July 2025 confirms Italy’s proactive agenda-setting across energy security, defence finance and strategic diplomacy. Rome leveraged its G7 visibility to close headline deals—ENI’s 20-year LNG offtake from Venture Global’s CP2 terminal and a EUR 10 bln industrial package for Ukraine’s reconstruction—while Prime Minister Meloni used summits in Algiers and Addis Ababa to couple the Mattei Plan with broader EU outreach to Africa and the Mediterranean. At EU level, Brussels launched strategic-partnership negotiations with the Gulf Cooperation Council and prolonged Roberto Viola’s mandate at DG CONNECT, ensuring continuity for the DMA/DSA/AI-Act troika.
Parliament received a hydrogen-CCS enabling bill and a long-overdue National Mineral Exploration Programme; Under-Secretary Alfredo Mantovano assumed sweeping powers over critical-infrastructure resilience, dovetailing with NATO’s new 5 %-of-GDP force-goal and Italy’s last-minute request for low-cost “SAFE” loans to finance Eurodrone, naval air-defence frigates and war-stockpile replenishment. The annual Golden-Power Report showed a 15 % jump in filings and the first outright veto on a China-linked aerospace JV, while fresh cases, FountainVest’s bid for EuroGroup Laminations and the Pirelli governance saga, signal that FDI screening now shapes automotive and battery value chains as much as telecoms and defence.
Intesa Sanpaolo booked a record EUR 5.2 bln H1 profit and raised 2025 guidance, whereas UniCredit abandoned its EUR 10 bln assault on Banco BPM after clashing with Giorgetti’s golden-power clauses—an episode viewed as precedent-setting for future cross-border banking deals. In telecoms, TIM Brasil’s 5G surge lifted group valuation and may finance domestic fibre once the NetCo sale closes. Leonardo deepened its sovereign-cyber pivot by taking control of Finland’s SSH, yet faced potential fallout from the frozen SuperJet venture.
Architect Fabio Massimo Saldini assumed dual roles as SIMICO CEO and Olympic Commissioner, raising governance questions on Milan–Cortina 2026 delivery; endocrinologist Andrea Lenzi was parachuted in to reboot the National Research Council; and the cabinet entrusted Patrizia De Luise with steering ENASARCO’s EUR 8 bln welfare fund.
Turmoil deepened at Italy’s Ministry of Culture (MiC) when Nicola Borrelli, Director-General for Cinema and Audiovisual, resigned on 3 July, just 72 hours after Cinecittà chair Chiara Sbarigia stepped down. Borrelli, in post since 2009, faced mounting scrutiny over a fraudulent EUR 8 mln tax credit granted to the non-existent film “Rexal Ford”, now under investigation by Rome prosecutors. The scandal, which exploited fast-track incentives meant to lure international productions, has prompted to draft a decree tightening due-diligence thresholds and capping credits per project. Industry insiders warn that the leadership vacuum threatens Italy’s EUR 1.2 bln screen-production pipeline ahead of the 2026 Winter Games media push. Parliament’s Culture Committee will summon incoming under-secretary Gianmarco Mazzuccato to explain governance lapses and to outline safeguards for the EUR 750 mln cinema fund under the NRRP. Observers note that MiC is now grappling with what one official called an “internal civil war”, as reformists push to digitise audits and traditionalists defend discretionary oversight, leaving the sector in regulatory limbo.
Architect Fabio Massimo Saldini has been confirmed both as CEO of state-owned infrastructure firm SIMICO and as the Government’s Extraordinary Commissioner for the 2026 Milano-Cortina Winter Games. He will steward EUR 328 mln in 2025 alone to rescue a foundation that closed 2024 with a EUR 150 mln deficit. While the appointment accelerates contracting for venues and road links, the overlap of supervisory and operational roles has drawn scrutiny. Italy’s anti-corruption authority (ANAC) cleared his CEO post, but urged the cabinet to separate commissioner duties to avoid “controller–controlled” conflicts. Saldini’s ascent, reportedly backed by Transport Minister Matteo Salvini, underscores Rome’s turn toward single-point project management yet revives debate on checks and balances in big-ticket public works.
A 30 June decree, published 22 July, delegates to Under-Secretary Alfredo Mantovano full authority for the “resilience of critical entities,” centralising Italy’s response to hybrid threats across energy, finance, health, telecoms, space and water. The appointment aligns national governance with EU Directive 2022/2557 and supplements a May reorganisation that installed General Franco Federici as inter-ministerial coordinator at Palazzo Chigi.
Mantovano will oversee risk-mapping, public-private drills and incident reporting, plus dovetail resilience planning with the new Defence Cyber Shield. Government sources say a draft national strategy is due by December, setting performance metrics for operators of essential services and clarifying enforcement powers for non-compliance. Business lobbies welcome a single interlocutor but seek tax incentives for retrofit costs; civil-liberty groups caution against opaque data-access provisions.
Research Minister Anna Maria Bernini has named Professor Andrea Lenzi, 72, as the new president of Italy’s National Research Council (CNR) for a two-year term, selecting him from a five-person shortlist cleared by an independent search committee. Lenzi, an emeritus endocrinologist at Sapienza University, chairs UNESCO’s Urban-Health network and the Health City Institute think-tank, and previously led Italy’s University Council and Research-Evaluation Committee.
His unpaid mandate aims to fast-track governance reform and EU-funded tech-transfer programmes after Maria Chiara Carrozza’s term expired. The remaining board seats were filled in June, confirming outgoing Pavia rector Francesco Svelto as vice-president and bringing regional, business-chamber and staff representatives onto a streamlined five-member board. Observers credit Lenzi’s deep political networks smoothing parliamentary approval, yet caution that his biomedical focus must dovetail with emerging priorities in quantum, AI and space science.
Following NATO’s The Hague summit, which commits allies to defence outlays of up to 5 % of GDP by 2035, Italian generals and policy analysts caution against a scatter-shot spending spree and call for investment in three priority vectors: integrated air-and-missile defence, resilient space services and cyber-domain protection. Industry body AIAD pegs Italy’s additional requirement at EUR 10–11 bln annually over a decade, urging alignment with EU programmes such as Eurofighter/GCAP spiral upgrades, Eurodrone MALE, the IRIS-T SLM ground-based air-defence network and the forthcoming SAFE common procurement fund.
Former Air-Force chief Leonardo Tricarico warns that hasty procurement driven by industrial lobbies could jeopardise fiscal sustainability, while ex-Chief of Defence Vincenzo Camporini advocates a “capability-gap method” tied to NATO force-planning targets and EU Permanent Structured Cooperation (PESCO) benchmarks. Defence economists note that rebuilding war-stockpiles alone may consume 20 % of the new budget, underscoring the need for joint logistics hubs and standardised munitions. Parliament will debate a multiyear defence-investment bill in October, with the treasury insisting on offsets through export-credit finance and dual-use R&D tax credits.
Italy has formally requested access to the EU’s new EUR 150 bln Security Action for Europe (SAFE) lending facility, reversing earlier budgetary caution and joining 17 other member states that seek long-term loans—repayable over 45 years—to finance re-armament programmes under the ReArm Europe agenda. Government sources say the application covers the 2026-30 investment window and will be used to pre-finance Eurodrone production lots, naval air-defence frigates and stockpile replenishment. SAFE loans will sit outside Italy’s headline deficit thanks to an agreed Stability-Pact safeguard clause valid until 2028, easing pressure on the treasury while helping Defence Minister Guido Crosetto meet NATO’s 2.5 %-of-GDP spending glide-path.
Deputy Premier and Transport Minister Matteo Salvini will spend 8-11 July in Japan and China, an itinerary designed to marry infrastructure diplomacy with strategic signalling. In Tokyo he meets counterparts at MLIT and METI before transferring to Expo Osaka, where Italy will preview its 2025 pavilion and court investors for high-speed rail corridors. The centre-piece is Wednesday’s technical visit to the Akashi-Kaikyō suspension bridge, still the world’s longest span at 3 911 m, to glean lessons for the revivified Strait of Messina project and to open talks with contractor IHI Corporation on seismic-resistant cable technology. Salvini then flies to Beijing for meetings with Transport Minister Li Xiaopeng and NDRC vice-chairman Li Chunlin, signalling Rome’s intent to pursue “pragmatic” sectoral deals after quitting the Belt & Road MoU in late 2023. Officials confirm interest in Chinese financing for Italian motorway concessions and in collaboration on hydrogen-ready LNG bunkering.
Prime Minister Giorgia Meloni received Malaysian premier Anwar Ibrahim on 3 July, flanked by Foreign Minister Tajani and Defence Minister Crosetto, for talks spanning defence modernisation, LNG infrastructure and critical-minerals supply. The leaders agreed to launch an annual Strategic Partnership Dialogue, tasking Leonardo and Fincantieri to pitch naval platforms for Kuala Lumpur’s “15-to-5” fleet rationalisation while Snam and Saipem explore floating regas units off Sarawak. Energy security dominated: Petronas invited ENI to co-develop carbon‐capture hubs and blue-ammonia export chains aimed at the EU maritime-fuel market. On investments, Cassa Depositi e Prestiti proposed a EUR 300 mln co-investment fund for semiconductor back-end plants and battery precursors, leveraging Malaysia’s E&E cluster in Penang.
President Sergio Mattarella, accompanied by Deputy Foreign Minister Edmondo Cirielli, visited Croatia on 7 July, marking 12 years of Zagreb’s EU membership and spotlighting Italy as Adriatic “pivot” from Trieste to Tirana. Talks with Croatian leaders covered EU enlargement to the Western Balkans, Ukraine security spill-overs, LNG-terminal expansion on Krk Island and Adriatic energy corridors. Italy remains Croatia’s second-largest trade partner after Germany and supports Zagreb’s OECD bid. Concurrent Italian military deployments—KFOR in Kosovo and EUFOR Althea in Bosnia—underscore Rome’s defence footprint as NATO reviews its southern strategy.
After just seven months as chief diplomatic counsellor to European Commission President Ursula von der Leyen, former Italian intelligence head Elisabetta Belloni will step down in September. Officially citing personal reasons, Belloni retains key files on energy security and EU-Africa relations until her departure, following reported clashes with the Commission’s Secretariat-General and limited room amid HR/VP Kaja Kallas’s expanding role. Her exit coincides with a 10 July censure motion against von der Leyen and comes two weeks after Belloni appeared at Rome’s Mattei-Plan summit. Italian media speculate on future senior roles—including a potential 2029 Quirinale bid—given her prior stints as Crisis-Unit head, Farnesina secretary-general and DIS director.
At Rome’s Ukraine Reconstruction Conference (10 July), Terna, SACE, Leonardo, ENAV and Snam signed accords worth EUR 10 bln under a new EU-backed European Flagship Fund for Reconstruction, initially capitalised at EUR 220 mln but targeting EUR 500 mln by 2026. Deals range from grid-hardening MoUs between Terna and Ukrenergo, to Snam’s gas-storage and LNG logistics partnership with Kyiv’s TSO, and Leonardo’s air-traffic-control package under ENAV’s “Ukraine ATM Recovery Plan”. The conference also unveiled an equity fund to mobilise long-term private capital, supported by EU guarantees totalling EUR 1.8 bln and grants of EUR 580 mln, potentially crowding in EUR 10 bln for energy, transport and dual-use industry. Premier Giorgia Meloni urged Italian SMEs to “treat Kyiv as a frontier market, not a war zone,” while Brussels framed the vehicle as a template for channeling frozen Russian assets once legal pathways emerge.
The Commission has granted Roberto Viola a one-year extension as Director-General for Communications Networks, Content & Technology, keeping the veteran regulator at the helm of DSA, DMA and AI Act implementation until September 2026. Viola’s continued tenure is seen as critical to steering the forthcoming Digital Networks Act and defending EU tech rules amid heightened U.S. lobbying over tariffs and cloud sovereignty. Since taking office in 2015, the former AGCOM secretary-general has overseen 5G spectrum liberalisation, the Chips Act and the nascent Defence Cyber Shield. Industry groups argue his institutional memory will help balance antitrust enforcement with the bloc’s push for network-investment incentives, while critics warn that another year delays generational renewal inside DG Connect.
Prime Minister Giorgia Meloni hosted President Abdelmadjid Tebboune on 23 July for the sixth Italy–Algeria Inter-Governmental Summit, pairing cabinet-level talks at Villa Doria Pamphilj with a 500-firm business forum organised by ICE. The agenda spans energy corridors, Sahara-Western policy coordination and Mediterranean security, echoing ENI’s recent USD 1.3 bln Zemoul El Kbar contract and a new subsea-cable MoU between Sparkle and Algérie Télécom. Algerian analysts target USD 20 bln bilateral trade under the Mattei Plan, while NATO experts flag Italy’s balanced stance on the Western Sahara dispute as key to regional stability.
Prime Minister Giorgia Meloni travelled to Ethiopia on 28 July to co-chair the UN Food Systems Summit +4 alongside PM Abiy Ahmed and UN Deputy SG Amina Mohammed, using the platform to unveil new Mattei-Plan projects on irrigation, green energy and urban renewal in Jimma and Lake Boye. The delegation—Agriculture Minister Francesco Lollobrigida and Deputy FM Edmondo Cirielli—framed food security as both humanitarian imperative (Gaza crisis relief) and pillar of Italy’s G7 agenda. Bilateral talks covered Ethiopian stability, AU infrastructure priorities and follow-up to February’s Italy-EU-Africa convening in Rome. Meloni also met AU Commission Chairperson Mahamoud Ali Youssouf and visited Italian faith-based NGOs active in Addis Ababa. Officials signalled a forthcoming 2026-28 cooperation programme and highlighted We Build’s role in the Grand Ethiopian Renaissance Dam. Analysts note that anchoring the Mattei Plan in a populous, fast-growing Ethiopia bolsters Italy’s Mediterranean-to-Indian-Ocean outreach while complementing EU efforts to de-risk Red Sea migratory and security pressures.
On the pension fund’s 87th anniversary, Patrizia De Luise—national president of Confesercenti—was elected chair of ENASARCO, Italy’s EUR 8 bln social-security institution for commercial agents. The new board also installs Giuseppe Capanna and Paolo Armenio as vice-chairs while confirming Antonio Buonfiglio as director-general to continue the fund’s digital-transformation programme. De Luise pledged to enhance healthcare benefits, lifelong training and actuarial sustainability, highlighting a solid balance sheet and surplus cash flows for 2024.
The Economy Ministry opted for continuity at Invitalia, reconfirming Bernardo Mattarella as chief executive and appointing shipping-executive Sergio Schisani as chair for 2025-27. The state development agency closed 2024 with EUR 22.4 mln net profit and mobilised EUR 16.7 bln in public-private investment, mostly in Southern Italy. New directors Stefania Pastore and Gianluca Vesentini join incumbent Claudia Colaiacomo on a board tasked with accelerating NRRP tenders, crisis-company rescues and the re-industrialisation of Siena’s BEKO plant.
The Lombardy regional cabinet has nominated Giovanni Bozzetti, a business-internationalisation consultant and former regional minister, to chair Fondazione Fiera Milano, succeeding Enrico Pazzali, who resigned amid a judicial probe.
Bozzetti’s appointment places a Middle East specialist at the helm of Italy’s largest exhibition foundation on the eve of a EUR 450 mln master-plan to expand the Rho and CityLife fairgrounds. A priority dossier is the 2026 Milan-Cortina Olympics logistics village, where the foundation will coordinate pavilions and hospitality clusters with Expo 2025 legacy assets.
On 1 July the Council of Ministers approved an omnibus enabling bill that delegates the Government to produce streamlined decrees on hydrogen distribution, carbon-capture and storage (CCS) and advanced methane management, thereby translating Integrated National Energy and Climate Plan (PNIEC) targets into investable rules. The text, submitted to Parliament under the accelerated procedure, empowers the Environment and Energy Security Ministry to set fiscal incentives, permitting timelines and technical standards for blue and green hydrogen hubs, CO₂ storage sites in depleted gas fields, and low-leakage upgrades to Italy’s 33 000-km gas grid.
Ministers framed the package as the legal backbone for EUR 12 bln in hydrogen and CCS projects identified in the updated PNIEC, noting that the first five refuelling stations along the Milan–Tortona corridor will act as “proof-of-concept” for a 100-station national network. Industry associations welcomed the bill for finally giving legal status to long-discussed capture-ready power plants and for introducing a contract-for-difference scheme to de-risk early CCS investments. Parliamentary scrutiny will focus on liability transfer for CO₂ storage and on the balance between state aid and market mechanisms; the Government aims to obtain final legislative decrees before the 2026 revision of EU climate milestones.
An inter-ministerial committee chaired by the Premier approved a National Mineral Exploration Programme (PNEM) on 1 July, tasking the Italian Geological Service–ISPRA with fourteen field projects worth EUR 3.5 mln to map critical raw-material deposits after a 30-year hiatus in public prospecting.
The two-year effort will integrate legacy mine records with new geophysical surveys across the Alps, Apennines and Sardinia, focusing on EU-listed strategic minerals. as well as industry-specific inputs such as zeolites and feldspar. The plan also mandates a nationwide inventory of extractive-waste dumps to assess secondary mining potential. Officials say preliminary data will feed a digital portal for domestic and foreign investors and support Italy’s implementation of the EU Critical Raw Materials Act. Environmental NGOs have called for clear safeguards on protected areas and recycling targets, while Confindustria argues that domestic sourcing could shave EUR 1 bln annually off import bills for battery metals. The PNEM will issue interim results at end-2026, in time for alignment with EU supply-risk stress-tests and new ESG disclosure rules for mining finance.
The National Agency for New Technologies, Energy and Sustainable Development (ENEA) installed its five-member board on 4 July, confirming Francesca Mariotti as chair. She is joined by Michele Ennas, Massimo Iannetta, Gian Piero Joime and staff-elected researcher Claudio Pioli, a line-up chosen by the Energy and Environment Ministry to steer EUR 5.4 bln in PNRR and EU funds toward decarbonisation and digitalisation. Mariotti framed the mandate around “energy security, industrial competitiveness and scientific rigour,” pledging to strengthen ties with industry and European research infrastructures while valorising ENEA’s 2 600-strong scientific workforce.
The Government’s 2024 Golden Power Annual Report, delivered to Parliament on 2 July, records 835 cases of notifications and prenotifications—up 15 % year-on-year—with a 92 % unconditional-approval rate and only one outright veto, blocking a planned Italo-Chinese passenger-aircraft joint venture on national-security grounds. Defence, energy and communications again topped the sector league table, while health-tech and data protection gained weight amid AI deployment. Decision times remained among the fastest in the EU, and less than 1 % of transactions faced opposition.
The report highlights growth in greenfield investments and intra-group reorganisations, signalling that Golden Power scrutiny now extends beyond classic M&A to supply-chain relocations and 5G annual plans.
The Italian Space Agency (ASI) and the National Cybersecurity Agency (ACN) signed a framework agreement on 3 July that embeds the National Cyber Strategy 2025-30 into orbital and ground-segment operations. The accord establishes joint working groups on post-quantum encryption, satellite-to-ground zero-trust architectures and threat-intelligence fusion, tapping ACN’s new National Cryptography Centre created under Law 90/2024.
Pilot projects will start with the IRIDE EO constellation and the GOVSATCOM gateway in Fucino, aiming to certify them under forthcoming EU Space Cyber-Resilience rules. ASI President Teodoro Valente said the space domain is now “a vertical of national critical infrastructure”, while ACN chief Bruno Frattasi highlighted satellite networks’ growing exposure to ransomware and jamming. The pact includes a talent-exchange programme with universities and funds feasibility studies on quantum-key distribution overlays for secure command links.
Hong Kong private-equity fund FountainVest has agreed to buy 53.6 % voting control of Milan-based EuroGroup Laminations, a leading EV motor-component maker, at EUR 3.85 per share ahead of a delisting attempt valuing the firm at EUR 626 mln. The transaction mirrors Pirelli-Sinochem’s contested governance saga and is expected to trigger a Government review under Italy’s golden-power regime, given EuroGroup’s eight domestic plants and U.S. clients such as Ford, GM and Tesla.
FountainVest will purchase 45.7 % from the Iori family’s EMS holding and 7.9 % from Tikehau Capital, while EMS reinvests half its proceeds into the buy-out vehicle. Industry ministry officials hint at conditions covering R&D retention and export-control compliance, mindful of Washington’s ban on certain Chinese sensors in connected cars. EuroGroup reported EUR 869 mln revenue and EUR 116 mln adjusted EBITDA in 2024, with a EUR 5.2 bln order book through 2030.
Fincantieri Marine Group (FMG) appointed George A. Moutafis as CEO effective 1 July, entrusting the Greek-American executive with accelerating the Italian shipbuilder’s USD 800 mln modernisation of its four U.S. yards and execution of the U.S. Navy Constellation-class frigate contract. Moutafis brings three decades in naval procurement and industrial turnarounds at Huntington Ingalls and Lockheed Martin. The U.S. subsidiary now employs 3 000 workers in Wisconsin and employs a vendor base of 400 SMEs, positioning it to bid on AI-enabled unmanned surface vessels and Coast Guard icebreakers. The leadership change coincides with Fincantieri’s new Underwater Technology Hub and record backlog, indicating a strategic pivot toward high-margin defence segments.
ENI sealed a 30-year, USD 1.3 bln hydrocarbons contract with Algeria’s Sonatrach for the Zemoul El Kbar block in the Berkine Basin—projected to yield 415 mln boe, including 9.3 bcm of gas. CEO Claudio Descalzi met President Tebboune to review wider cooperation on LNG exports, green-hydrogen pilots and a prospective Algeria–EU power interconnector. The agreement complements Saipem’s late-June EPC contract on phosphate-fertiliser infrastructure and follows ENI’s May award of the Reggane II block.
ENI signed a 20-year sale-and-purchase agreement for 2 Mtpa of liquefied natural gas from Venture Global’s forthcoming CP2 project in Louisiana, marking its first long-term LNG deal with a U.S. producer. Deliveries are slated to start before 2030 and will complement ENI’s goal of contracting 20 Mtpa globally by that date, strengthening Europe’s post-Russian diversification agenda. The Calcasieu-area facility will integrate carbon-capture modules, aligning with ENI’s net-zero roadmap.
Analysts calculate that the volume equals roughly 3 % of Italy’s 2024 gas demand and gives ENI additional trading leverage in Atlantic Basin spot markets. Brussels welcomed the contract as evidence that the Mattei Plan can channel private capital into secure Atlantic supply chains.
Intesa Sanpaolo closed the first half of 2025 with net profit up 9.4 % to EUR 5.216 bln, despite a 6.8 % decline in net interest income as rates normalised. CEO Carlo Messina highlighted rising fee income—especially from wealth-management and insurance lines—and a cost/income ratio now at 38 %. The bank generated EUR 3.7 bln in cash dividends during the half-year and continued a EUR 2 bln buy-back launched in June, pledging shareholder distributions of at least EUR 8.2 bln for full-year 2025. CET1 climbed 65 basis points to 13.5 %, helped by EUR 766 mln in real-estate rationalisation and 8,200 voluntary exits since 2022. Intesa raised its FY25 profit guidance to “well above EUR 9 bln,” positioning itself, in Messina’s words, as “Europe’s ROE benchmark.”
Italian aerospace group Leonardo has acquired a 24.55 % stake in Helsinki-based SSH Communications Security for EUR 20 mln, becoming its leading industrial shareholder and cementing plans to build a European “Zero-Trust” cyber-ecosystem. SSH, creator of the ubiquitous Secure Shell protocol, specialises in quantum-safe encryption, privileged-access management and WAN crypto gear certified for military networks. Under a parallel cooperation accord, Leonardo obtains worldwide integration rights (Scandinavia excepted) to embed SSH software in its defence and critical-infrastructure offerings, positioning the group to capture double-digit growth expected in trusted cloud and hybrid-operations security. The share issue awaits Finnish FDI clearance; Accendo Capital will retain 20.9 %. CEO Roberto Cingolani said the deal “anchors our 2024-28 industrial plan on sovereign cyber capabilities,” complementing recent takeovers of Sweden’s Axiomatics and Italy’s CanaryBit.
The future of SuperJet International—90 % controlled by Russia’s Sukhoi and 10 % by Leonardo—grew perilous after Italy’s Financial Security Committee (CSF) temporarily blocked the unfreezing and sale of the Russian stake to UAE-based Mark AB Capital. The Tessera-based civil-aviation outfit, which outfits and maintains SSJ-100 regional jets, has been under EU sanctions since 2022 and now risks liquidation if a EUR 6 mln bridge loan is not authorised by 31 July. Unions staged protests at Leonardo’s Venice plant, urging the minority shareholder to absorb the 115 workers. SuperJet originally launched in 2007 with Finmeccanica holding 51 %; Leonardo’s stake fell to 10 % after 2016.
Telecom Italia’s Brazilian subsidiary posted a record EUR 125 mln Q1 profit, with service revenues up 4.9 % and EBITDA +6.7 %, driven by 62 mln mobile customers and one of Latin America’s densest 5G footprints. Brokerage models now see Tim Brasil contributing 47 % of group EBITDA by 2027. Sector consolidation, lower spectrum fees and expansion into B2B vertical have doubled Tim Brasil’s capex in seven years and raised its standalone market cap to EUR 8.5 bln. Analysts note that the 66.6 % stake held by TIM S.p.A. is now worth EUR 5.7 bln, almost matching the parent’s own equity value, fuelling speculation that CEO Pietro Labriola could leverage the Brazilian asset to refinance domestic fibre roll-out once NetCo divestment closes.
UniCredit formally withdrew its EUR 10 bln share-swap offer for Banco BPM on 23 July, citing “persistent uncertainty” created by the Meloni Government’s golden-power decree of 18 April, which imposed tough lending and divestment conditions on the deal. The treasury’s veto power had required UniCredit to cap loan-to-deposit ratios, exit Russia and preserve Banco BPM’s Italian bond book. Consob twice suspended trading to give investors time to digest the evolving legal risk. Banco BPM’s board welcomed the withdrawal and reiterated its stand-alone strategy, while Crédit Agricole quietly raised its stake to 20.1 %, fuelling speculation of a future Franco-Italian axis in retail banking.
hello@haizum.eu
P. IVA 12561140968
Milano
© 2022 Created by ABCPRODUCTION.digital
