Falling morning for the stock lists of the Old Continent, after the outcome of the European elections. A shift towards the right has emerged from the polls, especially in France where President Macron has decided to call early voting. In Piazza Affari, the Ftse Mib fell by 1% to the 34,300 point area, with sales mainly on Brunello Cucinelli, Iveco Group, Saipem And Telecom Italia. Bucking Leonardo, the second consecutive session on the rise. Here are the main news on these titles.
If you want updates on Italian news enter your email in the box below:
By filling out this form I agree to receive information relating to the services on this page in accordance with the privacy policy.
Leonardo continues to rise
After +1.8% on Friday, Leonardo is still gaining ground, supported by speculation regarding a possible offer for the defense division of Iveco Group.
In an interview with Il Messaggero, the CEO of Leonardo, Roberto Cingolanistated that the acquisition of Iveco Defense Vehicles (IDV) represents at the moment “a premature scenario. We are waiting to understand how the next European Commission intends to move towards common defense projects, with which platforms. We need to understand if there are opportunities to consolidate the sector from a community perspective…”.
Words that according to Equita Sim experts, they sound like “a further confirmation of potential interest” for IDV, whose valuation would be around 750 million euros.
Leonardo also benefits fromexpectation of new orderswith Italy ready to purchase 24 Eurofighters, which would be added to the 94 already in service.
TIM weak, focus on Sparkle
Among the worst today is Telecom Italia, awaiting developments on the network front. Meanwhile, Repubblica claims that the Ministry of Economy and Finance and the Asterion fund could soon present an 800 million euro proposal for Sparkle.
The offer would thus exceed the 750 million (of which 125 million earn out) previously put on the table by the MEF alone and rejected by the TIM board. The corporate structure would see the Treasury at 51% and the Spanish fund at 49%.
According to analysts, the confirmation of these rumors would be positive and it would allow Tim to reduce debt and generate a capital gain of around 250 million euros.
Brunello Cucinelli and luxury still declining
Brunello Cucinelli is at the bottom of the list, in a luxury sector that also sees Moncler and Salvatore Ferragamo making losses.
Italian luxury companies also closed lower on Friday, in the wake of a UBS report which he recognized potential negative effects from the Paris Olympics on the realities exhibited in France.
This is due to mobility restrictions, less availability resulting from the increases in flight and hotel prices and a different profile of tourists who will frequent the city, more focused on the Games and less on shopping.
