Mainland businessman Li Yonghong’s company, Rossoneri Sport Investment Co., Ltd., which previously owned Italian football club AC Milan, is facing a liquidation petition filed by creditor General Fantasy Limited, with a hearing set for next January, TheStandard.com.hk reported. Li acquired AC Milan through his Chinese-led consortium in 2017. However, the company later failed to repay debts after signing a bond subscription agreement with five investment fund firms.
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Italian toymaker Giochi Preziosi SpA has obtained court protection from creditors after its former financial adviser asked a tribunal to place the company under insolvency. The firm was given 60 days to come up with a finalized restructuring plan, according to a decree from the Milan tribunal dated Oct 30. Read more. (Subscription required.)
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Monte dei Paschi di Siena has secured more than two thirds of Mediobanca's bourse data showed on Friday, crossing the ownership threshold needed to push through any extraordinary shareholder decisions, Reuters reported. Monte dei Paschi's hostile share-and-cash buyout offer concludes on Monday, the last day on which Mediobanca shareholders can tender their shares.
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The European Union should clarify rules for identical stablecoins issued across borders, a senior Bank of Italy official said on Thursday, urging uniform standards to protect users, Reuters reported. Stablecoins - crypto assets pegged to traditional currencies or commodities - have created friction between the European Commission and the European Central Bank. They are also known as electronic money tokens (EMTs).
Mediobanca shareholders rejected a roughly €7bn proposal to acquire wealth manager Banca Generali in a pivotal vote on Thursday, Reuters reported. The Milanese bank said that 35% of investors accepted the proposal, just shy of the 50% plus one vote needed to pass. 32% of investors abstained, while 10% rejected the proposal. The outcome could threaten Mediobanca’s independence as the bank seeks to fend off a takeover by Italian competitor Monte dei Paschi di Siena (MPS).
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Sales of new cars in Italy fell by 5.11% year-on-year in July, transport ministry data showed on Friday, indicating a persistently weak market in the European Union's third largest economy. Total sales in July stood at 118,493 vehicles, Reuters reported. Market leader Stellantis, whose brands include Fiat, Jeep and Peugeot, suffered an even bigger sales slide of around 13% year-on-year, according to Reuters calculations.
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Italy risks losing 20 billion euros ($23.6 billion) in exports and 118,000 jobs next year if the U.S. imposes tariffs of 10% on all European products, the head of the main Italian business lobby said on Wednesday, Reuters reported. "Italy does not just export luxury products - with a demand that isn't very sensitive to prices - but mainly machinery, means of transport, and leather goods," Confindustria President Emanuele Orsini told daily Il Corriere della Sera in an interview.
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Eleven executives from companies including Japan's Mitsubishi and Luxembourg-based International Chemical Investors (ICIG) were convicted for contaminating nearly 200 square kilometres (77 square miles) of drinking water as well as soil through the Miteni plant in the northeastern city of Trissino, France24.com reported. The court sentenced them to prison terms ranging from two years and eight months to 17 years, in the case of two executives at now-folded Italian firm Miteni.
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Monte dei Paschi di Siena said on Wednesday the European Central Bank had approved its proposed acquisition of rival Mediobanca, including under a scenario in which it gains a stake of less than 50% in the rival, Reuters reported. The ECB approval paves the way for Monte dei Paschi (MPS) to formally launch the offer next month, inviting Mediobanca shareholders to tender their shares.
The recent bankruptcy of Marelli, a supplier of automotive components, has sent shockwaves through the global automotive industry, MSN.com reported. This event marks one of the first major corporate failures triggered by the new tariffs imposed by Donald Trump's administration. Marelli's collapse directly impacts Stellantis and its renowned brands, including Jeep, Chrysler and Dodge. Marelli, known for its expertise in vehicle lighting and electronic components, had been grappling with financial difficulties for years.