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Valentina Za News

11 May 2023

Fincantieri Must Reach 3% Profit Margin 'to make economic sense' - CEO

©Federico/AdobeStock

Loss-making Italian shipbuilder Fincantieri must reach a 3% net profit margin "to make economic and industrial sense," its chief executive said on Wednesday, without setting a date for the goal. "That's where we want to be when our work is done," Pierroberto Folgiero told reporters following a meeting with investors in Milan after taking on the role a year ago. "To 'future-proof' Fincantieri ... we need a green and digitalized business model ... and a 3% margin for the bottom line," he added.

27 Jul 2022

Fincantieri to Cut Debt, Focus on Core Business After H1 Loss

(File photo: Fincantieri)

Italian shipbuilder Fincantieri on Wednesday vowed to lower its debt in the coming months by delivering new cruise ships, after reporting a first half net loss of 234 million euros ($237 million).Chief Executive Pierroberto Folgiero, who took over earlier this year from long-serving predecessor Giuseppe Bono, said the company would focus on its core business in order to reap benefits from expected growth in defense spending and a post-pandemic recovery in the cruise market.Intesa Sanpaolo analysts said the proposed strategic review of Fincantieri's non-core businesses, such as infrastructure c

24 Jan 2022

MSC Wants to Buy an Italian Airline

© eyewave / Adobe Stock

Swiss-based shipping group MSC and German carrier Lufthansa want to buy the majority of Alitalia successor ITA Airways and have asked for an exclusivity period of 90 days to study the deal, MSC and ITA said on Monday.The state-owned airline, which began flying in October last year, is looking for an equity partner and has started informal talks with some potential suitors, in Europe and overseas, its chairman said this month.MSC said the interest in ITA stemmed from "the possibility of activating positive synergies ...

22 Oct 2021

Italian Bank Could Fund Novatek's Giant Arctic LNG 2 Project

File image: Novatek

Italy's biggest banking group Intesa Sanpaolo could help fund Novatek's Arctic LNG 2 project even as some European governments show lukewarm support for the giant Russian gas project."We are studying the dossier ... though no decision has as yet been taken," Antonio Fallico, chairman of group unit Banca Intesa Russia, told Reuters on Wednesday.Fallico said the bank had been invited to look at the financing deal by SACE, the state-owned Italian export credit agency."If the bank decides this project does not breach our policy in some way we'll do it…

02 Dec 2019

Death Toll from Lampedusa Shipwreck Rises

The bodies of five migrants who died when a boat capsized in rough waters off the southern Lampedusa coast a week ago have been found, Italy's coast guard said on Sunday, bringing the overall death toll to 18.The boat, which survivors said had departed from Libya taking advantage of a respite in bad weather, was believed to carry some 170 people. The Lampedusa coast guard managed to bring safely onshore 147 migrants after the accident on Nov. 23.After the new bout of bad weather blocked search operations for several days, on Sunday six coast guard divers helped by a remotely-operated submarine found four bodies underwater and a fifth one floating."We can only listen to the silence of the dead…

11 Nov 2019

Jobs at risk if Merger Stopped, Fincantieri Chairman Warns

Fincantieri Chairman Giampiero Massolo defended the Italian shipbuilder's planned acquisition of French rival Chantiers de l'Atlantique, and said jobs in the industry could suffer if the project fell through.European competition authorities last month opened an in-depth investigation into the proposed deal, saying it would significantly reduce competition and could push up prices for cruise ships."Ours is a valid industrial project that could not only help Europe's shipbuilding industry compete better globally…

11 Nov 2019

Fincantieri: Jobs at Risk if Merger with Chantiers de l'Atlantique Stopped

Photo: Fincantieri

Fincantieri Chairman Giampiero Massolo defended the Italian shipbuilder's planned acquisition of French rival Chantiers de l'Atlantique, and said jobs in the industry could suffer if the project fell through.European competition authorities last month opened an in-depth investigation into the proposed deal, saying it would significantly reduce competition and could push up prices for cruise ships."Ours is a valid industrial project that could not only help Europe's shipbuilding industry compete better globally…

17 Apr 2019

Italy's Salvini: Terrorist presence on migrants boats "a certainty"

Chaos in Libya following General Khalifa Haftar's offensive has increased the risk of terrorist presence on migrant boats headed for Italy, Interior Minister Matteo Salvini said, adding the country's ports would remain closed."Islamic terrorist infiltration is no longer a risk, it has become a certainty: it is therefore my duty to reiterate that no docking will be allowed on Italian shores" he said in a radio interview on Wednesday.Salvini, leader of the anti-immigrant League party, refused to say if Italy's stance could change in case of a full-fledged war in Libya after the flare-up in the cycle of anarchy gripping the country since dictator Muammar Gaddafi was toppled in 2011.(Reuters reporting by Alessia Pe, editing by Valentina Za)

04 Mar 2019

Italy's 5-Star Back Confirmation of Fincantieri CEO, Chairman

Italy's 5-Star Movement would be in favour of keeping the current chairman and chief economic officer of Fincantieri in their current jobs, a party source said on Monday.Fincantieri's Chairman Giampiero Massolo and CEO Giuseppe Bono come up for renewal at the annual general meeting.Italy's Deputy Prime Minister Matteo Salvini, leader of the right wing League party, also said on Monday he would back a confirmation of the two top executives, following media speculation the 5-Star wanted to replace them.(Reuters, Reporting by Giuseppe Fonte, writing by Alessia Pe, editing by Valentina Za )

14 Feb 2019

French Minister says Government Backs Fincantieri's Deal

The French government is in favour of Italian shipbuilder Fincantieri's acquisition of rival Chantiers de l'Atlantique, foreign minister Jean-Yves Le Drian told the newspaper Corriere della Sera in an interview."It's a good deal ... As far as the French government is concerned, we're in favour of this accord," Le Drian said.(Reporting by Valentina Za, editing by Larry King)

27 Sep 2017

France, Italy Agree on STX Shipyard Ownership Split

The French and Italian governments have agreed on a shared ownership deal of the STX France shipyards, but with a clause giving France the right to take control if needed, Le Monde newspaper reported. Le Monde reported, citing an adviser to French President Emmanuel Macron, that Italian company Fincantieri could get 51 percent ownership, including a 1 percentage point stake lent to it by France, which France could take back. Italian state-owned shipbuilder Fincantieri declined to comment. Fincantieri had agreed in May to pay 79.5 million euros ($93.43 million) for a majority stake in STX France, which is being sold following the collapse of South Korean parent STX.

31 Mar 2017

Pillarstone Italy Invests to Relaunch Premuda

Pillarstone Italy said on Friday it had finalized the acquisition of 100 percent of Italy's Premuda and would invest 50 million euros ($53.5 million) to support the relaunch of the troubled shipping company. Pillarstone Italy is a platform set up by U.S. private equity firm KKR to restructure ailing companies. The shipping industry is in an eight-year downturn due to slowing international trade. Pillarstone also said Popolare Emilia Romagna had joined rivals Intesa Sanpaolo, UniCredit and Carige in transferring to the platform credits towards Premuda. (Reporting by Valentina Za)

15 Dec 2014

Eni Performs Production Test in Offshore Congo

Photo: Eni

Italian oil and gas group Eni estimated the potential of the Minsala Marine discovery offshore Congo Brazzaville at about 1 billion barrels of oil equivalent, after successfully completing the production test of an exploration well.   The Minsala Marine 1 well, which is located in the Marine XII Block, delivered during the test more than 5,000 barrels of oil per day and 14 million standard cubic feet of gas per day in natural flow from an opened section of 37 meters, Eni said in a statement on Monday.   (Reporting by Valentina Za; editing by Agnieszka Flak)

11 May 2014

Italy's ENI Appoints Descalzi As CEO

The board of Italian oil and gas major ENI has appointed Claudio Descalzi to replace Paolo Scaroni as chief executive, the company said in a statement late on Friday. Veteran ENI executive Descalzi was proposed as CEO of the state-controlled group by the Italian government in April. For the time being Descalzi will also remain head of ENI's Exploration & Production Division, the company said. (Reporting by Valentina Za; Editing by Toby Chopra)

06 May 2014

Fincantieri Files for Milan IPO

Photo courtesy Fincantieri

Italy's Fincantieri said on Tuesday it had filed a request to list its shares on the Milan bourse, as state lender Cassa Depositi e Prestiti (CDP) moves to offer private investors a minority stake in the ship building company. The disposal of Fincantieri - wholly owned by CDP, which in turn is controlled by Italy's treasury - is part of a new wave of privatisations the Rome government announced at the end of last year. Banca IMI, Credit Suisse, JPMorgan, Morgan Stanley and UniCredit CIB are global coordinators of the offering.

24 Feb 2014

Saipem wins $520m offshore contracts in Congo, Indonesia

(Reuters) - Saipem has won new contracts for off-shore engineering and construction in Congo and Indonesia worth a total $520 million, the Italian oil services group said on Monday. Saipem said parent company ENI had assigned a consortium led by Saipem a $1.1 billion contract to build a floating production unit (FPU) in Indonesia. "The FPU will be delivered at site ready for surf hook-up in 34 months," Saipem said in a note. In Congo, the group won a contract with Aker Solutions to build under-sea structures, including suction anchors, for the Moho project. By 0912 GMT shares in Saipem rose 0.65 percent against a 0.1 percent rise in Italy's FTSE MIB leading stock index.   (Reporting by Valentina Za; Editing by Lisa Jucca)