The shares of FCA (+4,3%) and Ferrari (+1,7%) run in Piazza Affari, respectively at 15,068 and 112,6 euros.
The title of Fiat Chrysler it is thus almost eliminating its losses since the beginning of the year, supported by the upgrade to "outperform" by Exane. The recommendations on the stock are now divided into 15 "buys", 8 "holds" and 3 "sells" with an average 12-month target price of €19,19, which implies a potential upside of around 29% compared to the current price.
Furthermore, according to press sources, the company could shortly make a decision on the eventual sale of Magneti Marelli, for which other funds in addition to the Kkr fund would be in the running.
Finally, the American International Trade Commission announced yesterday that it has opened an investigation into Mahindra & Mahindra regarding the importation and sale of certain vehicles and components in the United States. The announcement follows FCA's complaint against the Indian group, accused of violating the intellectual property rights of Jeep design.
As for Ferrari, the company announced that it has signed a preventive agreement with the Italian Revenue Agency to access the Patent Box. The tax benefit generated by the agreement for the three-year period 2015-2017 amounts to 139 million, which will be fully reported in the accounts for the third quarter of 2018 as an adjustment to taxes for previous years.
As regards 2018 and 2019, the tax benefits will instead be quantified and included in the respective years. Finally, it should be remembered that the Patent Box provides for a preferential tax regime, for a period of five years from 2015 to 2019, in favor of companies whose income is generated, directly or indirectly, through the use of intangible assets covered by copyright, patents, trademarks, designs and know-how.
Finally, still in the Agnelli galaxy, Cnh Industrial (+0,89% in Piazza Affari) today launched a euro bond maturing in January 2026. The expected amount is 500 million. The issuer will be CNH Industrial Finance Europe, which is rated BBB by S&P, Ba1 by Moody's and BBB- by Fitch. Initial price indications are 155-160 basis points above the midswap rate. The banks involved in the operation are Banca Imi, BNP, Citi, Commerzbank, Société Generale and Unicredit. Pricing is expected within the day.
The leaders of FCA were received this morning at Palazzo Chigi by the Prime Minister, Giuseppe Conte, and by the Vice President and Minister of Economic Development, Luigi Di Maio. The President John Elkann and the new managing director, Michael Manley were in the Executive office: and it is precisely the presentation of Manley to the Government, according to what we learn, the reason for the meeting.
(Last update: 15.24 pm on 12 September).
