Fiat, Fondiaria-SAI, Telecom Italia Media May Move: Italian Equity Preview

The following companies may be active in Italian trading. Stock symbols are in parentheses and share prices are from the previous close.

Italy’s benchmark FTSE MIB Index (FTSEMIB) gained 108.99, or 0.5 percent, to 20,809.92 on June 3.

Banca Popolare di Milano Scrl (PMI IM): Mediobanca Securities removed the lender from its “selected underperformers.” The shares rose 0.1 percent to 1.83 euros.

Brembo SpA (BRE) : Mediobanca Securities added the world’s largest manufacturer of disk brakes to its “selected underperformers.” The shares retreated 0.1 percent to 9.34 euros.

Fiat SpA (F) : Fiat and Chrysler Group LLC Chief Executive Officer Sergio Marchionne said on June 4 that he expects management changes in coming months as he steps up the two carmakers’ integration. Turin, Italy-based Fiat on June 2 submitted an offer to buy Canada’s holding in Chrysler that values the stake at $125 million, Marchionne said.

Barclays Capital increased its price estimate to 9 euros from 8 euros and reiterated an “overweight” rating. The shares climbed 25.5 cents, or 3.6 percent, to 7.36 euros.

Fondiaria-SAI SpA (FSA) : The insurer will appoint Piergiorgio Peluso, UniCredit SpA’s former corporate banking chief for Italy, as general manager at a board meeting on June 6, Il Sole 24-Ore reported, without saying how it obtained the information. The stock retreated 19 cents, or 3.4 percent, to 5.39 euros.

Landi Renzo SpA (LR) and Mediaset SpA (MS) : Mediobanca Securities removed both stocks from its “recommended portfolios.”

Separately, Mediaset had its price estimate lowered to 4.1 euros from 4.6 euros at Royal Bank of Scotland Group Plc. Mediaset shares lost 0.8 percent to 3.52 euros. Landi Renzo fell 2.6 percent to 2.216 euros.

Pirelli & C. SpA (PC IM): Societe Generale SA upgraded Europe’s third-largest maker of tires to “buy” from “hold.’ The shares gained 0.2 percent to 6.76 euros.

Telecom Italia SpA (TIT) : Goldman Sachs Group Inc. trimmed its price estimate on the ordinary shares of Italy’s biggest phone company to 1.19 euros from 1.24 euros and on the savings shares to 0.97 euros from 1.01 euros. The common shares dropped 0.8 percent to 96.95 euro cents. The savings shares fell 0.8 percent to 84.45 euro cents.

Telecom Italia Media SpA (TME) : Telecom Italia SpA’s television unit may seek a majority investor to take a stake of as much as 40 percent by year-end, il Fatto Quotidiano reported, citing Chief Executive Officer Giovanni Stella.

Carlo De Benedetti is “one among many options,” Stella was quoted as saying. The shares increased 0.3 cents, or 1.6 percent, to 19.3 cents.

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

To contact the editors responsible for this story: Angela Cullen at acullen8@bloomberg.net; Andrew Rummer at arummer@bloomberg.net

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