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- DENORA
DENORA
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Recent events
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News
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Corporate Actions
De Nora India jumps on $4.6 mln order win
** Shares of electrodes maker De Nora India DENO.NS rise as much as 13.2% to 1890 rupees, last up 12.3%
** DENO says it has won order from Nuclear Power Corporation of India worth 387.2 mln rupees ($4.6 mln)
** Share price above 50-day, 100-day and 200-day exponential moving averages since June 11
** Stock is witnessing its most active trading session since May 2 with more than 173,000 shares change hands, 7.7x of 30-day avg
** Stock rose 1.9% in June quarter, its third straight quarterly gain
** Stock up ~22% YTD
($1 = 83.5050 Indian rupees)
(Reporting by Ashish Chandra in Bengaluru)
(([email protected] (+91 7982114624))
** Shares of electrodes maker De Nora India DENO.NS rise as much as 13.2% to 1890 rupees, last up 12.3%
** DENO says it has won order from Nuclear Power Corporation of India worth 387.2 mln rupees ($4.6 mln)
** Share price above 50-day, 100-day and 200-day exponential moving averages since June 11
** Stock is witnessing its most active trading session since May 2 with more than 173,000 shares change hands, 7.7x of 30-day avg
** Stock rose 1.9% in June quarter, its third straight quarterly gain
** Stock up ~22% YTD
($1 = 83.5050 Indian rupees)
(Reporting by Ashish Chandra in Bengaluru)
(([email protected] (+91 7982114624))
De Nora India Enters Service Agreement With Gurukrupa Engineering Services
Jan 25 (Reuters) - De Nora India Ltd DENO.NS:
ENTERED INTO A SERVICE AGREEMENT WITH GURUKRUPA ENGINEERING SERVICES
Source text for Eikon: ID:nNSE40qy9d
Further company coverage: DENO.NS
(([email protected];))
Jan 25 (Reuters) - De Nora India Ltd DENO.NS:
ENTERED INTO A SERVICE AGREEMENT WITH GURUKRUPA ENGINEERING SERVICES
Source text for Eikon: ID:nNSE40qy9d
Further company coverage: DENO.NS
(([email protected];))
De Nora India jumps on posting four-fold rise in qtrly profit
** Shares of De Nora India DENO.NS up as much as 15.3% to 1,789 rupees
** Stock posts biggest intraday pct gain since July 14
** The electrodes manufacturer posts a more than four-fold rise in Sept-quarter profit
** About 186k shares traded so far, 12x the 30-day average
** Shares last up ~9%; it fell ~12% from July-Sept
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
** Shares of De Nora India DENO.NS up as much as 15.3% to 1,789 rupees
** Stock posts biggest intraday pct gain since July 14
** The electrodes manufacturer posts a more than four-fold rise in Sept-quarter profit
** About 186k shares traded so far, 12x the 30-day average
** Shares last up ~9%; it fell ~12% from July-Sept
(Reporting by Manvi Pant in Bengaluru)
(([email protected]; +918447554364;))
De Nora signs agreement with Hydrolite to develop new hydrogen technologies
Oct 5 (Reuters) - Industrie De Nora DNR.MI has signed a partnership with Israel's Hydrolite to jointly develop and market a new device capable of generating and using hydrogen, the Italian electrode maker said on Thursday.
The alliance aims to build on the Israeli company's pioneering work in Hydrogen AEM (Anion Exchange Membrane) technology to produce a new AEM stack device.
"The agreement signed with Hydrolite is an important step towards the development of green hydrogen production by exploiting the potential of AEM technology, said Christian Urgeghe, De Nora's Chief Technology Officer.
Hydrolite is an energy subsidiary of defence electronics firm Elbit Systems ESLT.TA
(Reporting by Alberto Chiumento
Editing by Keith Weir)
(([email protected];))
Oct 5 (Reuters) - Industrie De Nora DNR.MI has signed a partnership with Israel's Hydrolite to jointly develop and market a new device capable of generating and using hydrogen, the Italian electrode maker said on Thursday.
The alliance aims to build on the Israeli company's pioneering work in Hydrogen AEM (Anion Exchange Membrane) technology to produce a new AEM stack device.
"The agreement signed with Hydrolite is an important step towards the development of green hydrogen production by exploiting the potential of AEM technology, said Christian Urgeghe, De Nora's Chief Technology Officer.
Hydrolite is an energy subsidiary of defence electronics firm Elbit Systems ESLT.TA
(Reporting by Alberto Chiumento
Editing by Keith Weir)
(([email protected];))
Italy's De Nora, Saudi ACWA Power to team up for green energy, water desalination
Sept 5 (Reuters) - Electrodes maker De Nora DNR.MI will partner up with Saudi utility ACWA Power 2082.SE for energy transition and water desalination projects in the Gulf country, the Italian group said on Tuesday.
The two companies signed a Memorandum of Understanding (MoU)on Monday during an Investment Forum between Italy and Saudi Arabia in Milan.
Under the MoU, ACWA plans to use De Nora's expertise in electrode technologies to speed up the production of green hydrogen and enhance water and wastewater disinfection technologies, the Italian firm said in a statement.
The partnership will help "minimising the CO2 footprint, granting easy and cost competitive access to clean water and green hydrogen" in line with Saudi Arabia's vast economic agenda to wean the economy off oil and known as 'Vision 2030', De Nora's executive Luca Buonerba said in the statement.
De Nora's and Thyssenkrupp's TKAG.DE joint venture Thyssenkrupp Nucera NCH2.DE provides the alkaline water electrolysis technology for the world's largest green hydrogen production plant under construction in NEOM, a huge economic zone in Saudi Arabia's northwest.
(Reporting by Alessandro Parodi, editing by Federico Maccioni and Louise Heavens)
(([email protected];))
Sept 5 (Reuters) - Electrodes maker De Nora DNR.MI will partner up with Saudi utility ACWA Power 2082.SE for energy transition and water desalination projects in the Gulf country, the Italian group said on Tuesday.
The two companies signed a Memorandum of Understanding (MoU)on Monday during an Investment Forum between Italy and Saudi Arabia in Milan.
Under the MoU, ACWA plans to use De Nora's expertise in electrode technologies to speed up the production of green hydrogen and enhance water and wastewater disinfection technologies, the Italian firm said in a statement.
The partnership will help "minimising the CO2 footprint, granting easy and cost competitive access to clean water and green hydrogen" in line with Saudi Arabia's vast economic agenda to wean the economy off oil and known as 'Vision 2030', De Nora's executive Luca Buonerba said in the statement.
De Nora's and Thyssenkrupp's TKAG.DE joint venture Thyssenkrupp Nucera NCH2.DE provides the alkaline water electrolysis technology for the world's largest green hydrogen production plant under construction in NEOM, a huge economic zone in Saudi Arabia's northwest.
(Reporting by Alessandro Parodi, editing by Federico Maccioni and Louise Heavens)
(([email protected];))
Italy - Factors to watch on Aug. 1
The following factors could affect Italian markets on Tuesday.
Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).
For a complete list of diary events in Italy please click on IT/DIA.
ECONOMY
Italy's economy performed surprisingly poorly in the second quarter, data showed on Monday, offering an uncomfortable outlook for Prime Minister Giorgia Meloni as her government tries to tackle the negative impact of high inflation.
COMPANIES
PIRELLI PIRC.MI
The Italian tyre maker's investors on Monday approved a new board for the tyremaker, giving it a new three-year governance set-up after the Italian government last month took steps to curb the influence of the company's leading Chinese investor.
(*) TELECOM ITALIA (TIM) TLIT.MI
Brazilian telecommunications operator TIM SA TIMS3.SA, controlled by Telecom Italia, on Monday reported a 104% jump in its second-quarter net profit from a year earlier, boosted by the performance of its mobile phone business in addition to cost control measures.
U.S. private equity firm KKR KKR.N had asked a 10.5 bln-euro loan to move up the offer on TIM's network to August-end, some Italian newspapers reported on Tuesday.
A government-backed pool of investors, including infrastructure fund F2i fund and state lender CDP, will have a 30%-35% stake of the TIM network, La Repubblica daily reported.
(*) NEXI NEXII.MI
The Italian payments group on Tuesday confirmed its 2023 guidance after reporting a 10% core profit growth for the second quarter, with shopkeeper transactions' volumes rising across all of its markets.
FINCANTIERI FCT.MI, LEONARDO LDOF.MI
The joint venture between shipbuilder Fincantieri and Italy's defence group Leonardo, has signed a contract on Monday with the Italian government for the construction of three next generation patrol vessels worth 925 million euros.
Fincantieri also said it was subcontracted work worth 211 million euros for the mid-life upgrade of the French and Italian Horizon frigates.
ENI ENI.MI
Italy's antitrust authority AGCM said on Monday it had closed a fuel prices probe into several energy groups, including Eni and Exxon Mobil's ESSO Italiana unit, without imposing any sanctions.
SARAS SRS.MI
The Italian refiner said on Monday its core profit fell in the second quarter of the year as petrol and energy prices dropped, while a heat wave in the Mediterranean region forced some refineries to stop or slow production.
INDUSTRIE DE NORA DNR.MI
Shares in the Italian electrode maker tumbled on Monday after the company posted lower first-half core earnings and said full-year revenues were likely to come in at the low end of expectations.
SAFILO
The Italian glasses frames maker said on Monday it had renewed until the end of 2028 the licensing agreement with Brazilian flip-flops maker Alpargatas ALPA4.SA for Havaianas-branded eyewear.
(*) BREMBO BRBI.MI
The Italian tyre maker had launched on Monday a share buyback plan on up 8 mln ordinary shares for up to 144 million euros.
(*) GENERALI
Citi resumed coverage on Tuesday of the Italian insurance with 'neutral' rating and target price of 20.2 euro/shr.
M&A, IMA
Private equity firm BC Partners has agreed to sell its stake in IMA to U.S. merchant bank BDT & MSD Partners, the Italian automatic packaging machines maker said on Monday, adding that the move will help it grow in the U.S. market.
(*) M&A, KAIROS
Banca Sella has reportedly started the due diligence on Kairos - the ailing Italian unit of Swiss wealth manager Julius Baer BAER.S - Milano Finanza daily reported on Tuesday citing sources.
It added a potential offer for Kairos could be submitted in the coming weeks.
Milan Stock Exchange After Hours market closed.
NEXI NEXII.MI
Releases H1 results (0500 GMT), followed by conference call (0600 GMT).
BANCA MEDIOLANUM BMED.MI
Board meeting on H1 results, followed by conference call (1430 GMT).
FINECOBANK FBK.MI
Board meeting on H1 results, followed by conference call (1345 GMT).
MFE-MEDIAFOREUROPE NV MFEB.MI
Board meeting on H1 results, followed by conference call (1600 GMT).
ARNOLDO MONDADORI EDITORE MOED.MI
Board meeting on H1 results, followed by conference call.
DIARY
Rome, European Affairs, South, NRRP Minister Raffaele Fitto speaks before Chamber of Deputies on NRRP (0700 GMT).
Rome, Industry Minister Adolfo Urso attends meeting with representatives from the fashion industry (1200 GMT), attends meeting on fuel prices (1515 GMT).
Rome, Enel ENEI.MI CEO Flavio Cattaneo speaks before Parliamentary Committee for the Security of the Republic (COPASIR) (1200 GMT).
Rome, Civil Protection, Sea Policy and South Minister Nello Musumeci and European Affairs and PNRR Minister Raffaele Fitto speak before Senate on the recent calamitous events (1300 GMT).
Rome, Communication Authority (AGCOM) President Giacomo Lasorella speaks before RAI Supervisory Committee (1800 GMT).
Rome, state-backed lender Cassa Depositi e Prestiti (CDP) holds board meeting on H1 results.
July PMI manufacturing HCOB data (0745 GMT).
ISTAT releases June unemployment rate date (0800 GMT).
Transport Ministry releases July car sales data (1600 GMT).
July state sector borrowing requirement data.
((Milan newsroom, e-mail: [email protected]))
For Italian market data and news, click on codes in
brackets:
20 biggest gainers (in percentage).............PG.MI
20 biggest losers (in percentage)..............PL.MI
FTSE IT allshare index .FTITLMS
FTSE Mib index........ .FTMIB
FTSE Allstars index... .FTSTAR
FTSE Mid Cap index.... .FTITMC
Block trades.......... .BLK.MI
Stories on Italy...... IT-LEN
For pan-European market data and news, click on codes in
brackets:
European Equities speed guide...................EUR/EQUITY
FTSEurofirst 300 index...............................FTEU3
DJ STOXX index.......................................STOXX
Top 10 STOXX sectors............................PGL.STOXXS
Top 10 EUROSTOXX sectors.......................PGL.STOXXES
Top 10 Eurofirst 300 sectors....................PGL.FTEU3S
Top 25 European pct gainers........................PG.PEUR
Top 25 European pct losers.........................PL.PEUR
Main stock markets:
Dow Jones................DJI Wall Street report ......N
Nikkei 225..............N225 Tokyo report.............T
FTSE 100................FTSE London report............L
Xetra DAX..............GDAXI Frankfurt market stories.F
CAC-40..................FCHI Paris market stories....PA
World Indices.....................................0#.INDEX
Reuters survey of world bourse outlook.........EQUITYPOLL1
Western European IPO diary..........................WEUIPO
European Asset Allocation........................EUR/ASSET
Reuters News at a Glance: Equities...............TOP/EQE
Main currency report:...............................FRX/
The following factors could affect Italian markets on Tuesday.
Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).
For a complete list of diary events in Italy please click on IT/DIA.
ECONOMY
Italy's economy performed surprisingly poorly in the second quarter, data showed on Monday, offering an uncomfortable outlook for Prime Minister Giorgia Meloni as her government tries to tackle the negative impact of high inflation.
COMPANIES
PIRELLI PIRC.MI
The Italian tyre maker's investors on Monday approved a new board for the tyremaker, giving it a new three-year governance set-up after the Italian government last month took steps to curb the influence of the company's leading Chinese investor.
(*) TELECOM ITALIA (TIM) TLIT.MI
Brazilian telecommunications operator TIM SA TIMS3.SA, controlled by Telecom Italia, on Monday reported a 104% jump in its second-quarter net profit from a year earlier, boosted by the performance of its mobile phone business in addition to cost control measures.
U.S. private equity firm KKR KKR.N had asked a 10.5 bln-euro loan to move up the offer on TIM's network to August-end, some Italian newspapers reported on Tuesday.
A government-backed pool of investors, including infrastructure fund F2i fund and state lender CDP, will have a 30%-35% stake of the TIM network, La Repubblica daily reported.
(*) NEXI NEXII.MI
The Italian payments group on Tuesday confirmed its 2023 guidance after reporting a 10% core profit growth for the second quarter, with shopkeeper transactions' volumes rising across all of its markets.
FINCANTIERI FCT.MI, LEONARDO LDOF.MI
The joint venture between shipbuilder Fincantieri and Italy's defence group Leonardo, has signed a contract on Monday with the Italian government for the construction of three next generation patrol vessels worth 925 million euros.
Fincantieri also said it was subcontracted work worth 211 million euros for the mid-life upgrade of the French and Italian Horizon frigates.
ENI ENI.MI
Italy's antitrust authority AGCM said on Monday it had closed a fuel prices probe into several energy groups, including Eni and Exxon Mobil's ESSO Italiana unit, without imposing any sanctions.
SARAS SRS.MI
The Italian refiner said on Monday its core profit fell in the second quarter of the year as petrol and energy prices dropped, while a heat wave in the Mediterranean region forced some refineries to stop or slow production.
INDUSTRIE DE NORA DNR.MI
Shares in the Italian electrode maker tumbled on Monday after the company posted lower first-half core earnings and said full-year revenues were likely to come in at the low end of expectations.
SAFILO
The Italian glasses frames maker said on Monday it had renewed until the end of 2028 the licensing agreement with Brazilian flip-flops maker Alpargatas ALPA4.SA for Havaianas-branded eyewear.
(*) BREMBO BRBI.MI
The Italian tyre maker had launched on Monday a share buyback plan on up 8 mln ordinary shares for up to 144 million euros.
(*) GENERALI
Citi resumed coverage on Tuesday of the Italian insurance with 'neutral' rating and target price of 20.2 euro/shr.
M&A, IMA
Private equity firm BC Partners has agreed to sell its stake in IMA to U.S. merchant bank BDT & MSD Partners, the Italian automatic packaging machines maker said on Monday, adding that the move will help it grow in the U.S. market.
(*) M&A, KAIROS
Banca Sella has reportedly started the due diligence on Kairos - the ailing Italian unit of Swiss wealth manager Julius Baer BAER.S - Milano Finanza daily reported on Tuesday citing sources.
It added a potential offer for Kairos could be submitted in the coming weeks.
Milan Stock Exchange After Hours market closed.
NEXI NEXII.MI
Releases H1 results (0500 GMT), followed by conference call (0600 GMT).
BANCA MEDIOLANUM BMED.MI
Board meeting on H1 results, followed by conference call (1430 GMT).
FINECOBANK FBK.MI
Board meeting on H1 results, followed by conference call (1345 GMT).
MFE-MEDIAFOREUROPE NV MFEB.MI
Board meeting on H1 results, followed by conference call (1600 GMT).
ARNOLDO MONDADORI EDITORE MOED.MI
Board meeting on H1 results, followed by conference call.
DIARY
Rome, European Affairs, South, NRRP Minister Raffaele Fitto speaks before Chamber of Deputies on NRRP (0700 GMT).
Rome, Industry Minister Adolfo Urso attends meeting with representatives from the fashion industry (1200 GMT), attends meeting on fuel prices (1515 GMT).
Rome, Enel ENEI.MI CEO Flavio Cattaneo speaks before Parliamentary Committee for the Security of the Republic (COPASIR) (1200 GMT).
Rome, Civil Protection, Sea Policy and South Minister Nello Musumeci and European Affairs and PNRR Minister Raffaele Fitto speak before Senate on the recent calamitous events (1300 GMT).
Rome, Communication Authority (AGCOM) President Giacomo Lasorella speaks before RAI Supervisory Committee (1800 GMT).
Rome, state-backed lender Cassa Depositi e Prestiti (CDP) holds board meeting on H1 results.
July PMI manufacturing HCOB data (0745 GMT).
ISTAT releases June unemployment rate date (0800 GMT).
Transport Ministry releases July car sales data (1600 GMT).
July state sector borrowing requirement data.
((Milan newsroom, e-mail: [email protected]))
For Italian market data and news, click on codes in
brackets:
20 biggest gainers (in percentage).............PG.MI
20 biggest losers (in percentage)..............PL.MI
FTSE IT allshare index .FTITLMS
FTSE Mib index........ .FTMIB
FTSE Allstars index... .FTSTAR
FTSE Mid Cap index.... .FTITMC
Block trades.......... .BLK.MI
Stories on Italy...... IT-LEN
For pan-European market data and news, click on codes in
brackets:
European Equities speed guide...................EUR/EQUITY
FTSEurofirst 300 index...............................FTEU3
DJ STOXX index.......................................STOXX
Top 10 STOXX sectors............................PGL.STOXXS
Top 10 EUROSTOXX sectors.......................PGL.STOXXES
Top 10 Eurofirst 300 sectors....................PGL.FTEU3S
Top 25 European pct gainers........................PG.PEUR
Top 25 European pct losers.........................PL.PEUR
Main stock markets:
Dow Jones................DJI Wall Street report ......N
Nikkei 225..............N225 Tokyo report.............T
FTSE 100................FTSE London report............L
Xetra DAX..............GDAXI Frankfurt market stories.F
CAC-40..................FCHI Paris market stories....PA
World Indices.....................................0#.INDEX
Reuters survey of world bourse outlook.........EQUITYPOLL1
Western European IPO diary..........................WEUIPO
European Asset Allocation........................EUR/ASSET
Reuters News at a Glance: Equities...............TOP/EQE
Main currency report:...............................FRX/
Italy's De Nora falls on revenue disappointment
Adds CFO comments
July 31 (Reuters) - Shares in Industrie De Nora DNR.MI tumbled on Monday after the Italian electrode maker posted lower first-half core earnings and said full-year revenues were likely to come in at the low end of expectations.
The group said in a statement it now expected 2023 revenues at the low of its 900-950 million euros ($990 million-$1.05 billion) forecast range.
Its Milan-listed shares fell as much as 8.6%, and closed at 18.77 euros ($20.69) per share, down 6.8%.
Presenting first-half results, De Nora said its core earnings - or adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) - fell to 86.1 million euros from 102.3 million in the same period of 2022.
Finance chief Massimiliano Moi blamed the drop on a slowdown in the water technologies business, particularly related to swimming pools, which saw strong growth in the pandemic and also benefitted last year from an exceptional rise in prices indexed to the cost of noble metals.
"In terms of EBITDA margin we are absolutely confident in a good performance, while on absolute terms - depending on the revenue performance - EBITDA could be on the low part of the range," Moi said during a call with analysts, referring to 2023 adjusted EBITDA guidance of 175-185 million euros.
($1 = 0.9071 euros)
(Reporting by Luca Fratangelo, Romolo Tosiani, Editing by Sharon Singleton and Mark Potter)
(([email protected];))
Adds CFO comments
July 31 (Reuters) - Shares in Industrie De Nora DNR.MI tumbled on Monday after the Italian electrode maker posted lower first-half core earnings and said full-year revenues were likely to come in at the low end of expectations.
The group said in a statement it now expected 2023 revenues at the low of its 900-950 million euros ($990 million-$1.05 billion) forecast range.
Its Milan-listed shares fell as much as 8.6%, and closed at 18.77 euros ($20.69) per share, down 6.8%.
Presenting first-half results, De Nora said its core earnings - or adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) - fell to 86.1 million euros from 102.3 million in the same period of 2022.
Finance chief Massimiliano Moi blamed the drop on a slowdown in the water technologies business, particularly related to swimming pools, which saw strong growth in the pandemic and also benefitted last year from an exceptional rise in prices indexed to the cost of noble metals.
"In terms of EBITDA margin we are absolutely confident in a good performance, while on absolute terms - depending on the revenue performance - EBITDA could be on the low part of the range," Moi said during a call with analysts, referring to 2023 adjusted EBITDA guidance of 175-185 million euros.
($1 = 0.9071 euros)
(Reporting by Luca Fratangelo, Romolo Tosiani, Editing by Sharon Singleton and Mark Potter)
(([email protected];))
Italy - Factors to watch on July 10
The following factors could affect Italian markets on Monday.
Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).
For a complete list of diary events in Italy please click on IT/DIA.
POLITICS
Italy has lifted a 10-year-long ban on Libyan civil aviation using Italian airspace, with flights due to resume from September, the Libyan government said on Sunday.
ENERGY
Italy's Energy Minister Gilberto Pichetto Fratin on Friday rebutted criticism of the country's carbon emission target for 2030, which misses the goal set by the European Union.
Italy hopes it can avoid a repeat of windfall levies that energy groups had to pay on their 2021 and 2022 profits to fund measures aimed at shielding customers from costly electricity and gas bills, the energy minister said on Friday.
DEBT
Italy Treasury aid on Friday it would sell 8 billion euros in BOT bills at auction on July 12.
Treasury announces sale of BTP bonds, with relative amounts to be auctioned on July 13.
COMPANIES
ENI ENI.MI, SNAM SRG.MI
Italy's Eni said it delivered the first gas cargo to the liquefied natural gas (LNG) terminal at the port of Piombino on Saturday, marking the start of commercial operations at the Tuscan regasification site.
(*) NEXI NEXII.MI
The Italian payments group is in advanced talks to sell Danish unit MitId, formerly knows as NemId, which analysts value between 110-130 million euros, La Repubblica's Affari&Finanza insert reported on Monday.
Another held-for-sale asset is German RatePay, which experts have priced between 700-800 million euros, said Affari&Finanza.
FINCANTIERI FCT.MI
The Italian shipbuilder lost its safety certification for fire-resistant panels for a luxury cruise ship it planned to deliver to MSC Group after they were found to be faulty and began to be recalled by their distributor, the Financial Times reported on Saturday citing people familiar with the matter.
DE NORA DNR.MI
Hydrogen firm Thyssenkrupp Nucera's NCH2.DE - the joint venture between Germany's Thyssenkrupp TKAG.DE and Italy's De Nora - added 445 million euros in market capitalisation in its Frankfurt market debut on Friday.
UNICREDIT CRDI.MI, UNIPOLSAI US.MI
UniCredit said on Friday it was ending a non-life insurance venture with UnipolSAI as it strengthened its relationship with Germany's Allianz ALVG.DE, a top shareholder and insurance partner.
FERRETTI YATCH.MI
Czech billionaire Karel Komarek, through his Valea Foundation, had a 10% stake in Italy's Ferretti when the yacht maker debuted in Milan in June, a filing by bourse watchdog CONSOB showed on Friday.
SAFILO SFLG.MI
(*) The eyewear group appointed on Monday Michele Melotti CFO to replace the outgoing Gerd Graehsler, who will be leaving the company on August 28.
TESSELLIS TSL.MI
Ends capital increase.
DIARY
Riga, Italy Prime Minister Giorgia Meloni meets Latvian counterpart ahead of July 11-12 NATO summit.
Rome, Stellantis CEO Carlos Tavares meets Italy Industry Minister Adolfo Urso.
Milan, Italy Economy Minister Giancarlo Giorgetti at Malpensa Airport for DHL Express event (0900 GMT).
Ancona, IV Trilateral Cooperation Meeting on the Upper Adriatic Sea. Expected attendees include Italy Deputy Prime Minister and Foreign Minister Antonio Tajani, Croatia Foreign and European Affairs Minister Gordan Grlic-Radman, Slovenia Deputy Prime Minister and Minister of Foreign and European Affairs Tanja Fajon (0830 GMT), joint press conference (1030 GMT).
((Milan newsroom, e-mail: [email protected]))
For Italian market data and news, click on codes in
brackets:
20 biggest gainers (in percentage).............PG.MI
20 biggest losers (in percentage)..............PL.MI
FTSE IT allshare index .FTITLMS
FTSE Mib index........ .FTMIB
FTSE Allstars index... .FTSTAR
FTSE Mid Cap index.... .FTITMC
Block trades.......... .BLK.MI
Stories on Italy...... IT-LEN
For pan-European market data and news, click on codes in
brackets:
European Equities speed guide...................EUR/EQUITY
FTSEurofirst 300 index...............................FTEU3
DJ STOXX index.......................................STOXX
Top 10 STOXX sectors............................PGL.STOXXS
Top 10 EUROSTOXX sectors.......................PGL.STOXXES
Top 10 Eurofirst 300 sectors....................PGL.FTEU3S
Top 25 European pct gainers........................PG.PEUR
Top 25 European pct losers.........................PL.PEUR
Main stock markets:
Dow Jones................DJI Wall Street report ......N
Nikkei 225..............N225 Tokyo report.............T
FTSE 100................FTSE London report............L
Xetra DAX..............GDAXI Frankfurt market stories.F
CAC-40..................FCHI Paris market stories....PA
World Indices.....................................0#.INDEX
Reuters survey of world bourse outlook.........EQUITYPOLL1
Western European IPO diary..........................WEUIPO
European Asset Allocation........................EUR/ASSET
Reuters News at a Glance: Equities...............TOP/EQE
Main currency report:...............................FRX/
($1 = 0.9119 euros)
($1 = 0.9130 euros)
The following factors could affect Italian markets on Monday.
Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).
For a complete list of diary events in Italy please click on IT/DIA.
POLITICS
Italy has lifted a 10-year-long ban on Libyan civil aviation using Italian airspace, with flights due to resume from September, the Libyan government said on Sunday.
ENERGY
Italy's Energy Minister Gilberto Pichetto Fratin on Friday rebutted criticism of the country's carbon emission target for 2030, which misses the goal set by the European Union.
Italy hopes it can avoid a repeat of windfall levies that energy groups had to pay on their 2021 and 2022 profits to fund measures aimed at shielding customers from costly electricity and gas bills, the energy minister said on Friday.
DEBT
Italy Treasury aid on Friday it would sell 8 billion euros in BOT bills at auction on July 12.
Treasury announces sale of BTP bonds, with relative amounts to be auctioned on July 13.
COMPANIES
ENI ENI.MI, SNAM SRG.MI
Italy's Eni said it delivered the first gas cargo to the liquefied natural gas (LNG) terminal at the port of Piombino on Saturday, marking the start of commercial operations at the Tuscan regasification site.
(*) NEXI NEXII.MI
The Italian payments group is in advanced talks to sell Danish unit MitId, formerly knows as NemId, which analysts value between 110-130 million euros, La Repubblica's Affari&Finanza insert reported on Monday.
Another held-for-sale asset is German RatePay, which experts have priced between 700-800 million euros, said Affari&Finanza.
FINCANTIERI FCT.MI
The Italian shipbuilder lost its safety certification for fire-resistant panels for a luxury cruise ship it planned to deliver to MSC Group after they were found to be faulty and began to be recalled by their distributor, the Financial Times reported on Saturday citing people familiar with the matter.
DE NORA DNR.MI
Hydrogen firm Thyssenkrupp Nucera's NCH2.DE - the joint venture between Germany's Thyssenkrupp TKAG.DE and Italy's De Nora - added 445 million euros in market capitalisation in its Frankfurt market debut on Friday.
UNICREDIT CRDI.MI, UNIPOLSAI US.MI
UniCredit said on Friday it was ending a non-life insurance venture with UnipolSAI as it strengthened its relationship with Germany's Allianz ALVG.DE, a top shareholder and insurance partner.
FERRETTI YATCH.MI
Czech billionaire Karel Komarek, through his Valea Foundation, had a 10% stake in Italy's Ferretti when the yacht maker debuted in Milan in June, a filing by bourse watchdog CONSOB showed on Friday.
SAFILO SFLG.MI
(*) The eyewear group appointed on Monday Michele Melotti CFO to replace the outgoing Gerd Graehsler, who will be leaving the company on August 28.
TESSELLIS TSL.MI
Ends capital increase.
DIARY
Riga, Italy Prime Minister Giorgia Meloni meets Latvian counterpart ahead of July 11-12 NATO summit.
Rome, Stellantis CEO Carlos Tavares meets Italy Industry Minister Adolfo Urso.
Milan, Italy Economy Minister Giancarlo Giorgetti at Malpensa Airport for DHL Express event (0900 GMT).
Ancona, IV Trilateral Cooperation Meeting on the Upper Adriatic Sea. Expected attendees include Italy Deputy Prime Minister and Foreign Minister Antonio Tajani, Croatia Foreign and European Affairs Minister Gordan Grlic-Radman, Slovenia Deputy Prime Minister and Minister of Foreign and European Affairs Tanja Fajon (0830 GMT), joint press conference (1030 GMT).
((Milan newsroom, e-mail: [email protected]))
For Italian market data and news, click on codes in
brackets:
20 biggest gainers (in percentage).............PG.MI
20 biggest losers (in percentage)..............PL.MI
FTSE IT allshare index .FTITLMS
FTSE Mib index........ .FTMIB
FTSE Allstars index... .FTSTAR
FTSE Mid Cap index.... .FTITMC
Block trades.......... .BLK.MI
Stories on Italy...... IT-LEN
For pan-European market data and news, click on codes in
brackets:
European Equities speed guide...................EUR/EQUITY
FTSEurofirst 300 index...............................FTEU3
DJ STOXX index.......................................STOXX
Top 10 STOXX sectors............................PGL.STOXXS
Top 10 EUROSTOXX sectors.......................PGL.STOXXES
Top 10 Eurofirst 300 sectors....................PGL.FTEU3S
Top 25 European pct gainers........................PG.PEUR
Top 25 European pct losers.........................PL.PEUR
Main stock markets:
Dow Jones................DJI Wall Street report ......N
Nikkei 225..............N225 Tokyo report.............T
FTSE 100................FTSE London report............L
Xetra DAX..............GDAXI Frankfurt market stories.F
CAC-40..................FCHI Paris market stories....PA
World Indices.....................................0#.INDEX
Reuters survey of world bourse outlook.........EQUITYPOLL1
Western European IPO diary..........................WEUIPO
European Asset Allocation........................EUR/ASSET
Reuters News at a Glance: Equities...............TOP/EQE
Main currency report:...............................FRX/
($1 = 0.9119 euros)
($1 = 0.9130 euros)
UPDATE 5-Green hydrogen bets lift Thyssenkrupp Nucera shares in German IPO
Germany's biggest IPO of 2023
Raises 526 million euros in gross proceeds
Shares gain up to 23.4% vs offer price
Recasts with closing price, valuation
By Christoph Steitz, Pablo Mayo Cerqueiro and Alexander Hübner
FRANKFURT/LONDON, July 7 (Reuters) - Hydrogen firm Thyssenkrupp Nucera's NCH2.DE added 445 million euros ($487 million) in market capitalisation in its Frankfurt market debut on Friday, in what marks Germany's largest initial public offering (IPO) so far this year.
In an encouraging sign for Europe's capital markets, which were hit by market volatility in the first half of 2023, the shares rose as much as 23.4% from their issue price of 20 euros.
They closed at 23.52 euros, giving the joint venture between Germany's Thyssenkrupp TKAG.DE and Italy's De Nora DNR.MI a 2.98 billion euro market value.
Both companies will remain shareholders in Nucera, with Thyssenkrupp owning 50.2% and De Nora 25.9%, down from a pre-IPO ownership split of 66% and 34%.
"The IPO is the start of an exciting new phase in our company's history," Nucera CEO Werner Ponikwar said during the Frankfurt Stock Exchange opening ceremony, adding that the firm would help "accelerate the adoption of green hydrogen".
Shares in Thyssenkrupp and De Nora closed up 4.7% and 5.9%, respectively.
Nucera, Thyssenkrupp and De Nora expect to raise up to 605 million euros through the IPO, making it Germany's largest this year after web hosting firm IONOS's IOSn.DE February debut.
A wave of companies in Europe are rushing to list before the usual summer lull in IPO activity, in what bankers hope will herald a stronger market recovery in the months ahead.
Unlike most recent European IPOs, Nucera is seeing its shares hold up in secondary trading, suggesting investor appetite for new issues may be coming back after rocketing interest rates all but froze the market last year.
Energy transition has been a theme in recent European IPOs, including EuroGroup Laminations EGLA.MI in Italy and Hidroelectrica in Romania.
"While the company still needs to reach profitability, investors bought into the company's technology and strong growth prospects for its green hydrogen business," said Christof Muerb, Managing Director at Deutsche Bank DBKGn.DE, which together with Citi C.N led Nucera's IPO.
While in its infancy, so-called green hydrogen is produced using renewable energy and has been hailed as a potential route to a cleaner future for hard to decarbonise sectors.
Nucera offers technology to produce hydrogen via alkaline water electrolysis, the part of its business that investors are most keen on due to the fact that it can be scaled up quickly.
Nucera will get 526 million euros in IPO proceeds to help fund its international expansion in India, Japan, Australia as well as the United States, where it is considering building its own electrolyser capacity, CFO Arno Pfannschmidt said.
The listing marks Thyssenkrupp's latest effort to simplify its conglomerate structure after carving out other group divisions such as its elevator and stainless steel businesses.
"This is a historic moment for Thyssenkrupp ... It's the first IPO of a Thyssenkrupp business ever," its chief executive Miguel Lopez said of Nucera's market debut.
($1 = 0.9129 euros)
(Reporting by Christoph Steitz and Alexander Huebner in Frankfurt and Pablo Mayo Cerqueiro in London; Additional reporting by Tom Kaeckenhoff; Editing by Miranda Murray, Mark Potter, Alexander Smith and Louise Heavens)
(([email protected]; +49 30 220 133 647))
Germany's biggest IPO of 2023
Raises 526 million euros in gross proceeds
Shares gain up to 23.4% vs offer price
Recasts with closing price, valuation
By Christoph Steitz, Pablo Mayo Cerqueiro and Alexander Hübner
FRANKFURT/LONDON, July 7 (Reuters) - Hydrogen firm Thyssenkrupp Nucera's NCH2.DE added 445 million euros ($487 million) in market capitalisation in its Frankfurt market debut on Friday, in what marks Germany's largest initial public offering (IPO) so far this year.
In an encouraging sign for Europe's capital markets, which were hit by market volatility in the first half of 2023, the shares rose as much as 23.4% from their issue price of 20 euros.
They closed at 23.52 euros, giving the joint venture between Germany's Thyssenkrupp TKAG.DE and Italy's De Nora DNR.MI a 2.98 billion euro market value.
Both companies will remain shareholders in Nucera, with Thyssenkrupp owning 50.2% and De Nora 25.9%, down from a pre-IPO ownership split of 66% and 34%.
"The IPO is the start of an exciting new phase in our company's history," Nucera CEO Werner Ponikwar said during the Frankfurt Stock Exchange opening ceremony, adding that the firm would help "accelerate the adoption of green hydrogen".
Shares in Thyssenkrupp and De Nora closed up 4.7% and 5.9%, respectively.
Nucera, Thyssenkrupp and De Nora expect to raise up to 605 million euros through the IPO, making it Germany's largest this year after web hosting firm IONOS's IOSn.DE February debut.
A wave of companies in Europe are rushing to list before the usual summer lull in IPO activity, in what bankers hope will herald a stronger market recovery in the months ahead.
Unlike most recent European IPOs, Nucera is seeing its shares hold up in secondary trading, suggesting investor appetite for new issues may be coming back after rocketing interest rates all but froze the market last year.
Energy transition has been a theme in recent European IPOs, including EuroGroup Laminations EGLA.MI in Italy and Hidroelectrica in Romania.
"While the company still needs to reach profitability, investors bought into the company's technology and strong growth prospects for its green hydrogen business," said Christof Muerb, Managing Director at Deutsche Bank DBKGn.DE, which together with Citi C.N led Nucera's IPO.
While in its infancy, so-called green hydrogen is produced using renewable energy and has been hailed as a potential route to a cleaner future for hard to decarbonise sectors.
Nucera offers technology to produce hydrogen via alkaline water electrolysis, the part of its business that investors are most keen on due to the fact that it can be scaled up quickly.
Nucera will get 526 million euros in IPO proceeds to help fund its international expansion in India, Japan, Australia as well as the United States, where it is considering building its own electrolyser capacity, CFO Arno Pfannschmidt said.
The listing marks Thyssenkrupp's latest effort to simplify its conglomerate structure after carving out other group divisions such as its elevator and stainless steel businesses.
"This is a historic moment for Thyssenkrupp ... It's the first IPO of a Thyssenkrupp business ever," its chief executive Miguel Lopez said of Nucera's market debut.
($1 = 0.9129 euros)
(Reporting by Christoph Steitz and Alexander Huebner in Frankfurt and Pablo Mayo Cerqueiro in London; Additional reporting by Tom Kaeckenhoff; Editing by Miranda Murray, Mark Potter, Alexander Smith and Louise Heavens)
(([email protected]; +49 30 220 133 647))
Italy - Factors to watch on June 22
The following factors could affect Italian markets on Thursday.
Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).
For a complete list of diary events in Italy please click on IT/DIA.
POLITICS
Italy will face a hard time hitting the target set by NATO in 2014 to spend at least 2% of GDP on defence within a decade, unless it is granted some budget flexibility under EU rules, Italy's defence minister said on Wednesday.
Italy does not plan to extend most of the measures it has adopted to soften the impact of energy costs on households and firms beyond this month, two government sources familiar with the matter told Reuters.
ECONOMY
Economy Minister Giancarlo Giorgetti warned on Wednesday of a "concrete risk of a credit crunch" following the ECB's rate hike in June. Speaking to reporters, he urged Italian banks to support the economy and mitigate the impact of rising mortgage rates.
Fitch Ratings on Wednesday raised its forecast for Italian GDP growth in 2023 to 1.0% from a 0.5% projection made in March. However, in its global economic outlook report it cut its 2024 Italian forecast to 1.0% from 1.3% previously.
DEBT
Treasury announces sale of BTP Short and BTPei bonds, with relative amounts to be auctioned on June 27.
COMPANIES
PIRELLI PIRC.MI, BREMBO BRBI.MI
The tyremaker's investor Brembo is worried about strains between the group's Italian and Chinese shareholders and is likely to steer clear of any plan to build an Italian majority in the company, two sources told Reuters.
DE NORA DNR.MI
Thyssenkrupp Nucera, a JV between German Thyssenkrupp TKAG.DE and the electrode maker De Nora, is expected to be valued at more than 3 billion euros ($3.3 billion) in its initial public offering, four people familiar with the matter said on Wednesday.
BANKS
The Italian arm of France's Credit Agricole CRAP.PA has started offering fixed-term savings accounts to win new customers in its biggest foreign market, at a time when competition for cash among the country's lenders grows.
BANCO BPM BAMI.MI
Italy's No.3 bank is seeking a new commercial deal for its payments business but has no plans to sell part of it, Chief Executive Giuseppe Castagna said on Wednesday.
(*) The lender aims to receive binding offers by around July 20 with the aim of picking a partner by Aug. 2 when it announces its half-yearly results, daily MF wrote on Thursday.
TELECOM ITALIA (TIM) TLIT.MI
Board meeting to decide on offers received for its grid (1200 GMT).
Telecom Italia's board could decide to start negotiating with KKR KKR.N over a binding offer for its fixed-line network, two sources with knowledge of the matter said, adding the talks would last until end-August or the beginning of September.
(*) The former phone monopoly is restarting its efforts to sell a minority stake in its enterprise unit, potentially valued at more than 6 billion euros, Bloomberg News reported on Thursday, citing people familiar with the matter.
(*) JUVENTUS JUVE.MI
The club has completed the permanent signing of Poland striker Arkadiusz Milik from Olympique de Marseille on a three year deal for 6.3 million euros, it said on Wednesday.
FERRETTI 9638.HK
Italy's Chinese-owned luxury yachts maker, ends IPO in Italy.
IPO - LIMACORPORATE
The Italian medical devices group has picked Morgan Stanley, Goldman Sachs, Mediobanca and BNP Paribas as global coordinators for an initial public offering in Milan, sources close to the matter said on Wednesday.
DIARY
Rome, press preview of the exhibition "The Gods Return - The Bronzes of San Casciano" (0930 GMT); exhibition inauguration ceremony with President Sergio Mattarella and Culture Minister Gennaro Sangiuliano (1530 GMT).
Rome, joint stock companies association Assonime holds biennial meeting (0900 GMT); Deputy Economy Minister Maurizio Leo, European Affairs, South and PNRR Minister Raffaele Fitto, EU Economy Commissioner Paolo Gentiloni give speeches; President Sergio Mattarella attending.
Rome, Industry Minister Adolfo Urso attends meeting of 'Unione Italiana Food' (0930 GMT).
Rome, Cabinet meeting.
Rome, Bank of Italy holds conference on "Women, work and economic growth" (0730 GMT); Equal Opportunities Minister Maria Roccella gives speech via videoconference (0745 GMT).
Rome, Italian Farmers' Association (AIC) "10th National Congress" starts (1300 GMT); ends 23 June. On Thursday opening message by Pope Francis; expected attendees include Labour Minister Marina Elvira Calderone, EU Agriculture and Rural Development Commissioner Janusz Wojciechowski.
Mantua, Symbola continues 21st summer seminar "Cohesion is competition; the strength of territories in the green transition" (0730 GMT); ends on June 24. On Thursday expected attendees include Industry Minister Adolfo Urso (0800 GMT).
((Milan newsroom, e-mail: [email protected]))
For Italian market data and news, click on codes in
brackets:
20 biggest gainers (in percentage).............PG.MI
20 biggest losers (in percentage)..............PL.MI
FTSE IT allshare index .FTITLMS
FTSE Mib index........ .FTMIB
FTSE Allstars index... .FTSTAR
FTSE Mid Cap index.... .FTITMC
Block trades.......... .BLK.MI
Stories on Italy...... IT-LEN
For pan-European market data and news, click on codes in
brackets:
European Equities speed guide...................EUR/EQUITY
FTSEurofirst 300 index...............................FTEU3
DJ STOXX index.......................................STOXX
Top 10 STOXX sectors............................PGL.STOXXS
Top 10 EUROSTOXX sectors.......................PGL.STOXXES
Top 10 Eurofirst 300 sectors....................PGL.FTEU3S
Top 25 European pct gainers........................PG.PEUR
Top 25 European pct losers.........................PL.PEUR
Main stock markets:
Dow Jones................DJI Wall Street report ......N
Nikkei 225..............N225 Tokyo report.............T
FTSE 100................FTSE London report............L
Xetra DAX..............GDAXI Frankfurt market stories.F
CAC-40..................FCHI Paris market stories....PA
World Indices.....................................0#.INDEX
Reuters survey of world bourse outlook.........EQUITYPOLL1
Western European IPO diary..........................WEUIPO
European Asset Allocation........................EUR/ASSET
Reuters News at a Glance: Equities...............TOP/EQE
Main currency report:...............................FRX/
The following factors could affect Italian markets on Thursday.
Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).
For a complete list of diary events in Italy please click on IT/DIA.
POLITICS
Italy will face a hard time hitting the target set by NATO in 2014 to spend at least 2% of GDP on defence within a decade, unless it is granted some budget flexibility under EU rules, Italy's defence minister said on Wednesday.
Italy does not plan to extend most of the measures it has adopted to soften the impact of energy costs on households and firms beyond this month, two government sources familiar with the matter told Reuters.
ECONOMY
Economy Minister Giancarlo Giorgetti warned on Wednesday of a "concrete risk of a credit crunch" following the ECB's rate hike in June. Speaking to reporters, he urged Italian banks to support the economy and mitigate the impact of rising mortgage rates.
Fitch Ratings on Wednesday raised its forecast for Italian GDP growth in 2023 to 1.0% from a 0.5% projection made in March. However, in its global economic outlook report it cut its 2024 Italian forecast to 1.0% from 1.3% previously.
DEBT
Treasury announces sale of BTP Short and BTPei bonds, with relative amounts to be auctioned on June 27.
COMPANIES
PIRELLI PIRC.MI, BREMBO BRBI.MI
The tyremaker's investor Brembo is worried about strains between the group's Italian and Chinese shareholders and is likely to steer clear of any plan to build an Italian majority in the company, two sources told Reuters.
DE NORA DNR.MI
Thyssenkrupp Nucera, a JV between German Thyssenkrupp TKAG.DE and the electrode maker De Nora, is expected to be valued at more than 3 billion euros ($3.3 billion) in its initial public offering, four people familiar with the matter said on Wednesday.
BANKS
The Italian arm of France's Credit Agricole CRAP.PA has started offering fixed-term savings accounts to win new customers in its biggest foreign market, at a time when competition for cash among the country's lenders grows.
BANCO BPM BAMI.MI
Italy's No.3 bank is seeking a new commercial deal for its payments business but has no plans to sell part of it, Chief Executive Giuseppe Castagna said on Wednesday.
(*) The lender aims to receive binding offers by around July 20 with the aim of picking a partner by Aug. 2 when it announces its half-yearly results, daily MF wrote on Thursday.
TELECOM ITALIA (TIM) TLIT.MI
Board meeting to decide on offers received for its grid (1200 GMT).
Telecom Italia's board could decide to start negotiating with KKR KKR.N over a binding offer for its fixed-line network, two sources with knowledge of the matter said, adding the talks would last until end-August or the beginning of September.
(*) The former phone monopoly is restarting its efforts to sell a minority stake in its enterprise unit, potentially valued at more than 6 billion euros, Bloomberg News reported on Thursday, citing people familiar with the matter.
(*) JUVENTUS JUVE.MI
The club has completed the permanent signing of Poland striker Arkadiusz Milik from Olympique de Marseille on a three year deal for 6.3 million euros, it said on Wednesday.
FERRETTI 9638.HK
Italy's Chinese-owned luxury yachts maker, ends IPO in Italy.
IPO - LIMACORPORATE
The Italian medical devices group has picked Morgan Stanley, Goldman Sachs, Mediobanca and BNP Paribas as global coordinators for an initial public offering in Milan, sources close to the matter said on Wednesday.
DIARY
Rome, press preview of the exhibition "The Gods Return - The Bronzes of San Casciano" (0930 GMT); exhibition inauguration ceremony with President Sergio Mattarella and Culture Minister Gennaro Sangiuliano (1530 GMT).
Rome, joint stock companies association Assonime holds biennial meeting (0900 GMT); Deputy Economy Minister Maurizio Leo, European Affairs, South and PNRR Minister Raffaele Fitto, EU Economy Commissioner Paolo Gentiloni give speeches; President Sergio Mattarella attending.
Rome, Industry Minister Adolfo Urso attends meeting of 'Unione Italiana Food' (0930 GMT).
Rome, Cabinet meeting.
Rome, Bank of Italy holds conference on "Women, work and economic growth" (0730 GMT); Equal Opportunities Minister Maria Roccella gives speech via videoconference (0745 GMT).
Rome, Italian Farmers' Association (AIC) "10th National Congress" starts (1300 GMT); ends 23 June. On Thursday opening message by Pope Francis; expected attendees include Labour Minister Marina Elvira Calderone, EU Agriculture and Rural Development Commissioner Janusz Wojciechowski.
Mantua, Symbola continues 21st summer seminar "Cohesion is competition; the strength of territories in the green transition" (0730 GMT); ends on June 24. On Thursday expected attendees include Industry Minister Adolfo Urso (0800 GMT).
((Milan newsroom, e-mail: [email protected]))
For Italian market data and news, click on codes in
brackets:
20 biggest gainers (in percentage).............PG.MI
20 biggest losers (in percentage)..............PL.MI
FTSE IT allshare index .FTITLMS
FTSE Mib index........ .FTMIB
FTSE Allstars index... .FTSTAR
FTSE Mid Cap index.... .FTITMC
Block trades.......... .BLK.MI
Stories on Italy...... IT-LEN
For pan-European market data and news, click on codes in
brackets:
European Equities speed guide...................EUR/EQUITY
FTSEurofirst 300 index...............................FTEU3
DJ STOXX index.......................................STOXX
Top 10 STOXX sectors............................PGL.STOXXS
Top 10 EUROSTOXX sectors.......................PGL.STOXXES
Top 10 Eurofirst 300 sectors....................PGL.FTEU3S
Top 25 European pct gainers........................PG.PEUR
Top 25 European pct losers.........................PL.PEUR
Main stock markets:
Dow Jones................DJI Wall Street report ......N
Nikkei 225..............N225 Tokyo report.............T
FTSE 100................FTSE London report............L
Xetra DAX..............GDAXI Frankfurt market stories.F
CAC-40..................FCHI Paris market stories....PA
World Indices.....................................0#.INDEX
Reuters survey of world bourse outlook.........EQUITYPOLL1
Western European IPO diary..........................WEUIPO
European Asset Allocation........................EUR/ASSET
Reuters News at a Glance: Equities...............TOP/EQE
Main currency report:...............................FRX/
UPDATE 7-Thyssenkrupp pulls trigger on long-awaited IPO of hydrogen division Nucera
Nucera targets primary proceeds of up to 600 mln euros
Offering expected to be completed before summer break
Offering will primarily consist of new shares
De Nora shares -0.9%, Thyssenkrupp +0.3%
Adds investor comment in paragraph 8, Nucera CEO in paragraph 10
By Christoph Steitz and Tom Käckenhoff
FRANKFURT/DUESSELDORF, June 12 (Reuters) - Thyssenkrupp TKAG.DE launched on Monday the long-awaited listing of its hydrogen division Nucera, suggesting its new chief executive intends to waste no time in reviving the fortunes of the embattled conglomerate.
Thyssenkrupp Nucera, a 66:34 joint venture with Italy's De Nora DNR.MI, is targeting proceeds of up to 600 million euros ($647 million) via the sale of new shares, confirming initial listing plans first outlined in early 2022.
The initial public offering (IPO), which was delayed by weak market conditions after the Ukraine war, is expected to be completed before the summer break, depending on market conditions, the company said.
It comes as hydrogen technology is getting a boost from favourable legislation in the United States and Europe, which are both seeking to strengthen the technology to help carbon dioxide-heavy industries, including steel and chemicals, to decarbonise.
"The Nucera IPO is essential for the transformation of ThyssenKrupp. It will provide Nucera with urgently needed funds for expansion," said Ingo Speich of Deka Investment, a top-20 shareholder of Thyssenkrupp.
"Nucera can only stay ahead in the competition for hydrogen technology with significantly more capital."
Other investors are more sceptical.
Joerg Schneider, portfolio manager at Union Investment, said the company still needed to establish a track record in the fast-growing field of alkaline water electrolysis, adding Nucera's valuation depended on project execution.
"I think they will have to expect a discount. Also because hydrogen stocks haven't been doing so well lately," he said, adding Union Investment would still take a look at the offering.
Thyssenkrupp Nucera CEO Werner Ponikwar told Reuters that the group had been realising projects for half a century and was able to realise big projects, confirming the group was planning to expand annual capacity to 5 gigawatts by 2025, from 1 GW now.
HYDROGEN HYPE
The IPO announcement comes less than two weeks after Thyssenkrupp's new CEO Miguel Lopez took over from Martina Merz, underlining his commitment to steer the German industrial icon into calmer waters and raise its languishing share price.
Thyssenkrupp has faced delays in two key areas of restructuring - the partial sale of its steel division as well as the IPO of Nucera - which was among the reasons for Merz's surprise resignation earlier this year.
"A potential IPO would enlarge the financial flexibility of Thyssenkrupp Nucera and raise its profile as a leading supplier of technology for the production of green hydrogen," Lopez said.
Sources told Reuters in April that Thyssenkrupp was targeting June for a new listing attempt that could value the business at up to 5 billion euros.
Baader Bank analyst Christian Obst said a valuation of 4-5 billion euros would be ambitious.
The listing, which is run by Citi C.N and Deutsche Bank DBKGn.DE, will primarily consist of new shares, Thyssenkrupp Nucera said. Thyssenkrupp is also expected to sell some of its own shares, but plans to retain a majority in the business.
De Nora said it remains committed to its long-standing partnership with Thyssenkrupp, but declined to say whether it would sell any shares
Thyssenkrupp shares, which have gained 16% since late April in anticipation of a listing, were up 0.3% by 1425 GMT. De Nora's shares were down 0.9%.
Nucera builds electrolysers to produce green hydrogen, a field in which it competes with Norway's Nel NEL.OL, Britain's ITM Power ITM.L, France's McPhy Energy MCPHY.PA and U.S. company Plug Power PLUG.O.
It focuses on so-called alkaline water electrolysis, which Credit Suisse reckons will make up 60% of the global market by 2030, as it is more suitable for big projects, while proton exchange membrane electrolysis is seen at about a third.
At the end of March, Nucera's order backlog stood at 1.4 billion euros. First-half sales were up 74% at 306 million euros, while the group's earnings before interest and tax rose 87% to 13.3 million euros.
($1 = 0.9277 euros)
(Reporting by Christoph Steitz and Tom Kaeckenhoff; Additional reporting by Francesca Landini; Editing by Miranda Murray, Clarence Fernandez and Sharon Singleton)
(([email protected]; +49 30 220 133 647;))
Nucera targets primary proceeds of up to 600 mln euros
Offering expected to be completed before summer break
Offering will primarily consist of new shares
De Nora shares -0.9%, Thyssenkrupp +0.3%
Adds investor comment in paragraph 8, Nucera CEO in paragraph 10
By Christoph Steitz and Tom Käckenhoff
FRANKFURT/DUESSELDORF, June 12 (Reuters) - Thyssenkrupp TKAG.DE launched on Monday the long-awaited listing of its hydrogen division Nucera, suggesting its new chief executive intends to waste no time in reviving the fortunes of the embattled conglomerate.
Thyssenkrupp Nucera, a 66:34 joint venture with Italy's De Nora DNR.MI, is targeting proceeds of up to 600 million euros ($647 million) via the sale of new shares, confirming initial listing plans first outlined in early 2022.
The initial public offering (IPO), which was delayed by weak market conditions after the Ukraine war, is expected to be completed before the summer break, depending on market conditions, the company said.
It comes as hydrogen technology is getting a boost from favourable legislation in the United States and Europe, which are both seeking to strengthen the technology to help carbon dioxide-heavy industries, including steel and chemicals, to decarbonise.
"The Nucera IPO is essential for the transformation of ThyssenKrupp. It will provide Nucera with urgently needed funds for expansion," said Ingo Speich of Deka Investment, a top-20 shareholder of Thyssenkrupp.
"Nucera can only stay ahead in the competition for hydrogen technology with significantly more capital."
Other investors are more sceptical.
Joerg Schneider, portfolio manager at Union Investment, said the company still needed to establish a track record in the fast-growing field of alkaline water electrolysis, adding Nucera's valuation depended on project execution.
"I think they will have to expect a discount. Also because hydrogen stocks haven't been doing so well lately," he said, adding Union Investment would still take a look at the offering.
Thyssenkrupp Nucera CEO Werner Ponikwar told Reuters that the group had been realising projects for half a century and was able to realise big projects, confirming the group was planning to expand annual capacity to 5 gigawatts by 2025, from 1 GW now.
HYDROGEN HYPE
The IPO announcement comes less than two weeks after Thyssenkrupp's new CEO Miguel Lopez took over from Martina Merz, underlining his commitment to steer the German industrial icon into calmer waters and raise its languishing share price.
Thyssenkrupp has faced delays in two key areas of restructuring - the partial sale of its steel division as well as the IPO of Nucera - which was among the reasons for Merz's surprise resignation earlier this year.
"A potential IPO would enlarge the financial flexibility of Thyssenkrupp Nucera and raise its profile as a leading supplier of technology for the production of green hydrogen," Lopez said.
Sources told Reuters in April that Thyssenkrupp was targeting June for a new listing attempt that could value the business at up to 5 billion euros.
Baader Bank analyst Christian Obst said a valuation of 4-5 billion euros would be ambitious.
The listing, which is run by Citi C.N and Deutsche Bank DBKGn.DE, will primarily consist of new shares, Thyssenkrupp Nucera said. Thyssenkrupp is also expected to sell some of its own shares, but plans to retain a majority in the business.
De Nora said it remains committed to its long-standing partnership with Thyssenkrupp, but declined to say whether it would sell any shares
Thyssenkrupp shares, which have gained 16% since late April in anticipation of a listing, were up 0.3% by 1425 GMT. De Nora's shares were down 0.9%.
Nucera builds electrolysers to produce green hydrogen, a field in which it competes with Norway's Nel NEL.OL, Britain's ITM Power ITM.L, France's McPhy Energy MCPHY.PA and U.S. company Plug Power PLUG.O.
It focuses on so-called alkaline water electrolysis, which Credit Suisse reckons will make up 60% of the global market by 2030, as it is more suitable for big projects, while proton exchange membrane electrolysis is seen at about a third.
At the end of March, Nucera's order backlog stood at 1.4 billion euros. First-half sales were up 74% at 306 million euros, while the group's earnings before interest and tax rose 87% to 13.3 million euros.
($1 = 0.9277 euros)
(Reporting by Christoph Steitz and Tom Kaeckenhoff; Additional reporting by Francesca Landini; Editing by Miranda Murray, Clarence Fernandez and Sharon Singleton)
(([email protected]; +49 30 220 133 647;))
Thyssenkrupp's Nucera to launch IPO as early as next week -sources
Adds market reaction
LONDON/FRANKFURT, June 9 (Reuters) - Thyssenkrupp TKAG.DE is poised to launch the long-awaited listing of its hydrogen division Nucera as soon as next week, according to several people familiar with the matter, in what could be a boost to Europe's sluggish capital markets.
No final decision has been made by the company's management on whether to go ahead with the initial public offering (IPO) and it is possible that the move will be delayed at the last moment, one of the people said.
Reuters reported in April that Nucera, partly owned by Italy's De Nora DNR.MI, was targeting June for an IPO that could value the business at up to 5 billion euros ($5.4 billion).
Shares in Thyssenkrupp rose as much as 1.8% following the news but fell back to trade 0.4% higher at 1411 GMT.
Thyssenkrupp, De Nora and Nucera declined to comment.
Nucera's efforts come as other European companies also rush to sell shares before investors close up shop for the summer, following a prolonged drought in new listings due to soaring interest rates and economic uncertainty.
Soda ash producer WE Soda and payments firm CAB Payments are currently looking to list shares on the London Stock Exchange, while Romanian energy giant Hidrolectrica is planning to list at home.
Sources told Reuters in April that Nucera could be valued anywhere between 2 billion euros and as much as 5 billion euros if forward sales multiples of rivals Nel NEL.OL and ITM Power ITM.L are applied.
The wide valuation range underscores the difficulty of putting a price tag on such an emerging technology.
Nucera makes the electrolysers needed to produce green hydrogen - a sector that has been benefiting from the U.S. Inflation Reduction Act and European Union initiatives to support the green energy transition.
Dealreporter earlier reported that Nucera might kick off the sale next week.
($1 = 0.9284 euros)
(Reporting by Pablo Mayo Cerqueiro, Christoph Steitz, Andreas Gonzalez and Tom Kaeckenhoff; Additional reporting by Emma-Victoria Farr and Francesca Landini; Editing by Elisa Martinuzzi, Mark Potter and Louise Heavens)
(([email protected];))
Adds market reaction
LONDON/FRANKFURT, June 9 (Reuters) - Thyssenkrupp TKAG.DE is poised to launch the long-awaited listing of its hydrogen division Nucera as soon as next week, according to several people familiar with the matter, in what could be a boost to Europe's sluggish capital markets.
No final decision has been made by the company's management on whether to go ahead with the initial public offering (IPO) and it is possible that the move will be delayed at the last moment, one of the people said.
Reuters reported in April that Nucera, partly owned by Italy's De Nora DNR.MI, was targeting June for an IPO that could value the business at up to 5 billion euros ($5.4 billion).
Shares in Thyssenkrupp rose as much as 1.8% following the news but fell back to trade 0.4% higher at 1411 GMT.
Thyssenkrupp, De Nora and Nucera declined to comment.
Nucera's efforts come as other European companies also rush to sell shares before investors close up shop for the summer, following a prolonged drought in new listings due to soaring interest rates and economic uncertainty.
Soda ash producer WE Soda and payments firm CAB Payments are currently looking to list shares on the London Stock Exchange, while Romanian energy giant Hidrolectrica is planning to list at home.
Sources told Reuters in April that Nucera could be valued anywhere between 2 billion euros and as much as 5 billion euros if forward sales multiples of rivals Nel NEL.OL and ITM Power ITM.L are applied.
The wide valuation range underscores the difficulty of putting a price tag on such an emerging technology.
Nucera makes the electrolysers needed to produce green hydrogen - a sector that has been benefiting from the U.S. Inflation Reduction Act and European Union initiatives to support the green energy transition.
Dealreporter earlier reported that Nucera might kick off the sale next week.
($1 = 0.9284 euros)
(Reporting by Pablo Mayo Cerqueiro, Christoph Steitz, Andreas Gonzalez and Tom Kaeckenhoff; Additional reporting by Emma-Victoria Farr and Francesca Landini; Editing by Elisa Martinuzzi, Mark Potter and Louise Heavens)
(([email protected];))
De Nora shares on track for worst day after disappointing Q1
** Shares in Italy's Industrie De Nora DNR.MI slump over 9% after the electrode maker posted lower profit for the first quarter
** The fall is due to the weak EBITDA and net profit results, a Milan-based trader says
** The company booked an adjusted EBITDA of 46.7 million euros ($51.4 million) in Q1, down from 55.2 million a year ago
** Its net profit also dropped almost 6% compared to last year to 25 million euros
** The company confirmed its revenue and EBITDA targets
for 2023
** Despite today's loss share price remain well above last June's IPO price of 13.50 euros
** De Nora announced its CFO Matteo Lodrini will leave the company at the end of June
** Shares in De Nora are down 9.2% on track for their worst day ever
($1 = 0.9084 euros)
(Editing by Keith Weir)
** Shares in Italy's Industrie De Nora DNR.MI slump over 9% after the electrode maker posted lower profit for the first quarter
** The fall is due to the weak EBITDA and net profit results, a Milan-based trader says
** The company booked an adjusted EBITDA of 46.7 million euros ($51.4 million) in Q1, down from 55.2 million a year ago
** Its net profit also dropped almost 6% compared to last year to 25 million euros
** The company confirmed its revenue and EBITDA targets
for 2023
** Despite today's loss share price remain well above last June's IPO price of 13.50 euros
** De Nora announced its CFO Matteo Lodrini will leave the company at the end of June
** Shares in De Nora are down 9.2% on track for their worst day ever
($1 = 0.9084 euros)
(Editing by Keith Weir)
De Nora India rises 6% on $5.8 mln Reliance Industries order
** Shares of De Nora India Ltd DENO.NS rise as much as 6% to 1,163.50 rupees
** The electrolytic products maker gets 480 mln rupees ($5.9 mln) contract from Reliance Industries to recoat elements
** Stock trading above its 50-, 100-, and 200-day moving averages since April 13
** About 16,843 shares change hands by 9:44 a.m. IST, vs 30-day avg of 44,973 shares
** Stock up ~69% YTD, up to last close
($1 = 81.7100 Indian rupees)
(Reporting by Dimpal Gulwani in Bengaluru)
** Shares of De Nora India Ltd DENO.NS rise as much as 6% to 1,163.50 rupees
** The electrolytic products maker gets 480 mln rupees ($5.9 mln) contract from Reliance Industries to recoat elements
** Stock trading above its 50-, 100-, and 200-day moving averages since April 13
** About 16,843 shares change hands by 9:44 a.m. IST, vs 30-day avg of 44,973 shares
** Stock up ~69% YTD, up to last close
($1 = 81.7100 Indian rupees)
(Reporting by Dimpal Gulwani in Bengaluru)
De Nora India Ltd - Awarded Contract From Reliance Industries Limited
May 5 (Reuters) - De Nora India Ltd DENO.NS:
AWARDED CONTRACT FROM RELIANCE INDUSTRIES LIMITED
CONTRACT FOR RECOATING OF ELEMENTS
CONTRACT VALUE 480 MILLION RUPEES
Source text for Eikon: [ID:]
Further company coverage: DENO.NS
(([email protected];))
May 5 (Reuters) - De Nora India Ltd DENO.NS:
AWARDED CONTRACT FROM RELIANCE INDUSTRIES LIMITED
CONTRACT FOR RECOATING OF ELEMENTS
CONTRACT VALUE 480 MILLION RUPEES
Source text for Eikon: [ID:]
Further company coverage: DENO.NS
(([email protected];))
De Nora India Recommended Dividend Of Rupees 2 Per Share
May 4 (Reuters) - De Nora India Ltd DENO.NS:
RECOMMENDED DIVIDEND OF RUPEES 2 PER SHARE
Source text for Eikon: [ID:]
Further company coverage: DENO.NS
(([email protected];))
May 4 (Reuters) - De Nora India Ltd DENO.NS:
RECOMMENDED DIVIDEND OF RUPEES 2 PER SHARE
Source text for Eikon: [ID:]
Further company coverage: DENO.NS
(([email protected];))
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What does De Nora India do?
De Nora India Limited offers technical assistance for electrode installation and operations for various technologies. Their product range includes Chlor-Alkali systems and Oxygen & Specialties electrodes.
Who are the competitors of De Nora India?
De Nora India major competitors are GEE, Ador Welding, Esab india, Affordable Robotic, Emkay Taps & Cutting, Fluidomat, Stovec Inds. Market Cap of De Nora India is ₹455 Crs. While the median market cap of its peers are ₹452 Crs.
Is De Nora India financially stable compared to its competitors?
De Nora India seems to be financially stable compared to its competitors. The probability of it going bankrupt or facing a financial crunch seem to be lower than its immediate competitors.
Does De Nora India pay decent dividends?
The company seems to be paying a very low dividend. Investors need to see where the company is allocating its profits. De Nora India latest dividend payout ratio is 5.59% and 3yr average dividend payout ratio is 4.75%
How has De Nora India allocated its funds?
Companies resources are allocated to majorly productive assets like Plant & Machinery and unproductive assets like Cash & Short Term Investments
How strong is De Nora India balance sheet?
Balance sheet of De Nora India is strong. It shouldn't have solvency or liquidity issues.
Is the profitablity of De Nora India improving?
No, profit is decreasing. The profit of De Nora India is ₹4.01 Crs for TTM, ₹19.01 Crs for Mar 2024 and ₹20.28 Crs for Mar 2023.
Is the debt of De Nora India increasing or decreasing?
Yes, The debt of De Nora India is increasing. Latest debt of De Nora India is -₹8.45 Crs as of Sep-24. This is greater than Mar-24 when it was -₹15.88 Crs.
Is De Nora India stock expensive?
Yes, De Nora India is expensive. Latest PE of De Nora India is 113, while 3 year average PE is 37.15. Also latest EV/EBITDA of De Nora India is 438 while 3yr average is 41.07.
Has the share price of De Nora India grown faster than its competition?
De Nora India has given lower returns compared to its competitors. De Nora India has grown at ~19.0% over the last 6yrs while peers have grown at a median rate of 24.08%
Is the promoter bullish about De Nora India?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in De Nora India is 53.68% and last quarter promoter holding is 53.68%.
Are mutual funds buying/selling De Nora India?
There is Insufficient data to gauge this.