Newsgroup: it.economia.borsa
Titolo: EDF-Edison , Parmalat , Wind-Romiti

Metto tutto in un post.
L'ultimo articolo è della mitica Camilla "Spompacazzi" Palladino, che come
al solito non lesina complimenti all'italico capitalismo...
 
          Considered View on Friday, December 17, 2004 - 13:35
 
Power and influence
EDF: EDF's Italian mess is coming to a boil. The French utility has
threatened to sell its investment in the Italian group Edison unless Italy
scraps a 2% legal cap on EDF's voting rights. Selling out would certainly be
difficult. EDF has agreed to pay far more for Edison than the market value
of the group's assets. So a hefty dowry might have to be attached to
interest any buyer. And this would reduce the appeal of a sale. But the
threat could indirectly give EDF some valuable leverage in Rome. EDF's
promise to buy out other shareholders in Edison's holding company in 2005 is
the sticking point. This would then trigger a mandatory buyout of minority
holders in Edison. The total cost would be close to €13bn, which is quite a
price to pay for an asset that EDF can't control. The French group has
demanded arbitration over the matter. It claims the voting cap voids the
buyout agreement. This seems a stretch. But the threat of arbitration adds
uncertainty. The threat of a sale adds more. And uncertainty could influence
minority shareholders such as Fiat, the politically influential carmaker,
into supporting a repeal of the voting rights cap. And this would certainly
help in EDF's attempt to have the law repealed.
   Context News
EDF has threatened to sell its investment in Edison, unless Italy changes a
law limiting EDF's voting rights. The Chairman of EDF, Pierre Gadonneix,
claimed the German group €.on was interested in purchasing Edison. The
French utility owns 18% of the Italian utility's holding company,
Italenergia, which in turn owns 62% of Edison. EDF also owns 2.4% of Edison
directly. Under Italian law, EDF's voting rights in Edison are capped at 2%.
However, EDF has promised to buy out remaining Italenergia investors via
puts it issued in 2002. And under Italian law, EDF would then be forced into
a mandatory buyout of Edison minorities. EDF has requested arbitration in
its dispute with minority holders of Italenergia. The French group claims
that the vote cap voids the buyout agreement.
Author : Robert Cyran
---------
Considered View on Friday, December 17, 2004 - 13:15
 
Bondi maths
Parmalat: Parmalat is moving closer towards its debt-for-equity swap. An
Italian court has decided which of its debts are eligible to be swapped for
shares in a restructured business. The judges have included debts owed to
Citigroup and Bank of America, against the wishes of Parmalat's
administrator Enrico Bondi. He has sued the banks for damages, alleging they
contributed to the dairy group's collapse. The court's decision may
accelerate the restructuring. The banks might have challenged the process if
their claims had been rejected. Once their debts are converted into equity,
they will find themselves in the odd position of being shareholders in a
company that is suing them. But Parmalat's new corporate-governance
structure has anticipated this. If the banks get board representation, they
will be excluded from any discussions concerning the legal action against
them. Parmalat's bond prices continue their steady ascent. This partly
reflects the pace at which the restructuring is progressing. But it is
mainly because bondholders expect Bondi to hit paydirt from all the lawsuits
he is spraying around. Parmalat has just launched claw-back lawsuits seeking
to recover more than €3bn of the payments it made, mainly to Italian banks,
in the year before it went into administration. That brings the total it is
seeking to recover from banks and auditors to more than €13.5bn. Look at the
maths. Parmalat's benchmark euro bonds reportedly trade at 24% of face
value. But the recovery rate prescribed for them in the restructuring plan -
which is based only on Parmalat's existing assets and excludes any
recoveries from lawsuits - is just 12%. Take the difference, namely 12%, and
multiply it by the €19.5bn of debts the court will allow to be swapped for
equity. That suggests investors think Bondi will recover €2.3bn from the
banks and auditors. This may be educated guesswork. But shareholders in the
companies caught up in this affair should certainly brace for litigation
reserves.
   Context News
Italian judges have decided which of Parmalat's creditors will be eligible
to swap their debts for equity. The judges included claims made by Citigroup
and Bank of America, against the wishes of Parmalat's administrator Enrico
Bondi. Bondi has sued Citigroup for $10bn of damages, alleging the bank
knowingly helped the Italian dairy company to disguise losses and conceal
debt. The judges excluded €4.5bn of claims, an amount broadly equal to the
bust Italian dairy group's intercompany debt. The inclusion of the banks'
claims may accelerate the restructuring. If their claims had been rejected,
the banks might have challenged the process.
 
 
Author : Mike Monnelly
-----------
 
Considered View on Friday, December 17, 2004 - 12:21
 
Winded
Wind: Italian capitalism makes up for its lack of capital with plenty of
ingenuity. But sometimes, clever financial engineering just isn't enough to
make a deal fly. That's what looks likely to happen to Cesare Romiti's
mooted offer for Wind. The Italian entrepreneur has managed to make his
€12bn offer for the telecoms group look superficially attractive. The
trouble is, however, that Enel would get paid in illiquid paper in a chain
of companies controlled by the Romitis. Take a look at how the offer would
be structured. The first step is that Romiti and his partners would put a
smidgen over €2bn of cash into a holding company, while Enel would put in
37% of Wind, valued at €2bn. This would value the whole of Wind's equity at
€5.4bn, or €12bn including its debt, and the Romiti group would end up with
a controlling 50.1% stake in the holding company. The second step of the
transaction is that the holding company would inject its €2bn of cash into
Wind. This would boost Wind's equity value to €7.4bn. Meanwhile, the holding
company would have €4bn worth of Wind shares, which would up its stake of
the enlarged equity to 54%. The holding company would also get the option to
buy more Wind shares from Enel at a price that would depend on Wind's
performance. For Enel, the headline €12bn valuation may look pretty good.
While the utility carries Wind on its books at €13bn, it valued Wind's
equity at €5bn when it bought a 26% stake from France Telecom in March 2003.
What's more, the structure would allow it to deconsolidate Wind's €6.6bn of
debt, including €1.5bn that Enel directly guarantees. But Enel would end up
with 49.9% of a Romiti controlled holding company and 46% of a
Romiti-controlled Wind. It would have no certainty on whether Romiti would
buy more of its Wind shares, and at what price. And it would have to flog
both of its stakes on the cheap if it wanted a total exit. This all looks
pretty unappealing for Enel. So it isn't surprising that the utility plans
to turn the offer down.
   Context News
Enel plans to turn down a €12bn offer for Wind, according to a person
familiar with the energy group's thinking. The offer, made by Cesare Romiti
and a consortium of investors would allow Enel to deconsolidate the telecom
group's €6.6bn of debt. It would also give the Italian entrepreneur's
consortium control of Wind. Under the terms of the offer, according Romiti
and his consortium would invest €2bn of cash into a holding company, to a
person familiar with the situation. Meanwhile, Enel would confer 37% of
Wind's stock to the holding company. Romiti would get 50.1% of the holding
company, and Enel would get 49.9%. The second stage of the offer would see
the holding company investing €2bn into Wind in a capital increase. The
holding company's stake in Wind would rise to 54%. It would also be granted
options to buy more of Wind from Enel, at a price dependent on Wind's
performance. €1.5bn of Wind's new equity would be used to pay back a loan
that is at present guaranteed by Enel. The rest would go to generally
improve Wind's financial position.
 
 
Author : Camilla Palladino
 
 
--------------------------------
Inviato via 
http://arianna.libero.it/usenet/

 al solito non lesina complimenti all'italico capitalismo...
...ed ha 1000+1 ragioni !

 ....ed ha 1000+1 ragioni !
Eh sì...
Mica male per una laureata in Storia moderna...
Camilla Palladino has an MSc with Merit from the London School of
Economics, where she specialised in European integration. She previously
read Modern History and English at Exeter College, Oxford.
 
ciao!
-- 
"vedi che non hai capito??
oggi non possono shortarla, quindi sale per forza!"
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 ciao!
ciao anche a te, ma chi te lo ha fatto fare di rientrare "nel quinto mondo"
? Non stavi bene sul Ceresio ?
Buon w.e.

radetzky® ha scritto:


Stavo da dio, io sono un brianzolo e mi trovo molto meglio a Lugano
piuttosto che a Milano. E degli stipendi è meglio che non parliamo, là
sono minimo il triplo...
Il fatto è che qua siamo in notevole crescita, e quindi si assume, mentre
là il mercato è strasaturo e i due scudi gli hanno tirato una
supermazzata, infatti si licenzia o cmq non si assume quando qualcuno va
in pensione...
C'è però da dire che l'attività che svolgo qua è molto più interessante e
gratificante che quella che facevo là. Poi qui lavoro nel fulcro della
finanza italiana e sono quotidiamante a contatto col top management, la
cosa potrebbe tornarmi un giorno utile...
Infine essendo l'unico jr in un team di tre persone, imparo moltissime
cose e ho diversi privilegi mentre là sarei stato solo una pedina, almeno
inzialmente.
Ma cmq tra un annetto o due me ne andrò a fare qualche esperienza a Londra
o, speriamo, New York. Da O'Connor o da GAM, i nostri gestori di Hedge
Fund (lo sapevi che sommando i due siamo i primi al mondo negli HF come
AUM?). Spero di poter lavorare un giorno con Jay Raffaldini, un mito, un
essere superiore. Altro che 8400 euro... quello ne guadagna milionate al
mese e se non sai chi è ti sembra uno qualunque, max respect per chi sa
essere umile anche quando potrebbe menarsela come non mai.
Ciao carissimo


 essere umile anche quando potrebbe menarsela
...non deve essere parente di michelin :-)))
P.S. visto che di questo cesso di NG mi sono rotto ed avrei piacere di
continuare a sentirti fatti dare il mio e-mail da...
"vedi che non hai capito??
oggi non possono shortarla, quindi sale per forza!"...
Ciao


mizzega che stronzo :-))
ecco perche' mi ha chiesto la tua mail
prrrrrrrrrrr ;-)) 

 oggi non possono shortarla, quindi sale per forza!"...
Non me la dà..!


 Non me la dà..!
ROTFL