Many stock market operators will remember yesterday’s session for a long time. November 22 risks becoming significant even for many ordinary people. Monday’s session could become historic if ownership of one of Italy’s most important companies has already been transferred.
Yesterday’s news triggered an earthquake in Piazza Avari and possibly the Italian economy as the stock jumped 30%. Private equity firm KKR has launched a proposed acquisition of Telecom Italia. Telecom is Italy’s strategic company in the telecommunications sector. The Ministry of Economy and Finance owns 9.8% of the company’s capital through Cassa Depositi e Prestiti. But above all, the CEO has the golden power, or the possibility to oppose the takeover of the company. This is why KKR’s bid is not a hostile takeover offer but a friendly buyout offer.
Earthquake in Piazza Avari and perhaps the Italian economy for shares jumped 30%
The buy proposal caused an earthquake in the stock market. At the opening of trading, the stock was up 30%, approaching the share price suggested by KKR. The private equity firm offered 0.505 euros per share and Telecom stock closed yesterday at 0.451 euros. So in theory, the stock would have an appreciation margin of another 10%. There are a lot of unknowns and it is not certain that the final price of the offer will remain 0.505 euros.
France’s Vivendi owns 23.8% of Telecom’s stock package. Vivendi has hinted that he thinks the offer is inadequate or the stock price is too low. So transalpine can only deliver its quota package with a value above 0.505 €. Obviously, on condition that the Italian government give the green light for the operation.
KKR’s proposal is indicative and non-binding, so it means there is room for oversupply. On the other hand, in November 2019 the stock reached a maximum of about 0.6 euros and in November 6 years ago the stock was at 1.3 euros.
Views of Piazza Avary for today
Yesterday the Milan Stock Exchange closed up by only 0.17% despite the telecom sector jump. However, positive closing is an important result for two reasons. First of all, because the French and German stock exchanges closed lower. Moreover, Piazza Afari closed negative in the previous four sessions. Yesterday may be the beginning of the recovery towards 28000 pips.
Today, if Ftse Mib (INDEX: FTSEMIB) manages to overcome 27,500 points, he will be able to climb to the 27600/27700 points area. On the downside, if prices drop below 27,200 points, they will drop to 27,000 points.
Deepening the point about markets
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