Against the trend elecom Italia TIM after the decisions of the BoD regarding the non-binding offer received from KKR for NetCo. ENI’s negative trend continued
The major indices of Borsa Italiana and the main European financial centres they closed in negative territory the last session of the week, sui fears of a resurgence of inflation in the United States, which could force the FED to continue with monetary tightening. According to Thomas Tilse – Director, Head of Portfolio Strategy Private Clients of AllianzGI – if there is no immediate drop in production activity and inflation continues to slow down, the European “rebirth” could continue despite fears of a global recession and could even become a trend. “It is an encouraging prospect for Europe, coming off more than 10 years of relative weakness on the equity front compared to the US market”, speculated the expert.
Il FTSEMib it suffered a drop of 1.07% to 26,986 points, after fluctuating between a minimum of 26,961 points and a maximum of 27,413 points; for the whole week, the main Borsa Italiana index lost 2.76%. The FTSE Italia All Share left 1% on the ground. Negative closure also for the FTSE Italia Mid Cap (-0.37%) and the FTSE Italia Star (-1.21%). In the session of 24 February 2023, the value of trades rose to 3.33 billion euros, compared to 3.01 billion on Thursday.
Il bitcoin it collapsed to 23,000 dollars (less than 22,000 euros).
Lo spread Btp-Bund it remained below 190 points, with the yield on the 10-year BTP fluctuating around 4.45%.
L’euro it fell to $1.055.
Telecom Italia TIM protagonist in Piazza Affari, on the day the board of directors met and decided on the non-binding offer received by KKR for NetCo. The title of the telephone company achieved an increase of 1.36% at 0.3066 euros. The BoD appreciated the interest expressed in the non-binding offer, even considering that it does not fully reflect the value of the asset and Telecom Italia TIM’s expectations, also in terms of the sustainability of the company resulting from the transaction. Therefore, to favor the alignment of the conditions of the proposed transaction with the relevant strategic framework, the BoD resolved to make available to KKR – not exclusively – some specific information elements and to request the further information necessary to fully understand the assumptions and the economics of the proposal. Telecom Italia TIM specified that these indications aim to receive an improved offer by the deadline of March 31, 2023.
The negative trend continued ENI, after the heavy correction suffered in the previous session. The stock of the oil giant recorded a drop of 1.24% at 13.192 euros. Some investment banks have revised their target price on ENI downwards, after the update of the business plan to 2026.
Positive performance, however, for Saipem (+1,95%).
Well also the Monte dei Paschi di Siena (+1,46% a 2,669 euro). The Sienese institute has placed an unsecured Senior Preferred bond with a 3-year maturity (repayable in advance after 2 years), intended for institutional investors, for an amount equal to 750 million euro. The bond received orders for around 1.6 billion euros. Monte dei Paschi di Siena set the coupon at a final level of 6.75%, well below the initial range of between 7% and 7.125%.
At the MidCap, the decline of doValue (-7,9% a 7,11 euro)after the publication of the preliminary results for the 2022 financial year.