FIAT-CHRYSLER RAISES THE STOCK EXCHANGES FOR 2014. THE SEVENTH WORLD GROUP IS BORN WITHOUT INCREASE
The fireworks display is about to begin. Today Piazza Affari will be at the center of the attention of operators from all over the world. Thanks to Sergio Marchionne's latest masterpiece: the purchase of 41,5% of Chrysler controlled by the Uaw in San Silvestro. Thus was born the seventh global automotive group.
“There are important moments in the life of every large organization and its people that end up in the history books,” commented the group's CEO last night. And it is difficult to blame him, even considering the modalities of the operation. 20 billion dollars will come out of Fiat's coffers on January 1,75 (the date envisaged for signing the contract), already available liquidity, to which will be added another 1,9 billion dollars in dividends that Chrysler will pay out to the two partners. Fiat will transfer its share to the United Auto Workers, which will collect the entire amount to which a further 700 million dollars will be added in four installments against which Uaw undertakes "to support the industrial activities of Fiat Chrysler". Thanks to this latter clause, Chrysler's total value rises to 10,5 billion, a figure in line with the advisor's estimates but lower than analysts' forecasts.
Seen through the eyes of the Stock Exchanges, the most welcome immediate novelty is having avoided a Fiat capital increase. But the closing of the peace with the Uaw marks the beginning of another sprint towards the merger between Turin and Detroit which will give rise to "a global car manufacturer with a wealth of experience, points of view and skills unique in the world".
IN INDIA, FINMECCANICA RELIES ON THE ARBITRATOR
The mega deal pushes other hot matches away from the spotlight. The Indian one of Finmeccanica, first of all. Yesterday the New Dehli government spokesman, Sitanshu Kar, announced in an official statement that the negotiation for the purchase of 12 Agusta helicopters (worth 560 million pounds) had been canceled due to suspicions of corruption. The Italian group had made it known during the day that it had not received any official communication on the matter. Later an official note from the Indian Ministry of Defense explained that it had accepted Agusta Westland's request for an arbitration regarding the cancellation of the supply of the 12 Aw 101 helicopters. International arbitration can reopen the entire dossier.
MPS, THE EXAMS NEVER END
Other special surveillance: Monte Paschi. Despite holding the stock last Monday after the decision to postpone execution of the capital increase until spring. Operators remain doubtful about the outcome of the tug of war between the Foundation and top management. “ The olive branch sent by Antonella Mansi does not correspond to the reality of the facts, therefore the real test of the market will only take place from 7 January on the return of the operators, when the consent to this reference will be tested which also casts serious doubts on the question of the Tremonti bonds”, is the opinion of Claudia Segre, general secretary of Assiom Forex.
UNIPOLSAI ON THE STOCK EXCHANGE SINCE THE EPIPHANY
On 31 December the merger by incorporation into Fonsai of the companies involved was stipulated: the Fonsai, Milano Assicurazioni and Premafin shares will disappear from Piazza Affari in exchange for three different UnipolSai shares.
Starting from the Epiphany, the shares of Fonsai, Milano and Premafin will no longer be exchanged and will be replaced by three types of UnipolSai shares (ordinary, savings A and savings B) on the basis of the exchange ratios approved by the four companies. Unipol Gruppo Finanziario (UGF), the holding company that controls 63% of Unipolsai and under which Linear, Unisalute, 63,4% of Arca Vita and 67,7% of Unipol Banca will remain on the stock market.
Within the middle of the month, the group led by Carlo Cimbri will have to decide whether to accept the offer from the Belgian Ageas group for the 1,7 billion in premiums that Unipol has undertaken to sell in exchange for the Antitrust's go-ahead for the acquisition of Fonsai.
Finally, Unipol completed the sale of 1,5% of Pirelli.
2014, BRAKED START FOR CHINA. LISTS HUNTING FOR RECORDS
Slow start of 2014 for the Asian price lists. With the Tokyo Stock Exchange closed, the falling data of the Chinese PMI index held the ground. The Hanghai Stock Exchange slips by 0,4%, dragging down the other markets.
The other price lists reopen after an exceptional year.
The S&P 500 index closed 2013 with a rise of 32,4% (if dividends are taken into account). Tokyo did even better, with a spectacular +56,7%. But perhaps more impressive is the boom in Athens +28,1% and Dublin +33,6%, the result of Mario Draghi's effective action in defense of the euro.
The Ftse Mib index closed at 18.967 points, below the highs of 2013 (19.501 on 30 October) but well above the minimum, below the 15 points of 24 June.
It starts again with the spread decreasing to 217 points, with a 4,10-year yield at 2011%. But the gap between real rates in the Eurozone is not narrowing: according to Goldman Sachs, the gap between Italy and Germany is wider than in XNUMX
Meanwhile, the 2013-year German bund, the eurozone's most sensitive compass, closed 1,93 with a yield of 63%, 225 basis points higher than the beginning of the year, in line with the US bond pushed up by the economic recovery . The upward trend, according to Bank of America, will continue up to 1 bp, on the wave of the recovery of the euro zone economy (+2014% in 1,4, +XNUMX% the following year).
From these notes it can be deduced that investment in "safe havens" (German government bonds - 2,1% in 2013, gold -28% ) promises new disappointments while stock lists will act as a magnet for new freshmen, after the boom of 2013.
In London there were 105 new listings, for a total of 15,7 billion pounds raised.
In Milan, the 18 IPOs raised a total of 1,351 billion euros.
