Mr. Paolo Zanetto

GLG News by Mr. Paolo Zanetto, Senior Partner

GLG News is now G+ Insights

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Alitalia bondholders face positive scenario

September 2, 2008

Analysis of:Alitalia Seeks Bankruptcy Shield, Paving Way for Sale | www.bloomberg.com

Alitalia bondholders face a positive scenario, although the regulatory risk is still high. The new rules issued by the government for the new special administration procedure are brand new, and they are probably going to change in the next 60 days.

Italian political crisis has impact on many financial deals

January 25, 2008

Analysis of:Italy in turmoil after Prodi resignation | www.ft.com

After the resignation of PM Prodi, Italy will have to choose between a new government supported by the current Parliament or new elections. In either case there will be a major impact for relevant companies and deals, such as Alitalia-AirFrance, Telecom Italia, BPM, Banco Popolare, ENI, ENEL, Finmeccanica, Atlantia.

Algebris bid for Generali, a political issue

October 30, 2007

Analysis of:Algebris steps up Generali protest | www.ft.com

As the Financial Times noted in its Lex Column, “Generali sits bang in the middle of Italy's web of corporate cross-shareholdings and political power games”. Generali is the biggest Italian company by revenues (excluding ENI which is controlled by the government). The Financial Times also notes that “on recent form the government would block a takeover of Generali” by a foreign entity. Something similar happened in the summer 2006 with Abertis-Autostrade, and in early 2007 with AT&T-Telecom Italia. In the case of Generali, the Italian government has a powerful tool to block any takeover bid. ISVAP, the independent regulator of the insurance industry, has the power to issue or reject the authorization to any shareholder willing to become the “controlling shareholder” of an insurance company.

Italian Parliament wants to help to Lottomatica, Snai

September 26, 2007

Analysis of:Italy's Visco not preparing rules on Lottomatica terminal fine threat - sources | www.forbes.com

The prosecutors are claiming damages for a total of €98bn from the Italian gaming concessionary companies, including €4.0bn from Lottomatica (LTO.MI) and €4.8bn from Snai (SNA.MI). While the government is still considering what to do, there's increasing pressure from the Parliament to approve a bill which may help the industry to pay much smaller amounts.

Italian Senate to approve Reform of Popolari banks

September 12, 2007

Analysis of:Banche popolari: Governo promette, riforma vicina | it.biz.yahoo.com

The Italian Senate Finance committee is discussing a bill on the reform of the Popolari banks, such as Banca Popolare Milano (PMI.MI) and Banco Popolare (BP.MI). The reform, if approved, will lead to better rules for the institutional investors, although the principle of 'one shareholder, one vote' will not be changed. There's a strong lobbying activity from the Popolari banks in order to halt the bill.

Milan Malpensa airport looking for a non-European partner

August 31, 2007

Analysis of:Alitalia business plan sees 1,000 redundancies, sale of 20-25 aircraft | www.forbes.com

Alitalia's new business plan abandoning Milan Malpensa airport opens the door to any non-European airline willing to make Malpensa its European hub, in one of the richest cities of Europe.

Utility M&A in Italy is a political game for Iride and Hera

August 30, 2007

Analysis of:Hera, Acea and Iride merger talks to start on a wave of consolidation within the Italian utility sector | www.ft.com

The consolidation in the Italian utility sector is a political game decided by the mayors of the biggest cities: Turin, Milan, Bologna and Rome. Turin's local utility Iride is trying to find a partner for a merger, after the acquisition of Genoa's local utility. Will it be Milan's AEM or Bologna's HERA? And what about Rome's ACEA?

Italian government fights hard for ENI on Kazakhstan

August 29, 2007

Analysis of:Kazakhs Suspend Permits for Oil Field | www.nytimes.com

Italian oil company ENI will receive full support from Italian PM Romano Prodi and the Italian diplomacy for its negotiation with Kazakhstan for the drilling rights of Kashagan gas field.

New Italian government to change media law

October 6, 2006

Analysis of:Prodi government wants to change media law | www.ilmondo.rcs.it

The new Italian government led by Romano Prodi will change the media regulations (the so-called 'Gasparri law') approved by the Berlusconi majority.

The Gasparri law will be abolished, in oreder to introduce new antitrust limits to the maximum market share of the TV operators. Early indications are about a 30% max. share in the TV+Radio market.

Even the expansion in other markets will change. For instance the permission for TV operators to buy newspapers will be postponed from the current 2010 to 2015. Meanwhile new antitrust measuers will help Telecom operators to enter the TV market.

Even a re-distribution of the analog and digital TV frequencies is possible, with a reform in order to consider the frequencies as concessions to the operators. In that case, if an operator gives up his concession, it will return to the government - that is the frequencies are not negotiable among operators.

Capitalia in the middle of a political fight

April 25, 2006

Analysis of:Capitalia at a crossroad (Capitalia al bivio) | www.milanofinanza.it

Italian bank group Capitalia is in the middle of a very sensitive moment. On one hand Banca Intesa is considering a takeover bid on the bank, resisted by CEO Matteo Arpe. On the other hand even the single largest shareholder of Capitalia, ABN Amro, is making plans for a possible merger with ABN-controlled Antonveneta bank. Meanwhile Capitalia chairman Cesare Geronzi is still suspended from his office for the prosecutors' probe on the Parmalat collapse.

Italian energy CEOs to remain even after the elections

April 5, 2006

Analysis of:Il manager si scalda a bordo campo | www.corriere.it

Despite the Italian national elections of April 9th-10th are expected to see a change of majority coalition - and therefore a new Prime Minister to choose the CEOs of government-controlled companies - it is likely that the chief executives of the Italian energy companies won't change - at least for the moment.

Paolo Scaroni, CEO of Eni, and Fulvio Conti, CEO of Enel, have to serve 2 more years according to the mandate they received. It's unlikely that the new cabinet will ask them to resign before the natural deadline.

Meanwhile other major CEOs are expected to be nominated.

Financial regulations under a new Italian government

April 5, 2006

Analysis of:Banche e finanza nei programmi elettorali | www.lavoce.info

In the likely event of a victory of the center-left coalition in the Italian national elections on April 9th-10th, there will be important consequences for the Financial sector.

The key points announced by candidate PM Romano Prodi are:
a) New emphasys on competition in the banking sector;
b) New rules on corporate governance in listed companies;
c) Creation of a 'class action' legal tool for consumers;
d) Limits to loans granted by the banks to their shareholders;
e) Further reform of the bankruptcy law.

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