The New Zealand central bank leaves interest rates unchanged, ready for further cuts if needed

Adnkronos

France has advanced into the business arena

French investors are gaining weight in Piazza Avari in 2020, and institutions, such as large funds or investment banks, are 8% of the total category, up from 7% in 2019. Among them are Amundi, Lazard, Bnp, AXA, Lexor, to name a few. The Trapping. According to Borsa Italiana data consulted by Adnkronos, among investment houses and large properties (insiders), the number of French investors reached 157 in 2020, 33 more than a year earlier, and they weigh about 13.59 billion euros, or 2.6% of Ftse Mib’s capitalization at the end of 2020, That was about 519 billion euros. At the end of 2019, the same percentage was 2.5%. With the arrival of Peugeot and the French state, which owns 13.4% of Stellantis, a share that today equates to just over 7 billion, France gets about 4% of Piazza Affari. The percentages that would go up if the weight of the hash and minority shares that were kept secret could be calculated. In any case, French investors are still small compared to the weight of the United States and the United Kingdom, which together with the big names in asset management (see BlackRock, Vanguard, State Street) have about 50% of the listed companies. However, the difference is the type of investment, which in the case of the French “partners” is mostly industrial, and therefore long-term, while in the case of the United States it is largely financial. France’s advance to conquer Italian companies (listed and unlisted) is a fact. In the past, the most eye-catching cases were Parmalat, Edison, and Bnl or the big luxury brands that moved to LVMH like Bulgari, Loro Piana and Fendi. In recent years, Vivendi’s business has caused concern, which in a short time acquired large stakes in the capital of Mediaset and Telecom. The last major operations included two big but friendly Italian entrepreneurship names: this is the case of Luxottica, now amalgamated into EssilorLuxottica, and FCA, and who became Stellantis after marrying Peugeot. The most recent, which has caused clamor and bewilderment among some politicians, was the October 2020 acquisition of the Italian stock exchange by Euronext, the company that controls the main European listings led by France, with Paris having significant weight in the shareholder structure through Caisse des Dépôts et Consignations. According to Maurizio Novelli, director of the Limanic Fund for Global Strategy in Switzerland, the problem is that “the French have a strategy, and Italy does not.” The “conquest” position adopted by the French cousins ​​”was reflected in the facts for several years: after the 2008 crisis, France implemented a targeted investment policy to buy Italian companies weakened by the crisis.” Recently, French radars have switched to smaller companies: for example, TLC Iliad’s entry into Unieuro’s capital with a 12% stake is significant, while Valtellina Creval’s bank may soon switch to Credit Agricole, if its takeover is successful. Shopping in French industry and business among Italian companies will not end anytime soon. Novelli notes that “the problem is that they do not have a targeted industrial policy,” and after the “Covid” emergency, “the French approach is expected to increase, especially if Italy goes through another period of economic weakness and entrepreneurs start to sell.” The Milan Stock Exchange traffic to Euronext should not change much: the trend is already underway. (Posted by Vitoria Vimercate)