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Milan does not shine: the rise is extinguished

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Milan does not shine: the rise is extinguished
Written by aquitodovale

Milan is in negative territory after a positive start. The other European stock exchanges do better and remain on the rise. Eyes on banks and Saipem on the day of the start of the capital increase

Milan is in negative territory after a positive start. The other European stock exchanges do better and remain on the rise. Eyes on banks and Saipem on the day of the start of the capital increase.

At 12.00 on FTSEMib falls 0.24% to 22,066 points while the All Share loses 0.18%. The Mid Cap (+ 0.3%) and Star (+ 0.35%) remain positive.

The capital increase of Saipem (+ 19.97% theoretical the title and -20% theoretical the rights). The company will offer 1,974,327,430 new ordinary shares in the ratio of 95 new shares for each ordinary or savings share owned, at the subscription price of € 1.013 per share. The transaction will end on 11 July 2022, while the rights relating to the capital increase will be listed until 5 July.

In the meantime, the group has signed a Memorandum of Agreement (MoA) with BW Energy for the sale of the Cidade de Vitória floating production, storage and unloading unit (FPSO), currently owned by Saipem and operationally managed on behalf of Petrobras in the field. of Golfinho, off the coast of Brazil. Under the agreement, BW Energy will pay Saipem 73 million dollars, of which 25 million at the closing of the Golfinho transaction, 13 million at the time of the acquisition and customs clearance of the FPSO, expected in 2023, and 35 million in 18 monthly installments after the ‘acquisition.

Among the bankers eyes on BPER Bank (-1.48%). Moody’s has improved all the ratings on the institution: the standalone Baseline Credit Assessment (BCA) and the long-term one on deposits have been increased by 1 notch, respectively to “Ba1” and “Baa2”. The long-term rating on the senior unsecured debt as well as the issuer rating were both raised to “Ba1” with an upgrade of 2 notches. The outlook was changed to “stable” from “positive”.

Good Intesa Sanpaolo (+ 2.45%). Following the ECB’s authorization, the bank initiated a buyback procedure for the cancellation of a maximum total outlay of € 3.4 billion and for a number of securities not exceeding 2,615,384,615. ordinary shares. The board of directors resolved to execute the purchase with an initial program for an outlay of € 1.7 billion, and to postpone to a later date, within the approval of the results of December 31, 2022, the decisions in merit for execution for the remaining amount. The purchase program will be launched, in full or in part, from 4 July 2022 and is expected to be concluded by the end of October 2022.

Down by 0.14%, Unicredit.

Extremely good day for Sourcesense (+ 11.11%). Italian post (-0.49%) approved the voluntary public tender offer for cash on all Sourcesense shares and warrants. Following the completion of the transaction, aimed at delisting the shares and warrants, Poste Italiane is expected to hold a controlling interest in Sourcesense of 70%. The closing of the transaction is expected by the end of 2022.


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