Latest news with #Milan
Bloomberg
16 minutes ago
- Business
- Bloomberg
Stock Movers: UniCredit, Dessault, SAP
On this episode of Stock Movers: - UniCredit SpA raised its outlook for full-year profit and shareholder distributions, giving a boost to Chief Executive Officer Andrea Orcel after the failed bid for rival Banco BPM SpA. The Milan-based lender on Wednesday lifted its guidance for profit this year to about €10.5 billion ($12.3 billion), from more than €9.3 billion previously, and said it would reach at least €11 billion by 2027. It plans to return at least €9.5 billion to shareholders in 2025. UniCredit shares rose 3.1% at 9:18 a.m. in Milan, bringing gains this year to 56%. - Dassault Aviation shares drop as much as 7%, the most since mid-May, after its first-half sales and profit missed expectations, with the French airplane maker's private jet unit affected by supply chain issues and the threat of tariffs. Bernstein says that with the stock having recently been near record highs, the market reaction may be 'amplified.' - SAP SE shares fell after the German software company flagged tariff insecurities and currency fluctuations as a concern even as cloud revenue posted solid growth. Cloud and software revenue increased 11% to €7.97 billion ($9.4 billion) in the period ended June 30, the Walldorf, Germany-based company said Tuesday in a statement. That missed analysts' average estimate of €7.99 billion, according to data compiled by Bloomberg. SAP shares fell 3.7% to €249.80 at 9:19 a.m. in Frankfurt on Wednesday.
Reuters
18 minutes ago
- Business
- Reuters
UniCredit raises profit outlook after dropping Banco BPM bid
MILAN, July 22 (Reuters) - UniCredit on Wednesday reported a higher than expected quarterly profit and raised its 2025 outlook, a day after ditching a takeover bid for rival Banco BPM which had led Italy's second biggest bank to clash with the government. UniCredit ( opens new tab late on Tuesday said it was withdrawing the offer, blaming government intervention in the process, which it said deprived Banco BPM ( opens new tab shareholders, as well as Italy's economy, of a good opportunity. "We've drawn a line on this transaction," CEO Andrea Orcel told CNBC television. "At some point you need to cut your losses, eliminate your drag and focus on what you control." UniCredit's tussle with the Rome administration over Banco BPM highlights a wider European trend of governments getting involved in banking consolidation. Net profit in the three months through June totalled 2.9 billion euros ($3.4 billion) excluding one-off items, and 3.3 billion euros when including those. That is above a 2.5 billion euro forecast for the unadjusted figure in a company-gathered analyst consensus, and up from 2.7 billion euros a year ago. UniCredit forecast a net profit in the full year of around 10.5 billion euros, above a previous guidance of more than 9.3 billion euros, helped by a smaller than anticipated decline in the income from the gap in deposit and lending rates and further cost cuts. Overall revenues are still set to decline to 23.5 billion euros this year from 24.8 billion in 2025. It said it would pay out to shareholders at least 30 billion euros in 2025-2027, of which at least half in cash dividends and the rest through share buybacks, depending on potential acquisitions. Orcel has boosted UniCredit's profits in recent years by slashing costs as it took advantage of higher rates, to generously reward investors and drive up the share price. However, his ambitious expansion strategy has faced several setbacks. In 2021 he walked away from a deal with Italy's government to buy Monte dei Paschi ( opens new tab and in recent months clashed with Germany over plans to buy Commerzbank ( opens new tab. Its bid for Banco BPM in November derailed government plans to combine BPM with Monte dei Paschi, prompting Rome to use its special powers to intervene in corporate deals, and triggering a legal dispute. UniCredit said it had consolidated a 9.9% equity stake in Commerzbank, with a 335 million euro hit in the second quarter due mainly to hedging costs related to that, one of the one-off items of the period. They also include a positive accounting impact from the Commerzbank holding and the revaluation of UniCredit's stakes in life insurance ventures in which it has bought out its partners. UniCredit, which also plans to consolidate this quarter a stake in Greece's Alpha Bank ( opens new tab, said both Commerzbank and Alpha would boost its profits from 2026. By consolidating the full 29% Commerzbank stake it owns, still partly as derivatives it will convert into shares, UniCredit now expects a 2027 profit of more than 11 billion euros, up from 10 billion previously. "We're rooting for the success of Commerzbank because their success is our success," Orcel said as UniCredit forecast a contribution to 2026 earnings from both banks' stakes. ($1 = 0.8522 euros)
Yahoo
an hour ago
- Business
- Yahoo
Report – Inter Milan Earmark Atalanta Star As Top Midfield Target & Brace Up For Several Departures
Atalanta star Ederson has become a genuine target for Inter Milan as the Serie A runners-up prepare for a midfield overhaul. Per Gazzetta dello Sport via FCInterNews, the San Siro giants are ready to go all-out to sign the Brazilian. However, he could be the marquee arrival, especially considering Atalanta won't let him leave for less than €60 million. Therefore, Inter must complete some sales to raise funds. Inter Milan Identify Atalanta Ace Ederson as Top Midfield Target Despite already signing four players, Inter will not put the brakes on their summer spending. Instead, the Nerazzurri will invest hugely to lure Ederson to San Siro. But first, they must offload several players. Indeed, they've put Sebastiano Esposito, Kristjan Asllani, and Aleksandar Stankovic up for sale. Furthermore, Yann Bisseck could still leave Serie A amid growing interest from the Premier League. Then, there's the Denzel Dumfries case. The Dutchman's €30m release clause expires in mid-July. As such, Inter could still lose their standout wingback. Finally, Benjamin Pavard's future hangs in the balance, though he's closer to staying than departing.
Yahoo
an hour ago
- Business
- Yahoo
Inter relying on Ademola Lookman's will for transfer
Serie A giants Inter have an agreement over personal terms with Atalanta's Ademola Lookman and are relying on his will for a transfer. La Gazzetta dello Sport have reported that the Nigerian has agreed to sign a four-year deal and has also agreed a wage packet. Inter's offer to Atalanta stands at €40 million and there is a gap of €10 million between the two clubs. Inter are now expecting Lookman to make a decisive move in the next few hours, with the player having rejected a bigger wage from Napoli. They will now sit and wait for the player to ask for a transfer from Atalanta. When that happens, Inter will make a new offer amidst the belief that the attacker's approach will provide a key breakthrough in the move. There is a belief that Atalanta are slowly opening up to a discount on their initial €50 million demand and the two parties can meet at a middle ground. Kaustubh Pandey I GIFN
Yahoo
an hour ago
- Sport
- Yahoo
OFFICIAL STATEMENT: MARCO SPORTIELLO
AC Milan can confirm that Marco Sportiello has made a permanent transfer to Atalanta BC. The Club would like to thank Marco for his constant commitment and professionalism and wishes him all the best for his future personal and professional endeavours.
