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Sunday, January 29, 2023

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Stock market: Spread up. Cattolica collapses in Piazza Affari

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Hike in the spread between BTP and German Bund. The differential touches the threshold of 130 points against the 121 of the start-up, reaching the maximum since July 2020. The yield of the Italian ten-year increase to 1.21%.

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The session on the Milan stock exchange continues to decline with the Ftse Mib down by 0.4 percent. Banking stocks weigh on the list: Banco Bpm sells 4.3%, B for 3.75%, Unicredit 0.26% and only Intesa moves against the current (+ 0.12%). Weak Tim, on the lows of the last 6 months, which yields 0.9% and Enel which leaves 0.88%. Exor is still running (+ 2%) and accelerates Eni (+ 2%) after the accounts.

Cattolica collapses in Piazza Affari, with the stock which drops 6.2% to 6.34 euros, slipping well below the 6.75 euros offered by Generali, whose takeover bid closes today. The thud comes after the Leone yesterday managed to exceed the minimum threshold of 50% of the capital, considered sufficient to delist Cattolica through a merger with the Trieste company. The possibility of a raise has faded and with the shares purchased today that cannot be contributed to the takeover bid, the share suffers considering that in the prospectus it is recalled that the merger will not give the right to withdrawal and can be implemented without “incorporating any premium” in the relationship of exchange. (HANDLE).

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