race: Banco Popolare e Banca Popolare di Milano. Both stocks rallied around 5%, on the back of the post-meeting statements by CEO of Verona Pierfrancesco Saviotti: for the first time, a capital increase has not been ruled out.
According to Equita Sim, the capital operation (1 billion) it could be partly reserved for investors such as Cr Lucca and Cr Verona who, with an investment of 300 million, could have 5% of the new bank. A 1/1,5 billion euro plan is also being studied for reduce the stock of non-performing loans of 7 billion euro, bringing the ratio of doubtful loans from 24% to 18% (19% the average of the banks).
Finally, the sale of stakes in the bancassurance joint venture (+300 million euro according to Equita estimates) and the custodian bank (+150 million) is under examination. The board meetings of the two institutes will be held tomorrow. Meanwhile, the rest of the banking sector is improving: Understanding + 2,9% Unicredit + 4,2% MontePaschi + 4,3% Pop. Emilia Romagna + 3%.
Another hot topic is Telecom Italy (+3,8%). In the morning the company confirmed that they have one negotiation underway with the managing director Marco Patuano to arrive at a consensual termination of the relationship. Patuano should be replaced by Flavio Cattaneo, former CEO of Terna, now in Italo.
Brake instead Mediaset (-1,17%), a strong increase after the game the indiscretions of La Repubblica for which there would be an agreement in principle between the Berlusconi family and the top management of Vivendi for a share swap between the French giant and Mediaset. Speaking on a radio broadcast this morning, Silvio Berlusconi said that Vivendi is only interested in certain assets.
Weak it is Hey Towers (-0,7%) either Rai Way, interested in a possible pole of the towers. Morning in progress for Fiat Chrysler (+0,5%) after S&P upgraded its rating to BB from BB-. The group has completed the transaction which provides total access to the liquidity of FCA US (Chrysler) equal to 10,4 billion euros. Exor +1,7% thanks to the promotion of Cheuvreux.
Also good Eni (+0,5%), Rbc Capital raised the recommendation to Outperform from Sector Perform, target price to 16 euros. positive Finmeccanica (+0,6%): for Banca Imi a revival is also to be expected for the bond of the future Leonardo. Well stm (+0,8%), which today releases the fourth tranche of dividend.
