TODAY FIAT BUYS THE CHRYSLER TREASURE PACKAGE
President Barack Obama himself will today make the official announcement of the purchase by Fiat of the remaining 6,6% of shares still held by the Treasury, for a sum of just over 500 million dollars. Obama, who will speak during his visit to the Chrysler factory in Toledo (Ohio), will also communicate the transfer of the pre-emption rights, now held by the Treasury, on the 45,7% owned by Veba, i.e. the pension fund controlled by the Uaw union. Thus, after the landing of GM on Wall Street, the adventure of the US government as a shareholder in the car will come to an end. A fortunate experience, to the point that the first spot of the presidential campaign concerns Chrysler. The Obama team, in fact, recovered the video in which Mitt Romney, for now the most formidable Republican opponent, suggested to the government to proceed without delay in 2007. with the closure of the Chrysler plants. They didn't listen to him, luckily. And today Obama can collect the dividend of a courageous political choice. Fiat has been consolidating Chrysler's accounts since May 24, a statement from the group announced. The stake in the US house could rise to more than 70 percent after agreements with Veba. It should be noted that for the Turin group, which fell sharply yesterday in line with the Eurostoxx index for the sector, the support of the president could be decisive for the granting of funds for innovation managed by the Department of Energy, 3 billion at almost zero interest , which are added to the contributions (about one billion) guaranteed by Moscow against the investment,
USA, THE TREASURY AND THE BANKS IN MOODY'S SIGHTS
After Wednesday's beating, the worst drop in the last ten months, Wall Street lacked the expected payback. The blame for growth concerns, confirmed yesterday by the fall in April of factory orders in America, down by 1,2% against expectations of -1%. On the employment front, then, requests for unemployment benefits in the last week were higher than expected (422 instead of 417). It is therefore not surprising that the Dow Jones, after having danced around parity for a large part of the session, closed down by 0,34%. It went better on the Nasdaq (+0,18). The new judicial misadventures of Goldman Sachs have also thought of depressing the quotations. Or, even more, the news that Moody's has announced that, barring a course correction in the deficit, the rating of the US Treasury could be downgraded within a few weeks. The agency also placed the rating of the three giants Citigroup, Bank of America and Wells Fargo under observation with negative prospects. While awaiting the return to the limelight of Steve Jobs, who is about to present the i Cloud in first person, the spotlights have all been on Google, which has denounced a massive pirated attack on the Gmail network. An attack that, according to the first investigations, comes from China, not new to the deeds of hackers. Meanwhile Steve Ballmer, the respected CEO of Microsoft, yesterday presented at Computex in Taipei the new version of its operating system, currently identified by the code name Windows 8. But Microsoft's interest in the business holds the ground in the Redmond headquarters of Nokia telephony. It must be said that the Finnish group has denied the contents of the indiscretion, however in good probability the theme of a possible marriage will remain at the center of the hypotheses of the market.
OTHER THAN LINKEDIN, GRUPON COMES TO WALL STREET
The Internet Boom Part II is about to kick off. In fact, yesterday Grupon filed the file for the placement of a certain (modest) quantity of shares of the company that has revolutionized, with its offers, the retail market in half the world. The goal is to raise 750 million less than the amount paid by Fidelity and T, Rowe (one billion in all) enough to allow CEO Andrew Mason to be able to say no to Google which had offered 6 billion dollars. A right choice, given that the social network launched in 2008 in a Chicago cellar now has 83 million subscribers worldwide and in the first quarter of 2011 alone, its turnover reached 644 million. As has already happened with Linkedin, the modest quantities at auction suggest a sharp increase in prices, given the potential demand. To the delight of investment banks.
TRICHET ASKS FOR A EUROPEAN MINISTER FOR THE ECONOMY
The European Union needs a single economy minister, who enjoys the same authority as the president of the ECB. The proposal comes from the president of the European Central Bank himself, Jean-Claude Trichet, who put it forward yesterday in front of a large group of personalities from the Old Continent. The sole minister should have a guiding and controlling role, rather than a spending one. Therefore he will not have to have an immense budget, but he will have to verify whether the fiscal and economic policy choices of the various governments are compatible with the objectives of the EU. For this reason, Trichet says, he will have to have veto power over national choices that are not in line with the objectives agreed with Brussels. The proposal, of course, stems from the explosion of the "Greek syndrome" even though Trichet never mentioned Greece in his speech. But he didn't need much imagination to figure out who this admonition was aimed at: “It's all right to help a partner in trouble, the first time. But I believe that if the emergency occurs a second time, moreover on the basis of the same errors, it is necessary to react in a different way”.
DAY OF PASSION FOR UBI
No, it's not at all a good time to launch a capital increase. The reflection arises spontaneously in the face of the "punishment" inflicted by the market on Ubi which from Monday 6 will face the examination of the shareholders. The bank led by Victor Massiah slipped to the bottom of the main basket with a drop of 5,36% to 4,992 euros after setting the price of the shares to be offered at 3,808 euros with the capital increase of around 1 billion euros. The subscription price was determined by applying a 22,4% discount with respect to the Terp (Theoretical Ex Right Price) of the shares calculated on the basis of yesterday's closing (5,27 euro). The newly issued shares will be offered in the ratio of 8 new shares for every 21 held, or for every 21 convertible bonds “UBI 2009/2013 convertible with the option of repayment in shares” held. Popolare di Milano (-1,83% to 1,823 euro), Monte dei Paschi (-2,10% to 0,793 euro), Banco Popolare (-0,69% to 1,737 euro) and Intesa SanPaolo (- 0,23% to 1,748 euros). Purchases instead on Unicredit, which snatched a +0,39% to 1,543.
