The rebound tests of the Milan Stock Exchange ended in the last part of the session, in parallel with Wall Street. And so the Ftse/Mib index, which closed in almost parity, continues to sail close to the lows since last January 11: since the beginning of May, the loss is just over 10%, however sufficient to almost eliminate the 2011 earnings.
The other European Stock Exchanges performed better: Paris gained 0,4%, Frankfurt 0,6% and Madrid also beat Milan with an increase of 0,3%. London gains 0,1%.
MEGA MERGER BETWEEN WRANGLER AND TIMBERLAND IN THE USA
BARRON'S. UNDERESTIMATED CITIGROUP AND GOLDMAN
Overseas, in a session devoid of macroeconomic data, M&A activity held the scene. In the spotlight Vf Group, the US company of Wrangler jeans and North Face jackets, which has announced that it will acquire Timberland (+42%) for 43 dollars per share. It represents an enterprise value of approximately $2 billion in cash. Barron's analysis, on the other hand, promotes the big banks: according to the magazine, Goldman Sachs and Citigroup could go up by 25%. as the shares trade at or below their book value.
EREFERENDUM EFFECT: ENEL GREEN POWER FLYS
BANKS, THE BPM RISE ENDS
In the Italian list, in truth, almost all credit institutions are at a discount compared to the book value. But in the case of the Bel Paese, in addition to the problems in the sector, the effects of the Italian risk must be discounted: Intesa (+0,6%) and Unicredit (+0,6%) and even more Banco Popolare (+1,7% ) still closed the day with a positive sign. The same happens to Bpm (+0,4%), even if the rise in the morning practically died down after the conference with the analysts of the general manager Enzo Chiesa, from which no major news emerged after the weekend interviews with top management of the bank.
Among the stocks involved in the subjects of the referendum, the golden palm goes to Enel Green Power (+1,88%), however preceded by Eems (+7,67%) and Biancamano (+3,4%), a company active in waste management which was keen to clarify that the possible victory of the yes vote in the referendum on water would not have conditioned the prospects of its business plan.
FIAT. TRADING PROFIT BETWEEN 0,9 AND 1,2 BILLION
MARCHIONNE PRESENTS ITSELF TO THE CITY BANKERS
Fiat Spa confirms for 2011 the target of a net profit of 300 million euros and a trading profit in the range between 0,9 and 1,2 billion euros. Net industrial debt is estimated at between 1,5 and 1,8 billion euros. This is what can be read in the slides illustrated today in London in a meeting with investors to evaluate the issue of a new bond. Fiat also confirmed its goal of selling 6 million cars with Chrysler in 2014. The company expects to sell 2014 cars in China in 300.000 and gain a 2 percent market share. The forecast refers to the joint venture with Gac and the focus of the cars concerns the C, D and SUV segments. The slides reaffirm the commitment to Russia and the target for sales in India which is 130.000 units in 2014.
RELEASE TESTS. LIKE THE PLAN FOR RDB
INDIA RESURRECTS MAIRE TECNIMONT
The leap of Rdb (+21%) in response to the restructuring and rescue plan launched by Sacci, today the group's minority shareholder, deserves special mention. The plan provides for a restructuring of debts and fresh new funds.
Lastly, Maire Tecnimont (+4,14%) also made a big splash in the afternoon after the announcement of the 440 million dollar order won in China.
