Study Group: Energy / Utilities Experts: Legal, Economic, and Regulatory Affairs (Italy)(?)

Alitalia bondholders face a positive scenario, although the regulatory risk is still high. The new rules issued by the government for the new special administration procedure are brand new, and they are probably going to change in the next 60 days.

After the resignation of PM Prodi, Italy will have to choose between a new government supported by the current Parliament or new elections. In either case there will be a major impact for relevant companies and deals, such as Alitalia-AirFrance, Telecom Italia, BPM, Banco Popolare, ENI, ENEL, Finmeccanica,...

As the Financial Times noted in its Lex Column, “Generali sits bang in the middle of Italy's web of corporate cross-shareholdings and political power games”. Generali is the biggest Italian company by revenues (excluding ENI which is controlled by the government). The Financial Times also notes that...

The prosecutors are claiming damages for a total of €98bn from the Italian gaming concessionary companies, including €4.0bn from Lottomatica (LTO.MI) and €4.8bn from Snai (SNA.MI). While the government is still considering what to do, there's increasing pressure from the Parliament...

The Italian Senate Finance committee is discussing a bill on the reform of the Popolari banks, such as Banca Popolare Milano (PMI.MI) and Banco Popolare (BP.MI). The reform, if approved, will lead to better rules for the institutional investors, although the principle of 'one shareholder, one vote'...