Italian Stocks: Fiat Industrial, Fondiaria, Risanamento, Tenaris

Italy’s benchmark FTSE MIB Index rose 191.74, or 0.9 percent, to 21,308.13, a third consecutive gain, at the 5:30 p.m. close in Milan.

The following stocks were among the most active in the Italian market today.

Banco Popolare SC (BP IM) lost 1.5 percent to 3.45 euros after climbing 10 percent in two days. The bank priced its 2 billion-euro rights offer at 1.77 euros a share. The offer will run from Jan. 17 through Feb. 11, it said in a statement.

Fiat Industrial SpA (FI IM) declined 2.2 percent to 9.7 euros, extending a 2.4 percent drop yesterday. Kepler Capital Markets initiated coverage of the company, whose main assets are truck and tractor makers Iveco and CNH Global NV, with a “reduce” rating. Intermonte Sim SpA downgraded the stock to “neutral” from “outperform” and Equita Sim SpA cut the weighting of the stock in its main portfolio by 100 basis points.

Fondiaria-Sai SpA (FSA IM) surged 17 percent to 7.34 euros, gaining for a third day. Groupama SA said today that it would consider acquiring a stake of as much as 20 percent in Italy’s second-largest insurer, denying a report in Il Messaggero newspaper that it would buy a stake of 29.9 percent.

The news is “very good,” CA Cheuvreux said in a note, adding that “this strengthens our view that Groupama wants to buy out the insurer.”

Groupama, which also plans to invest in Fondiaria-Sai’s parent company Premafin Finanziaria SpA (PF IM), on Jan. 5 asked Italy’s stock-market regulator whether it would be exempt from having to make a tender offer for remaining shares in both companies, according to the Italian newspaper. Premafin gained 6.3 percent to 79.2 euro cents. Milano Assicurazioni SpA (MI IM), a unit of Fondiaria, advanced 8.7 percent to 1.28 euros.

Gabetti Property Solutions SpA (GAB IM) advanced 12 percent to 38 euro cents, the biggest gain in four months. The real- estate company got regulatory approval for a 25 million-euro share sale. New shares will be offered to existing shareholders at 15 euro cents each in the ratio of 38 new shares for every 27 held, the company said.

Indesit Co. SpA (IND IM) snapped a two-day gain, falling 2.5 percent to 8.36 euros. Gruppo Banca Leonardo cut its price estimate on shares of the maker of cookers and refrigerators to 9.1 euros from 10 euros with an unchanged “underweight” rating, citing costs of raw materials.

Risanamento SpA (RN IM) climbed 24 percent to 28.2 euro cents, the biggest gain since October 2009, after the company said in a statement it got market regulator approval to sell new shares. The company will offer new shares at 28 euro cents each in the ratio of 46 for every 25 rights held, it said.

Tenaris SA (TEN IM) sank 6.3 percent to 17.35 euros, the steepest decline since February last year, on speculation the world’s biggest maker of seamless steel tubes for oil and gas extraction is warning fourth-quarter results may be weaker than expected.

UniCredit SpA (UCG IM), Italy’s biggest bank, added 2.8 percent to 1.7 euros, as Spanish lenders led banking shares higher in Europe. Spanish bonds led securities from so-called peripheral nations higher after demand increased at a sale of five-year debt, fueling optimism that the region’s fiscal crisis is easing.

To contact the reporters on this story: Francesca Cinelli in Milan at fcinelli@bloomberg.net

To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net

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