The European Central Bank has given UniCredit (CRDI.MI), opens new tab the green light to buy up to 29.9% of Commerzbank (CBKG.DE), opens new tab, the Italian bank said, adding it would likely wait until next year before deciding whether to pursue a full takeover, Reuters reported. With Germany up in arms against the potential acquisition, UniCredit's CEO Andrea Orcel, a veteran dealmaker, has thrust his bank into fast-moving Italian consolidation and put on ice his ambitions for a pan-European tie-up.
Read more
Italy
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
German inflation unexpectedly remained unchanged in February, highlighting the challenges for the European Central Bank in deciding how quickly and how far to cut interest rates, Bloomberg News reported. Consumer prices increased 2.8% from a year ago, the statistics office said Friday. Economists in a Bloomberg survey had expected a slight slowdown to 2.7%. The report follows earlier figures showing French inflation retreated to its lowest level in four years, while price gains in Italy surprisingly held steady.
Read more
Italian spirits group Davide Campari led by its new Chief Executive Simon Hunt, said on Thursday it needed to take some "tough decisions, such as organizational restructuring" to ensure the group's return to financial health, Reuters reported. Italian daily MF reported on Thursday that the group was working to cut its workforce by 10%, meaning around 500 people. Asked for a comment, Campari said in an emailed statement that it needed a more efficient resource allocation, as changes in top-line performance and existing infrastructure investments had impacted profitability.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
Telecom Italia SpA has hired UniCredit SpA to help evaluate its options as suitors circle the former Italian phone monopoly, Bloomberg News reported. Advisers at Italy’s second-largest bank will work with Telecom Italia to review scenarios that could increase its value in an approach. Billionaire Xavier Niel and buyout firm CVC Capital Partners Plc are separately exploring deals for Telecom Italia that could pave the way for its eventual combination with the local unit of Niel’s Iliad SA, Bloomberg reported last week.
Read more
The head of Italy's fashion chamber said he has appealed to its government to protect the country's second-largest industry from possible tariffs from the Trump administration, the Associated Press reported. “We hope they don’t arrive,’’ Italian National Fashion Chamber President Carlo Capasa said Wednesday during the presentation of the calendar for the next Milan Fashion Week later this month.
Read more
This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
Already a member? Login here.
Italy will scale back plans to increase taxes on cryptocurrency capital gains, ruling politicians said on Tuesday, following criticism from the affected industry and rows within the party of the economy minister, Reuters reported. "The tax increase will be significantly reduced during the parliamentary work," lawmaker Giulio Centemero and Treasury Junior Minister Federico Freni, both from the co-ruling League party, said in a statement.
Read more