Brilliant start for the main index of the Milan Stock Exchange, which reports a +1% %, The good momentum of the financial and banking sectors continues, in particular after the diffusion of the archived accounts with full profits: Banco Bpm +2.08%, Bper +0.57%, Mps +2.02%, Intesa +0.99% and Unicredit at +0.52%. Paris (+0.52%) and Madrid (+0.43%) do better.
Next comes the wave of quarterly reports which this time will see industry as the protagonist. The focus of the market remains rates. Waiting for the words of the governor of the Spanish central bank and member of the governing council of the ECB, Pablo Hernandez de Cos, and the chief economist of the European Central Bank, Philip Lane.
Double takeover bid
Overseas awaits data on American inflation. In Milan, Tod’S is under the spotlight after the launch of the takeover bid by the Della Valle family and the L.Catterton fund aimed at the delisting. Also pay attention to Saras after the Morattis signed an agreement for the sale of 35% to the Dutch group Vitol. Tod’s gains 17.4% to 42.7 euros, below the takeover price set at 43 euros per share. The offer launched by Crown Bidco, a company wholly owned by a private fund managed by an affiliate of L Catterton Management Limited, concerns 36% of the capital of Tod’s at a price of 43 euros per share, with a premium of 17.59 % which sets the value of the operation at 512 million euros. Della Valle will join with a portion of its shares (10.45% of Tod’s capital) and will not contribute the remainder, “thus maintaining exclusive control of the company”, Delphine (subsidiary of LVMH) will maintain its current shareholding and with Della Valle and L Catterton “act in concert” in the context of the offer, for “certain commitments that they will assume as shareholders of Tod’s, also in relation to the merger aimed at the delisting of Tod’s”. This is what we read in a note from the L Carreton fund which underlines that it is not controlled by LVMH, “which only owns a minority percentage of the investments in L Catterton”, which “operates completely independently of LVMH”. . L Catterton “has sole discretion over investment and portfolio management decisions,” the note concludes. Saras falls by 6.5%.
CURRENCIES
On the currency, the euro/dollar exchange rate stood at 1.0793 (1.0784 on Friday), the euro/yen at 161.013 while the dollar/yen at 149.178. Oil is down slightly with the March WTI future at 76.56 dollars a barrel (-0.36%) while April Brent is trading at 81.88 dollars (-0.38%).
ENERGY
Natural gas on the Amsterdam TTF platform fell to 26.12 euros per megawatt hour (-3.65%).