Hints and tips:
...The cumulative underwriting losses on July’s €2bn rights issue for Italian oilfield services firm Saipem may have exceeded €100mn....
...Telekom to sell majority stake in towers business (FT + Lex) Alibaba cuts a third of deals team staff after regulatory crackdown-sources (Reuters) Playtech takeover battle fizzles out without a deal (FT) Saipem...
...Marshall Wace also increased its bet against Italy’s Banco BPM to 0.83 per cent of the outstanding shares, while Citadel raised its bets against Italian energy services company Saipem and French auto parts...
...Investors should therefore increase exposure to US aggregate makers in preference to those reliant on China, Latin America and the Middle East, such as LafargeHolcim and Titan Cement, it said....
...Digging deeper, our fieldwork points to North America same-store-sales inflecting positive in the second quarter for the first time in three-plus years.”JPMorgan ● In brief: Alstom upgraded to “buy” at...
...“Regardless of the reasons for recent management change, WPP’s first-quarter relative performance versus peers (particularly in North America) showed that all is not well from an operational perspective:...
...Shares in Italy’s Saipem are up 1.1 per cent, BP is 0.5 per cent stronger and Royal Dutch Shell is up 0.6 per cent....
...Saipem’s 2016 sales were down 13 per cent at €9.98bn....
...Others are forming alliances to widen their range of services, including Saipem with Aker Solutions and Subsea 7 with Schlumberger....
...“Eni is doing all the right things for long-term value creation,” says Hamish Clegg, analyst at Bank of America Merrill Lynch....
...Saipem has not been named as a defendant in the case. A Saipem spokesperson in Milan said: “We have not been notified by the authorities. Should that happen we will co-operate fully.”...
...The latter holds 43 per cent of Saipem’s shares and much of its debt. But Saipem is now packing its bags....
...Last year, it used its 0.8 per cent stakes in JPMorgan and Bank of America to vote against the shared roles of their respective bosses Jamie Dimon and Brian Moynihan....
...Their cost per barrel is among the lowest of their group,” says Hamish Clegg, an analyst at Bank of America Merrill Lynch....
...Bernstein notes that, between 2009 and 2014, net debt grew at an annual rate of 38 per cent for European oil service companies, such as Italy’s Saipem and Norway’s Subsea 7....
...The investors who bought Saipem shares from BlackRock, in a block trade organised by Bank of America Merrill Lynch, lost more than €114.5m, according to Consob....
...The Socar Turkey Aegean Refinery, or Star, will be constructed by a consortium of Tecnicas Reunidas of Spain, Saipem of Italy, GS Engineering & Construction of South Korea and Itochu of Japan....
...Schlumberger’s third-quarter revenue of nearly $12bn is about a third greater than that of Saipem and Technip combined....
...A series of profit warnings last year from fellow European-listed oil services companies such as Saipem of Italy, Subsea 7 of Norway and Technip of France, linked to lossmaking contracts and slowing orders...
...Its fleet operates in oilfields around Asia, Africa and Latin America that are operated by large oil companies, or their contractors such as Saipem, Hyundai Heavy Industries and Technip....
...Its fleet operates in oilfields around Asia, Africa and Latin America that are operated by large oil companies, as well as their contractors such as Saipem, Hyundai Heavy Industries and Technip....
...economic ties to Russia, South Stream*, the gas pipeline project backed by Gazprom of Russia, Eni of Italy, EDF of France and BASF of Germany, announced that it had signed a contract worth about €2bn with Saipem...
...Then there is Algeria, where Saipem is embroiled in a corruption investigation over the awarding of contracts....
...Saipem also disclosed “significant” but less costly technical problems related to its Castorone pipe laying vessel. Credit Suisse reduced its share price target for Saipem from €22 to €16....
...Saipem was the biggest gainer on the FTSE Eurofirst 300 as investors eyed a bargain in the battered shares of Italy’s largest oil and gas engineer....
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