The IPO of 2i Rete Gas, the government’s tightening of the super bonus, car incentives and the possible end of the Nissan-Renault alliance: the newspaper review
The 2i Rete Gas group is proceeding towards listing and according to rumors it has started talks with potential institutional investors. Meanwhile, the Treasury is ready to launch a new crackdown on the Superbonus with the recovery of tax credits over 10 years. On the auto front, the government, according to La Repubblica, would have cut 400 million in funds to support the auto industry in Italy while the alliance between Renault and Nissan is on its last legs, both looking for new partners.
ENERGY: 2I RETE GAS BEGINS TALKS WITH INVESTORS FOR THE IPO
“The 2i Rete Gas group, the subsidiary of the Italian infrastructure fund F2i with a 64% stake, is proceeding towards listing. According to rumors, the marketing phase has begun with talks with potential institutional investors. The five banks are at work as global coordinators: namely Unicredit, Intesa Sanpaolo Imi and Bnp Paribas who have joined Goldman Sachs with the aim of placing around 600 million euros of shares. The listing should therefore concern at least 30% of the capital for a total value of 2I Rete Gas which should reach 5 billion euros. (…)”. This is what we read in today’s Il Sole 24 Ore.
SUPERBONUS, GIORGETTI: LIKE THE VAJONT, NOW CREDITS REFUNDABLE IN 10 YEARS
“The Treasury is ready for another strong squeeze on the 110% Superbonus. The tax credits deriving from building renovations, in the MEF plans, can only be recoverable in ten years. And this would apply to all credits in circulation, which can be discounted in four or five years, as well as for new ones, which are already almost all with a ten-year duration (only Sismabonus and Barrier Bonus remain at 5 years). A very drastic measure, criticized by the opposition, banks and property developers, but which also raises doubts among the majority.” This is what we read in today’s Corriere della Sera. “A political evaluation will have to be carried out,” they say at the MEF. The Minister of Economy, Giancarlo Giorgetti, supports the measure, because it is the only one (as he wrote in the Def) capable of significantly impacting the public debt in the next two or three years. If not to stop, at least to mitigate the impact of «the Superbonus avalanche, like the Vajont, which had already started when we intervened» the minister said yesterday in the Senate, (…)The compensation of these credits, according to the current time profile , leads to an increase in public debt of around 35 billion per year. If the period were extended to 10 years, the impact of the offsets on cash needs would be much lower, by more than half. For public finances it would be a good solution. The same goes for citizens who have the credits in their hands, can no longer sell them, but do not have the fiscal capacity to pay them off in four years, and who risk burning part of them. Much less for banks and companies – construction and supply – that have purchased the Superbonus credits: (…) With the amendment the government could also recover the benefit of the discount on the invoice for the post-earthquake reconstructions excluded and the works in the IACP, in both cases with a ceiling on spending. (…)”, concluded the newspaper.
CAR INCENTIVES 400 MILLION END UP ELSEWHERE
“The government cuts 400 million in funds to support cars in Italy. Despite the discussions on the defense of four wheels in our country, the Meloni government preaches well, but does things badly. And one might think that the long-distance squabble between Deputy Prime Minister Matteo Salvini, who based his electoral campaign for Europe on the defense of the car from the ideology of Brussels, and Minister Adolfo Urso, father of the new incentives which have not made their debut never, was it a diversion.” This is what we read in today’s La Repubblica. “(…) Just look at article 37 to see that the treasure created by Draghi is being affected. The self-incentive fund allocated for 2024 by the old Prime Ministerial Decree is reduced by 130 million. (…) Another 250 million have been cut from the automotive fund, money that was needed from 2025 onwards, and 20 from the money to support the installation of charging points in condominiums”, concludes the newspaper.
CARS: THE NISSAN-RENAULT ALLIANCE IS NEARLY EYES ON HONDA
“The alliance between Renault and Nissan is “on the verge of breaking up”. This is supported by Le Parisien, according to which the relationship that links the two manufacturers (and also includes Mitsubishi Motors) has now come to an end although the relationship between the parties remains “cordial”. The rebalancing of the marriage decided last year, according to which the French group lowered its stake in the Japanese partner from 43% to 15%, seems to have been of no avail”. This is what we read in today’s La Stampa. “(…)Nissan seems increasingly close to its compatriot Honda, with which it has already established a strategic partnership in the electric sector. A first step that would lead to a new totally Japanese three-way agreement with the participation of Mitsubishi. (…) But the French group led by CEO Luca de Meo would also be looking around, studying new projects with Volkswagen and Geely”, concluded the newspaper.
