Intesa Sanpaolo News
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Fiat SpA, Italy’s biggest manufacturer, will raise a 2 billion-euro ($2.7 billion) loan ahead of its planned merger with Chrysler Group LLC, according to two people with knowledge of the matter.
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Italian lenders should revamp their investment banking units to create a larger business able to compete on a European scale, according to AlixPartners LLP, a business consulting and financial advisory firm.
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Hungary’s bond yields rose to the highest level in two months as traders pared bets the central bank will continue cutting interest rates after 10 consecutive months of easing.
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A group led by Pirelli & C SpA Chairman Marco Tronchetti Provera won backing from Intesa Sanpaolo SpA, UniCredit SpA and Clessidra SGR to gain more direct control of Europe’s third-largest tiremaker, resolving a shareholder dispute.
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Pirelli & C SpA Chairman Marco Tronchetti Provera is close to reaching an agreement with partners on the reorganization of the chain of control of Europe’s third-largest tiremaker.
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Telecom Italia SpA’s board will review the feasibility of a merger with Hutchison Whampoa Ltd.’s Italian business at its next meeting, said Marco Patuano, chief operating officer of Italy’s biggest phone company.
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Bad loans at Italian banks may keep rising for the next year as the nation’s economy sputters, the director general of Italy’s banking association said.
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Telecom Italia SpA directors approved a plan to separate the carrier’s fixed-line network, setting a precedent for Europe’s indebted phone companies as they look for new ways to raise funds and bargain for lighter regulations.
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Telecom Italia SpA is planning 10 billion euros ($13 billion) in fiber-optic investments for its fixed-network unit, whose spinoff is expected to win board approval today, said two people familiar with the situation.
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Hungary’s central bank raised the amount of interest-free funding to commercial banks by 50 percent to boost lending and invigorate economic growth after a recession last year.
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