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Fiat, Generali, Lottomatica, UniCredit: Italian Equity Preview

Updated on

The following companies may be active in Italian trading. Stock symbols are in parentheses and share prices are from the close of trading on Dec. 3.

The benchmark FTSE MIB Index increased 66.71, or 0.3 percent, to 20,120.80 in Milan.

Compagnie Industriale Riunite SpA (CIR IM): Chief Executive Officer Rodolfo De Benedetti said in an interview with newspaper Il Sole 24-Ore that the holding company won’t sell more debt to replace a 140 million-euro ($188 million) bond maturing in January and has no plans to sell a stake in energy company Sorgenia SpA. De Benedetti said CIR didn’t need to refinance the bond as the company had 400 million euros in liquidity, the newspaper said. Shares rose 0.5 percent to 1.45 euros.

Assicurazioni Generali SpA (G IM): Giovanni Perissinotto, chief executive officer of Italy’s biggest insurer, and Oleg Deripaska have discussed projects in Russia amid a standoff over control of the Russian billionaire’s insurance company. The two businessmen met at Generali’s headquarters in Trieste, Italy, according to Sergey Babichenko, a spokesman for Deripaska’s Basic Element group, which controls Russian insurer OEO Ingosstrakh. Generali fell 0.8 percent to 14.27 euros.

Eni SpA (ENI IM): Italy’s biggest oil company has reached a key production target at its Zubair oil field in Iraq, the company said in a statement. Production at the field near the city of Basra has increased to 201,000 barrels a day from 183,000 when Eni and its partners took over management of the field in February, the company said. Eni shares fell 0.3 percent to 15.75 euros.

Fiat SpA (F IM): Unions may be willing to restart talks on a production plan for the carmaker’s Mirafiori plant after the negotiations broke down on Dec. 3, Raffaele Bonanni, head of the CISL union, told newspaper Corriere della Sera in an interview. The shares rose 1.2 percent to 13.64 euros.

Lottomatica SpA (LTO IM): The lottery company has dropped plans to sell 300 million euros ($402 million) of bonds before the end of the year, Corriere della Sera reported without saying where it got the information. The company had considered selling a hybrid bond before year-end after the success of a placement last month of 500 million euros of bonds, the newspaper said. The shares fell 1 percent to 9.56 euros.

Seat Pagine Gialle SpA (PG IM): The phone directory publisher agreed to pay 28 million euros to Italy’s tax authorities after a probe, the company said in a statement after the close of trading Dec. 3. The payment includes penalties and interest and will be booked in 2010 accounts, the company said. Shares fell 0.2 percent to 9 euro cents.

UniCredit SpA (UCG IM): Italy’s biggest bank has identified three executives to take over top management positions left vacant in a reshuffle after the resignation of Chief Executive Officer Alessandro Profumo in September, newspaper Il Messaggero reported without saying where it got the information. UniCredit officials haven’t yet agreed on who will run the corporate and investment banking businesses, the last of the top posts still vacant, the newspaper said. Sergio Ermotti, who ran the bank’s investment banking unit under Profumo, was named by UBS AG on Dec. 3 as chief executive officer for Europe, the Middle East and Africa. The shares rose 2.6 percent to 1.70 euros.

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