Italy's biggest telecoms company Telecom Italia (TIM) said on Friday it received two new offers for its landline grid, as companies bid to resolve the impasse over the asset's sale process, Reuters reported. U.S. fund KKR and separately a rival consortium comprising state lender CDP and Australian fund Macquarie submitted bids for Telecom Italia's network, according to a statement. Debt-crippled TIM is seeking improved offers for its most valuable asset after having assessed as not yet adequate the proposals received in May.
Read more
Italy's government has no need to directly invest in Stellantis as the carmaker is doing well, Economy Minister Giancarlo Giorgetti suggested on Monday, echoing similar comments made last week by the group's chairman, Reuters reported. Asked by reporters whether Rome should take a stake in Stellantis to have more say in its management, Giorgetti said the company's CEO Carlos Tavares had demonstrated he can pursue the highest financial results for the group.
Read more
German airline Lufthansa on Thursday signed a deal with the Italian government for a 41-percent minority share in the long-struggling ITA Airways, formerly Alitalia, the Associated Press reported. The deal calls for investments of 575 million euros in capital increases, 325 million euros from Lufthansa and the rest from the Italian Finance Ministry, providing capital for growth. Lufthansa will also have the option of buying the remaining shares at a later date.
Investment firm Permira has acquired the majority of Gruppo Florence, in a deal which a source close to the matter said valued the hub of Italian luxury clothing and leather goods manufacturers at more than 1 billion euros ($1.1 billion), Reuters reported. The deal announced on Thursday highlights a trend among private-equity funds, which after running out of big brands to buy, have locked on to the challenges of the luxury industry's supply chain and turned to a "buy and build" strategy.
Mediobanca on Monday said it has agreed to sell its bad loan acquisition unit for 100 million euros ($110 million), as Italy's leading investment bank focuses on capital-light businesses ahead of unveiling a new three-year strategy, Reuters reported. Banca IFIS agreed to buy Revalea, a unit Mediobanca set up last year by separating purchasing from management of bad debts. Mediobanca will continue to operate the latter through its MBCredit Solutions unit. It was the second deal announced by Mediobanca in days as it prepares to present a new business plan through 2026 on Wednesday.
Italy won’t lose its investment-grade status at Moody’s Investors Service for now after the company chose not to issue a new assessment on one of Europe’s most indebted countries, Bloomberg News reported. In a boost to Premier Giorgia Meloni’s government, a possible announcement scheduled for Friday didn’t materialize, as already happened in September last year. Moody’s currently assesses Italy at Baa1, just one notch above junk, with a negative outlook. A spokesperson said there’s no plan to publish a report on Friday.
Read more
Italy's Treasury is open to reducing its 64% stake in Monte dei Paschi di Siena (MPS) through one or more share sales on the market, three people briefed on the matter told Reuters. Such an option, however, would only be considered if financially advantageous and as long as any significant new investor would manage the holding in line with the national interest.
Read more
Italy's Treasury and Germany's Lufthansa have agreed to extend exclusive talks over the sale of ITA Airways until May 12 from the previous deadline of April 24, a source close to the matter told Reuters on Monday. State-controlled ITA officially replaced the money-losing Alitalia airline in 2021. The source, speaking on condition of anonymity, said Treasury granted Lufthansa's request for extra time for the talks. ITA's chairman said last week the main elements of a deal were defined and the parties hoped to announce it soon.
Read more
Italy on Thursday pledged Tunisia a host of investments and help negotiating an International Monetary Fund bailout as the European nation seeks to stem the number of migrants arriving from North Africa, the Associated Press reported. Foreign Minister Antonio Tajani outlined Italy’s efforts and pledges during a meeting with his Tunisian counterpart, Nabil Ammar, who insisted that Tunisia has seen growing numbers of African migrants arriving from the Libyan border and needs economic help.
Read more
Italian Prime Minister Giorgia Meloni's party has presented a bill in parliament to separate retail and investment banks in a move that, if approved, would force a radical overhaul of the country's banking sector, Reuters reported. The proposal by the Brothers of Italy (FdI) party comes in the wake of the collapse of U.S. tech lender Silicon Valley Bank (SVB) and the emergency takeover of Credit Suisse by banking rival UBS, which raised fears of systemic stress that could lead to more bank failures.
Read more