Tuesday, April 30, 2024

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StartMag

News on Amadeus, Arcuri, Striano, Prysmian, Samsung, Visibilia and more

2 weeks ago babelfish

News on Amadeus, Arcuri, Striano, Prysmian, Samsung, Visibilia and more

What is said and what is not said about Amadeus, Arcuri, Striano, Prysmian, Samsung, Visibilia and more. Press review pills

PISS WHO?

ARCURI WHO?

CIAMPI WHO?

STRIANO WHO?

HOW PENSIONS ARE SET UP

AMADEUS' NEXT ENTRY

JAWS AT ENTRY

THE ARMED SUN

THE PRYSMIAN CASE

THE STRANGE CASE OF PRYSMIAN IN BATTIPAGLIA

SAMSUNG VS APPLE

BANKITALIA IN VISIBILIO

POSTCARD FROM BARI

JOURNALISM

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EXTRACT FROM AN ARTICLE FROM SOLE 24 ORE ON PRYSMIAN:

Prysmian further strengthens its presence on the American market by acquiring control of Encore Wire, a company specialized in the production of copper and aluminum cables for residential, commercial and industrial buildings, for 3.9 billion euros (more than 4 billion dollars). In terms of size, this is the main acquisition in Prysmian's history, even if it lacks the transformative scope that had characterized the other two milestones in the Group's M&A journey, namely the Dutch Draka (acquired in 2011 for 900 million) and the American General Cable (a 3 billion dollar operation completed in 2018). However, it is a deal with a great impact, whose strength does not lie in the restructuring, but in being an accelerator along Prysmian's development objectives and above all for the positioning and sizing strategy on the US market, which after closing will be worth 40% of the global sales exceeding the EMEA area (35%), with the company in a leadership position in all application segments of the product portfolio, therefore also in electrification, the demand for which on the US market is rapidly accelerating. Prysmian will pay $290 for the Texas-based company's shares, representing an 11% premium to the stock's close on Friday at $260.98. The transaction will be financed through a mix of 1.1 billion euros in cash and 3.4 billion new debt lines. With the integration of Encore Wire, which should be completed in the second half of the year, Prysmian reaches a pro-forma size of 17.7 billion euros in sales, with an adjusted Ebitda of 2.1 billion (of which more than half , i.e. 55%, coming from the North American area) and with an incidence of marginality increasing to 11.9% compared to the current 10.6%. The operation is expected to generate commercial and cost synergies of 140 million Ebitda over the next 4 years, the majority in the first two years, boosting Prysmian's earnings per share by approximately 30%. The post-acquisition net financial position will be approximately 5.1 billion euros, but the group expects to return to a level of financial leverage similar to that of last December «thanks to the strong cash generation of the combined group, further accelerated by synergies generate." The stock, meanwhile, jumped to its highs yesterday, gaining more than 4%, above 50 euros.

«Encore Wire is an integrated player both downstream and upstream – explains Massimo Battaini, CEO of the group – and highly complementary to Prysmian's business. This acquisition is a strategic and unique opportunity to create value for our shareholders and customers and will bring sourcing benefits across the entire range in the group's portfolio, as well as commercial benefits. Our Group is already a leader in North America in the telecommunications, power grid and transmission markets: thanks to Encore we are also able to achieve a record in the electrification segment, fully seizing the opportunities linked to investments in the USA linked to industrial reshoring and connected to the growing digitalisation".

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ANSA LAUNCH ON VISIBILIA:

Two bank loans, one obtained in 2012 and the other in 2020, the first for Visibilia srl ​​and the second for Visibilia Concessionaria and guaranteed by state funds, "falsely claiming" that the two companies were start-ups and in the first case also presenting “backdated” invoices. These are details that emerge from a report by the Bank of Italy, filed five days ago in the records of the Milanese investigation, recently closed, for false accounting against the Minister of Tourism Daniela Santanchè, 16 other people and three companies in the galaxy Visibilia. Further details of the investigation, reported today by La Stampa, on which, among other things, the Gdf and the prosecutors are examining aspects with the hypothesis of an alleged scam in relation to those loans for a total of 2.74 million euros requested from Banca Popolare di Sondrio. In one of the three Bankitalia reports dated 11 April, there is talk of an initial loan of 2 million for Visibilia srl ​​which dates back to 12 years ago, requested with Santanchè's signature. A mortgage guaranteed by the "Public Fund for SMEs" and obtained by attaching 103 invoices for various investments to be made. Documents, however, backdated to 2009 and 2010, according to the report, which also analyzes the destination of those funds, which partly went to "D1 Partecipazioni", 90% controlled by the FdI senator. The other 740 thousand euros financed by Bps for Visibilia Concessionaria, in November 2020, were guaranteed, however, by the "temporary measures regarding state aid" for the Covid emergency. And also in this case presenting the company as a "start up". The money would have been used, we read, in part to finance "the capital increase of Visibilia Editore spa".

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/le-news-su-amadeus-arcuri-striano-prysmian-samsung-visibilia-e-non-solo/ on Tue, 16 Apr 2024 09:54:52 +0000.