Fiat, UniCredit, Bialetti, Fondiaria: Italy Equity Preview
The following companies may be active in Italian trading. Stock symbols are in parentheses and share prices are from the previous close.
Bialetti Industrie SpA (BIA) and Unione di Banche Italiane SCPA (UBI) : Bialetti, a manufacture of coffee pots and other kitchen items, and the lender known as UBI Banca are among the companies due to report first-quarter earnings today. Bialetti gained 1.3 percent to 37 euro cents and UBI declined 2 percent to 5.8 euros.
Fiat SpA (F) : Fiat SpA Chairman John Elkann said May 14 the Italian carmaker wants to open a headquarters in Asia to go along with those it already has in Europe, North America and Brazil. “We hope to do more in Asia where today we don’t have a satisfying presence,” he said at a conference outside Siena, Italy. Fiat shares fell 0.6 percent to 7.1 euros.
Fondiaria-SAI SpA (FSA) : The insurer said May 14 that its first-quarter net loss narrowed to 24.9 million euros from 92.3 million euros a year ago, while premiums fell 15 percent to 2.99 billion euros. Stock market regulator Consob also ruled that UniCredit won’t have to make a full takeover bid for the company after entering into a shareholder agreement with Premafin Finanziaria SpA, the insurers’ controlling shareholder. Fondiaria shares fell 3.9 percent to 6 euros.
Parmalat SpA (PLT) : Intesa Sanpaolo SpA (ISP) Chief Executive Officer Corrado Passera ruled out a counterbid for Parmalat SpA, he told reporters May 14 near Siena, Italy. A financing package for Groupe Lactalis’s bid for the dairy company is “not on the table,” he said. Parmalat fell 0.2 percent to 2.63 euros.
UniCredit SpA (UCG) : Italy’s biggest bank may provide financing for Groupe Lactalis’s bid to purchase the shares it doesn’t own in Parmalat SpA, UniCredit Chief Executive Officer Federico Ghizzoni told reporters May 14. UniCredit shares rose 1.8 percent to 1.7 euros
Editors: Raj Rajendran, Francis Harris
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