My Yahoo!Milan shares close higher; bank gains on Fazio exit offset Autogrill, Eni UPDATE
12.19.2005, 12:59 PM
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The Mibtel index closed up 0.13 pct at 26,600 points, the S&P/Mib rose 0.17 pct at 35,347 and the Mib30 gained 0.08 pct at 35,151.
Volume was an estimated 4.294 bln eur.
Brokers said there was little in the way of macroeconomic news, adding that Fazio's departure is not expected to impact the broader economy or bond markets, but that it is likely to affect the financial sector.
Economists had said pressure was overwhelming for Fazio to quit, opening the way for reforms to make Italy's banking sector more competitive.
In particular, there were gains by banks that are speculated to be takeover targets, especially for foreign banks.
Capitalia -- in which ABN Amro has 9 pct -- was up 1.745 pct at 4.9275 eur, Sanpaolo IMI -- in which BSCH has 8 pct -- rose 2.343 pct at 13.08 and Banca Intesa -- in which Credit Agricole has 15 pct -- gained 2.803 pct at 4.3825.
BMPS was up 3.848 pct at 3.94. The bank's main shareholder has so far rejected plans for any tie-ups, but brokers consider it to be lacking a clear strategy.
BPM, which is seen as wanting to merge with other domestic cooperative banks, rose 3.836 pct at 9.365. Popolare di Verona added 1.291 pct at 16.95.
BNL, up 2.111 pct at 2.805, moved further above the 2.70 eur bid price being planned by Unipol. Some brokers said they foresee BBVA, which has 14.9 pct of BNL, bidding again for BNL.
Unipol was up 2.129 pct at 2.255.
Another broker said he sees Unipol redoubling its efforts to get Bank of Italy approval for its own plan, adding that he still sees obstacles to foreign takeovers from protectionist factions.
Popolare Italiana rose 5.622 pct at 6.97. Fazio allegedly supported this bank in trying to block ABN's bid for Banca Antonveneta.
Elsewhere among financials, Generali rose 0.667 pct at 28.66 on prospects for its business plan due early next year. Alleanza fell 1.39 pct to 10.36 after a strong run on buy-out speculation.
Autogrill lost 1.829 pct to 11.54 on reports it has bid for Compass unit SSP, which is active in the concession business.
Analysts believe an acquisition would be strategically positive so long as doubts are resolved on SSP's profitability, and on the acquisition price.
Energy stocks were lower. Eni fell 1.597 pct to 23.42 and Enel was off 1.397 pct at 6.705. Snam Rete Gas lost 1.144 pct at 3.455.
(updating with full report)
nigel.tutt@afxnews.com
nt/Joy/nt/jsa
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