Popolare Emilia, Fiat, RCS, UniCredit: 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) increased 1.4 percent to 20,358.91 in Milan.
Acea SpA (ACE) : Deutsche Bank AG reiterated a “hold” recommendation on the utility after Standard & Poor’s confirmed Acea’s credit rating. Acea lost 0.1 percent to 7.3 euros.
Banco Popolare dell’Emilia Romagna Scrl (BPE IM): The regional bank said it intends to buy out minority investors of subsidiaries, excluding Banco di Sardegna, as part of a plan to boost capital ratios. The bank said in a statement that it plans to offer new shares in exchange for the stock in the units.
Exane BNP Paribas reiterated an “outperform” rating. The shares gained 3.7 percent to 7.79 euros.
Buzzi Unicem SpA (BZU) : UniCredit Research reiterated a “hold” recommendation on Buzzi and Italcementi SpA (IT) with a price estimate of 9.8 euros and 7.7 euros, respectively. Buzzi advanced 2 percent to 9.02 euros. Italcementi increased 2 percent to 6.35 euros.
Engineering Ingegneria Informatica SpA (ENG) : The provider of information-technology services to banks and insurers was downgraded to “hold” from “buy” at Centrobanca. The shares climbed 1.1 percent to 23.4 euros.
Fiat SpA (F) : Fiat and Chrysler Group LLC Chief Executive Officer Sergio Marchionne told reporters in Gavi, Italy, that it would be easier to do an initial public offering for Chrysler shares held by the union’s health-care fund, known as the UAW’s VEBA trust, rather than Fiat buying the stake.
Marchionne also said Fiat won’t risk a credit-rating downgrade to gain full ownership of Chrysler. Fiat shares increased 2.9 percent to 7.33 euros.
RCS Mediagroup SpA (RCS) : The publisher of Corriere della Sera, Italy’s largest daily newspaper, may sell six magazines to boost finances, Il Sole 24 Ore reported, without saying where it got the information. The shares lost 0.5 percent to 1.26 euros.
UniCredit SpA (UCG) : The only Italian bank facing stress tests that hasn’t announced plans to sell new shares will need to raise 6 billion euros to meet regulators’ stricter capital requirements, analysts said.
The Milan-based lender, the country’s biggest, will probably approve a capital increase for that amount this year, according to the median estimate of 20 analysts surveyed by Bloomberg. The estimates ranged from 3.9 billion euros to 8 billion euros. The shares rose 2.5 percent to 1.52 euros.