Latest news with #MontedeiPaschidiSiena
Hindustan Times
29-04-2025
- Business
- Hindustan Times
Italy seeks STMicro shareholder vote on rejected board candidate, sources say
* Rome seeks more influence at French-Italian chipmaker STMicro * Rome putting pressure on CEO Chery to quit, sources say * Paris has offered full support to Chery ROME, - Italy is pushing for an extraordinary shareholder meeting at STMicroelectronics to vote on a candidate it wants to appoint to the supervisory board, two sources close to the matter said, as Rome seeks more influence at the chipmaker. Earlier this month, the supervisory board of the French-Italian company rejected the nomination of Marcello Sala, a leading Italian government official, to its ranks. But the sources said Rome was not backing down and the board would meet on Wednesday to assess the Italian request for an extraordinary general meeting to decide on the appointment of Sala, head of an economy ministry department responsible for state-backed firms. STMicro did not reply to a request for comment. The company, in which the Italian and French governments own a combined 27.5% share through a holding company, employs 50,000 people worldwide and has been facing a sustained downturn in its key automotive and industrial markets. A close aide to Italian Economy Minister Giancarlo Giorgetti, Sala has helped the government deal with some of its most delicate corporate issues, including the re-privatisation of bailed-out bank Monte dei Paschi di Siena. The Italian government's push comes as it is increasingly unhappy with STMicro CEO Jean-Marc Chery and, according to the sources, wants Paris to back its effort to replace him. French industry minister Marc Ferracci this month offered his full support to Chery, after allegations of insider trading from Giorgetti, which STMicro denied. A sticking point between Italy and Chery is the prospect of job cuts at STMicro's Italian plants, after the group said it would cut its workforce by 2,800 people globally. Rome aims to limit the Italian layoffs to roughly 1,000 and is pressing for as many in France, another source said. At present, the only Italian representative on STMicro's supervisory board is Paolo Visca, an adviser to Giorgetti. STMicro's annual general meeting on May 28 will vote on appointing Simonetta Acri, championed by the Italian industry ministry, to the supervisory board. Summoning an EGM is the only way to appoint Sala as well, as an AGM must be convened 60 days in advance, one of the first two sources said. Nicolas Dufourcq, chairman of the supervisory board, denied this month press rumours that France had voted against Sala, saying he was opposed by three independent directors, while he and two other French members had voted for him.
Saba Yemen
14-04-2025
- Business
- Saba Yemen
European stock indices end higher
Brussels - Saba: Major European stock indices ended higher on Monday. The European Stoxx 600 index closed up 2.7 percent, with more than 96 percent of the stocks listed on the index advancing. All major indices in the region rose, with Germany's DAX up 2.9 percent, and indices in France, Spain and Britain gaining more than two percent. The financial sector was among the biggest supporters, with the banking sub-index jumping 3.9 percent, with Germany's Deutsche Bank, Britain's Standard Chartered and Italy's Monte dei Paschi di Siena leading the gains. Shares of chipmakers including Infineon, ASML and BE Semiconductor rose 2.2 percent to 3.4 percent. Facebook Whatsapp Telegram Email Print
Reuters
11-04-2025
- Business
- Reuters
Italy plans asset sales worth 0.8% of GDP through 2027, Treasury says
ROME, April 11 (Reuters) - Italy plans to sell assets valued at close to 1% of gross domestic product through 2027 to keep its fragile state finances in check, the Treasury said in its multi-year budget framework. Economy Minister Giancarlo Giorgetti said this week the government would press ahead with a previously announced plan to sell state assets worth some 20 billion euros ($23 billion), though he added that current market turmoil due to U.S. tariff policy made it necessary to move with caution. The Treasury's Document of Public Finance, published late on Thursday, indicated new debt projections factored in asset sales worth 0.1% of GDP this year, 0.2% in 2026 and 0.5% in 2027. Italy's public debt, proportionally the second-highest in the euro zone after Greece's, is seen at 136.6% of GDP this year from 135.3% in 2024, according to the government's latest projections. The debt is expected to rise to 137.6% in 2026 before edging down to 137.4% in 2027. Since she took office in late 2022, Prime Minister Giorgia Meloni has put more than 4 billion euros into state coffers by selling stakes in bailed-out bank Monte dei Paschi di Siena ( opens new tab and energy group Eni ( opens new tab. Among long-mooted plans to divest state assets, Italy has adopted steps to sell up to 14% of financial conglomerate Poste Italiane a transaction that could be worth almost 3 billion euros. The document also mentions expected property disposals amounting to more than 800 million euros each year between 2025 and 2027. ($1 = 0.8801 euros)
Washington Post
28-01-2025
- Business
- Washington Post
Italian bank Mediobanca rejects takeover bid by domestic rival Monte dei Paschi
MILAN — Italian bank Mediobanca on Tuesday rejected a surprise takeover attempt by domestic rival Monte dei Paschi di Siena. Mediobanca said in a statement that the offer 'is devoid of industrial and financial rationale.' Monte dei Paschi, Italy's oldest bank, launched a 13.3 billion-euro ($13.9 billion) takeover bid last week for larger Milan-based peer Mediobanca that aims to reshape the Italian banking sector. Monte dei Paschi said that the tie-up would generate 700 million euros ($733 million) a year in pretax synergies, and deliver significant profits. But Mediobanca said that the offer compromises its 'identity and business profile, which is focused on high-value-added business segments with clear growth trajectories,' and that it would destroy shareholder value at both banks. The buyout offer came after the Italian government moved to reprivatize the once-troubled Monte dei Paschi, whose largest shareholder has been the Italian Treasury since an expensive bailout in 2017. Premier Giorgia Meloni said over the weekend that the merger, if successful, would create Italy's third-largest bank, and could 'play an important role in the safekeeping of Italians' savings.' The bank's major shareholders are expected to discuss the bid at a regular meeting next month on 2024 financial results.
