will begin August 26 and ending September 20 Opa, already announced, Banca Antonveneta Banca di Credito Popolare on Syracuse. The fixed price will be 20.26 euros per share. Members may choose whether to join or wait for the opposition by merging the two banks, a share swap of 1.15 shares for each share of Antonveneta Banca di Credito Popolare.
deep red for the Milan Stock Exchange where the index Mibtel lost in the 2.88% because of the slopes of Fiat (-5%), Pirelli (-6.30%), Unicredito (-4 , 16%), Mediobanca (-4.66%), and Bulgari Alliance.
Analysts at Credit Suisse First Boston have revised down the price target on the title of French insurance giant Axa. The target is thus increased from the previous 25 euros to 23 euros, however, will remain unchanged its assessment of the buy on the stock. Axa, which from the beginning have lost over 40% of its value today at the Paris stock market scored a fall of 0.41%, passing from hand to 12.04 euros.
Unicredit launches takeover bid on Onbanca, the bank listed on the New Media Market in Milan, for a value of 32 euros per share. Operation that also enshrines the end of the restructuring plan of the People’s Trade & Industry, the majority shareholder of Onbanca. The end shall come so thoroughly Xelion, the online bank Unicredit and Onbanca.
The general situation of the awards seems now to be closed circle. “The descent of a sector drags the other,” says Paola Brunelli, manager of Credit Suisse Asset Management, “To see a bounce it will take an exogenous factor, but difficult to detect. It could be the intervention of the government as France Telecom or new injections of liquidity, or finally tax reforms. But they are assumptions. However, if the season of the results to be better than expected, as happened at the end of the first quarter, then it reports confidence to investors. In this case evaluations of securities would be cheap compared to its historical context and therefore interesting. “
failed attempts to rescue the German engineering company Babcock Borsig, bringing the fifth event of the insolvency in Germany for high profile companies. The creditor banks have been burned in the past when they tried to save the construction company Philipp Holzmann, did not want to risk again, given the current economic conditions.
The Bank HSBC business has raised its recommendation on the sector of oil and gas in Europe, from Neutral to Overweight. The reasons for the upgrade to be found in the reasonable assessment of the oil groups, in the soundness and transparency of profits, the power budgets despite weak demand. Estimates earnings per share were raised an average of 5% for 2002, but lowered by the same percentage for 2003.
A rebound of great consequence has been the real star of today at the Milan and other world markets, emerging from one week, the last much to forget. The NASDAQ closed then an increase of 3.14%. Protagonists of the session were Finmeccanica and STM, but the rise has affected almost all the titles in a more or less high. Big dusting also Eni, Enel, the phones in the galaxy of Marco Tronchetti Provera, the Government’s asset management and some banks such as Unicredito and IntesaBci. Nine were less insurers and securities of the luxury, like Tod’s and Bulgari, which have found a bit ‘of serenity. There was some red mark as Italcementi and Fondiaria while Benetton, which is weighing on the imminent release of a bond of 300 million, has recovered plus sign on the finish.
The research department of Credit Suisse First Boston reiterates its opinion on the title of neutral oil French Total Fina Elf. Also confirmed the target price of 175 euros. Today the stocks traded slightly upward +0.36% passing from hand to 169.10 euros.
New fears of attacks and the negative opinion expressed by Merrill Lynch on the U.S. technology sector pushed Wall Street to the bottom but they are also weighing on the opening of the main European stock exchanges. Piazza Affari meanwhile, opened with a slight fall of 0.15% due to a false start of Pirelli, Tim, Finmeccanica and Mediolanum. Still pressure on banks such as Banca di Roma, Monte dei Paschi Eni.In but also positive, however, Alliance, Fiat and UniCredito.
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