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Salty Casaleggio, Indifferent Hope, Russian Spallanzani, Fruit Copasir, Creval in French Sauce

Salty Casaleggio, Indifferent Hope, Russian Spallanzani, Fruit Copasir, Creval in French Sauce

Creval, Speranza, Gabrielli, Figliuolo, Appendino, Urso, Copasir, Gabrielli, Coinbase and more. Facts, names, numbers, curiosities and controversies. The tweets of Michele Arnese, director of Start

DRAGONS SEEN FROM THE NEW YORK TIMES

HUFFINGTON HOPEFUL POST

THE INDIFFERENCE OF HOPE

VACCINAL CHAOS

SPALLANZANI WILL RUSH?

EUROPE AGENDA

DRAGONS AGENDA

THE NUMBERS OF SON

DEMOCRAT INCOME

STATE OF STEEL

THE BUSINESS OF TURIN GRILLINA

SALTY HOUSE

TREMONTI ON COINBASE

CYBER GABRIELLI

FRUIT COPASIR

BANKING FRANCISMS

SPANISH RECOVERY

CHINESERIE

THE SUN SHINES THE SOFA-GATE

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EXTRACT FROM A COMMENT BY ADRIANA CERRETELLI ON THE SUN 24 ORE:

There are elections in Germany in September and in France in May '22. The end of theMerkel era and the possible one of Emmanuel Macron. In both cases the risk of more nationalist than pro-European pressures in the two leading countries of the Union. With the question mark in Italy on the future of the Draghi government in view of the election in '22 of the new head of state.

In less than 100 days, Biden's America runs towards immunity by vaccinating 4 million people a day, pumping out money to rebuild and relaunch the economy, infrastructure, industry and social consensus: his recipe for coping with the Chinese expansion with a dynamic country re-projected to the future.

From this point of view, the Europe of “sofagate” appears not only ridiculous but pathetic. He got the story wrong. But it is not by blowing some heads, if he does so, that he will find the way to recovery.

To do so, it will have to break with the structural ambiguity of its common institutions, the result of the non-choice between the Community (Commission) and intergovernmental (Council) model, between the federal and confederal Union, where the European machine is always and only the convergence of national interests. Which works (badly) when you can afford to take an average of two years to come to a joint decision. That time is over. Either it regenerates itself quickly or this Europe will lose the train of the new history in the pipeline.

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EXTRACT FROM AN ARTICLE BY ANTONELLA OLIVIERI DEL SOLE 24 ORE ON CREVAL:

In the Creval, Credit Agricole will find a fiscal “treasury” that it can immediately monetize with the merger and which can be quantified in almost 3 euros for each Creval share. The 2021 Budget Law, which brings the date of 30 December 2020, has introduced a potential incentive to business combination processes carried out through mergers, spin-offs or company transfers. In particular, the finance law, as the offer prospectus recalls, allows the transformation of the value of tax losses into a tax credit both in the event that the Dta (deferred tax assets) at this value are recognized in the financial statements and if they are not, against payment of a gross commission of 25% of the Dta, deductible for IRES and IRAP purposes.

In the case of Creval, as at 31 December 2020, Dta was recognized in the balance sheet for 81 million and another 180 million off balance sheet. At the same date, Crédit Agricole had 136 million Dta in its balance sheet. Against an estimated cost of 66 million, the group will benefit from a tax asset of 331 million, provided that the merger takes place within 12 months from the payment of the shares delivered in the offer: a nice "gift" considering that at 12.50 euros (the maximum price of the raise) the Creval is valued at 875 million.

Even if all costs are attributed to the part contributed by Creval, the acquired bank will receive the contribution of 195 million net of potentially distributable capital, which, spread over 70 million shares of the former Popolare, make 2.78 euros per share. Considering only the 180 million off-balance sheet, net of the portion of commissions, it would still amount to over 2 euros per share.


This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/mondo/casaleggio-salato-speranza-indifferente-spallanzani-russa-copasir-alla-frutta-creval-in-salsa-francese/ on Thu, 15 Apr 2021 07:07:37 +0000.