December 5, 2022

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Borsa Italiana, commenting on today’s session (27 June 2022)

Milan is in negative territory after a positive start. Other European stock exchanges are doing better and are still going up. Eyes on Banks and Saipem on Capital Increase Start Day

Milan is in negative territory after a positive start. Other European stock exchanges are doing better and are still going up. Eyes are on Banks and Saipem on the day the capital increase begins.

at 16.10 The FTSEMib index fell 1.01% to 21,896 points While each share lost 0.94%. Average Head (-0.19%) and Star (-0.39%) were marginally more in the red.

Capital increase Saipem (+43.94% Theoretical Title and -24.28% Theoretical Rights). The Company will offer 1,974,327,430 new ordinary shares at a ratio of 95 new shares for each ordinary or savings share owned, at the subscription price of €1.013 per share. The transaction will expire on July 11, 2022, while the rights to the capital increase will be listed until July 5.

Meanwhile, the group has signed a Memorandum of Agreement (MoA) with BW Energy for the sale of Cidade de Vitória’s floating production, storage and offloading (FPSO) unit, currently owned by Saipem and operationally managed on behalf of Petrobras in the Golfinho plaza off the coast of Brazil. Under the agreement, BW Energy will pay Saipem $73 million, of which $25 million will be upon closing of the Golfinho deal, 13 million at the time of acquisition and customs clearance of the FPSO, expected in 2023, and 35 million in 18 months. installments after the acquisition.

Among the bankers, their eyes Paper Bank (-2.05%). Moody’s has improved all ratings of the institution: the independent basic credit rating (BCA) and the long-term deposit credit rating have been increased by one notch, respectively, to “Ba1” and “Baa2”. The long-term rating for unsecured debt and the issuer’s rating was upgraded to ‘Ba1’ with a two notch upgrade. The outlook has been changed to “stable” from “positive”.

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Good Intesa San Paulo (+0.87%). Following the mandate of the European Central Bank, the bank began the repurchase procedure to cancel a total expenditure of a maximum of 3.4 billion euros and for a number of securities not exceeding 2,615,384,615 common shares. The Board of Directors decided to carry out the procurement process with an initial program of expenditure of 1.7 billion euros, deferring to a later date, within the approval of the results on December 31, 2022, merit decisions for implementation for the remaining amount. The procurement program, in whole or in part, will be launched from 4 July 2022 and is expected to be completed by the end of October 2022.

by 1.3%, Unicredit.

very good day for soursense (+ 10.84%). Italian Post (-0.78%) Agree withtakeover offer Voluntary cash on all stocks and warrants in Sourcesense. After completion of the transaction, which aims to write off shares and guarantees, Poste Italiane is expected to own a 70% controlling stake in Sourcesense. The deal is expected to close by the end of 2022.