Pirelli & C. S.p. A. is a multinational company based in Milan, listed on the Milan Stock Exchange since 1922, with a temporary privatization period by the consortium led by the Chinese state-owned enterprise ChemChina. The company is the 5th largest tyre manufacturer behind Bridgestone, Michelin and Goodyear, is focused on the consumer business, it is present in Europe, Latam, Nafta and C. I. S. Operating commercially in over 160 countries, it has 19 manufacturing sites in 13 countries and a network of around 14,600 distributors and retailers. Pirelli has been sponsoring sport competitions since 1907 and is the exclusive tyre supplier for the FIA Formula One World Championship for 2011–2023 and for the FIM World Superbike Championship. Pirelli's headquarters are located in Milan's Bicocca district. Pirelli is now a pure tyre manufacturing company. In the past it has been involved in fashion and operated in renewable energy and sustainable mobility. On October 4, 2017, Pirelli returned to the Milan Stock Exchange after focusing its business on pure consumer products and related services, separating the business of industrial tyre.
Pirelli has published its Pirelli Calendar since 1964, which has featured the contribution of famous photographers over the years like Helmut Newton, Steve McCurry, Peter Lindbergh, Richard Avedon, Bruce Weber, Herb Rits and Annie Leibovitz. Founded in Milan in 1872 by Giovanni Battista Pirelli, the company specialised in rubber and derivative processes and made scuba diving rebreathers. Thereafter, Pirelli's activities were focused on the production of tyres and cables. In 2005, Pirelli sold its cable division to Goldman Sachs, which changed the new group's name to Prysmian. In the 1950s, Alberto Pirelli commissioned the building of a skyscraper, Pirelli Tower, in the same Milanese area that housed the first Pirelli factory during the 19th century. In 1974, Pirelli invented the "wide radial tyre", upon a request from the Lancia rally racing team for a tyre strong enough to withstand the power of the new Lancia Stratos. At that time, racing tyres were either slick tyres made with the cross ply technique, or radial tyres, which were too narrow to withstand the Stratos' power and did not provide enough grip.
Both were unusable for the Lancia Stratos, as the radials were destroyed within 10 km, the slicks too stiff. Lancia asked Pirelli for a solution, in 1975 Pirelli created a wide tyre with a reduced sidewall height like a slick, but with a radial structure. Subsequently, Porsche started using the same tyres with the Porsche 911 Turbo. In 1988, Pirelli acquired the Armstrong Rubber Company, headquartered in New Haven, for $190 million. In 2000, Pirelli sold its terrestrial fibre optic cables business to Cisco and its optical components operations to Corning, for 5 billion euro, it invested - through Olimpia -part of the resulting liquidity to become a majority shareholder in Telecom Italia in 2001, maintaining this position until 2007. In 2002 the company started a range of Pirelli branded clothing and eyewear. In 2005, Pirelli sold its Cables, Energy Systems and Telecommunications assets to Goldman Sachs and the newly formed company was named Prysmian. In the same year, 2005, Pirelli opened its first tyre production plant in China.
This was the beginning of the group's production complex in the country. In 2006, Pirelli chose Slatina for its first tyre production plant in Romania, extending the facility in 2011. In 2010, Pirelli completed its conversion to a pure tyre company by selling Pirelli Broadband Solutions and spinning off the real estate assets of Pirelli Re. Fondazione Pirelli was established in the same year to safeguard and celebrate the company's past and to promote business culture as an integral part of Italy's national cultural assets. In March 2015, it was announced that Pirelli shareholders had accepted a €7.1 billion bid from ChemChina, together with Camfin and LTI, for the company. The transaction was completed and the company was delisted in November 2015. In May 2017, it was announced that Pirelli returns to the world of cycling with a new road cycling tyre range, Pzero Velo. In September 2017, the company announced the will to sell up to 40 percent of its equity capital in an initial public offering as it plans to return to the Milan stock exchange in October.
Pirelli is focused on the consumer business, producing tyres for cars and bicycles. PZero: tyres for ultra-high performance cars. Cinturato: tyres for high end cars. Winter: tyres for low temperatures and snow. Scorpion: tyres for SUV and cross-over Diablo: road and track tyres. Scorpion: road and off-road tyres. PZero Velo: road racing. Cycl-e: urban and electric; the list of Pirelli shareholders as of September 2018: The list of Pirelli Board of Directors: As of March 2016. *The performance takes into account, as well as the deconsolidation of Venezuela, a non-recurring fiscal impact of 107.6 million euro linked to the devaluation of active deferred taxation by the Parent Group as a consequence of Pirelli’s new financial status after its merger with Marco Polo Industrial Holding. The Pirelli Calendar is published annually, features famous actresses and fashion models; the calendar features the work of many of the most respected fashion photographers in the world, including Herb Ritz, Richard Avedon, Mert & Marcus, Peter Lindbergh, Annie Leibovitz, Patrick Demarchelier.
The Pirelli Internetional Award is given annually for the best international multimedia involving the communication of science and technology conducted on the Internet. "Power is nothing wit
Atlantia S.p. A. is an Italian holding company operating toll airports. It is a leading company in the world, active in the motorway, airport infrastructure and transport services sector, with an extensive presence in 16 countries; the group manages 14,000 kilometers of toll motorways and Ciampino airports in Italy and the three airstrips of Nice, Cannes-Mandelieu and Saint Tropez in France with more than 60 million passengers a year. It is a constituent of the FTSE MIB index; the main shareholders are: Edizione, GIC Pte Ltd, the CRT Foundation, Lazard Asset Management, HSBC Holdings. Founded in 1950 as Autostrade, when the company Concessioni e Autostrade S.p. A. was created, it aimed to give a significant contribution, cooperating with other Groups, to the post-war reconstruction of Italy. By the first agreement between ANAS signed in 1956, the companies were committed in co-financing and managing the Autostrada Del Sole, between Milan and Naples, inaugurated in 1964. Between 1962 and 1968, the Company was granted the concession for the construction and operation of other motorways.
In 1982 it was acquired by Italstat and in 1987 Autostrade Concessioni e Costruzioni S.p. A. was listed on Borsa Valori of Milan. In 1999 the Autostrade company was privatized; the consortium led by Schemaventotto S.p. A. and another one pulled by the Australian bank Macquarie, who retreated at last, were the other groups in the line. With the 30% of the capital, Schermaventotto S.p. A. takes over the IRI Group, the reference shareholder. They did the only binding purchase offer for the share package paying IRI € 5,050 billion. In January 2003 Newco28 made a tender offer, through a leveraged buyout operation: they found the liquidity necessary for the acquisition using the system credit and the debt was transferred from Newco28 to Autostrade, following a merger by incorporation. 2003 was marked by a massive reorganization of the group, the concession activities were separated from non-motorway activities and Autostrade per l'Italia S.p. A. A subsidiary of Autostrade, was established. During the 2005 a process of geographical diversification began with the acquisition of the management of 2,000 km of toll motorways in Brazil, Chile and Poland.
In 2007, the Board of Directors approved the change of name into Atlantia S.p. A. In 2013, the merger by incorporation of Gemina S.p. A. the majority shareholder of ADR into Atlantia, was concluded, with the consequent aggregation of a second core business in addition to the motorway concessions. Atlantia’s acquisition of Aéroports de la Côte d’Azur, the company that controls the airports of Nice, Cannes-Mandelieu and Saint Tropez, consolidated the Group’s presence in the airport sector. During the summer of 2017 Atlantia declared the intention to make a tender offer on all the issued shares of Abertis Infraestructuras, in October 2017 the Comision Nacional del Mercado de Valores authorized this. Just over a week the Hochtief – Acs Group launched a bid against the tender offer to acquire the Spanish company. In March 2018 Atlantia and Hochtief-Acs reached an agreement for a joint offer for the control of Abertis, finalized in October 2018. To acquire 98.7% of the capital of Abertis the parties invested 16,5 billion euros.
In March 2018 Atlantia S.p. A bought 15,49 % of the company that controls the Channel Tunnel. Edizione: 30,25% GIC Private Limited: 8,14% Fondazione Cassa di Risparmio di Torino: 5,06% Lazard Asset Management 5,02% HSBC: 4,96% Personal shares issue: 0,95% Free float: 45,63%Source: Consob, 31 December 2018 Autostrade per l'Italia S.p. A. Abertis Infraestructuras SA Aeroporti di Roma - ADR S.p. A. SPEA Engineering S.p. A. Pavimental S.p. A. Telepass S.p. A. Hochtief - Essen - 23,9% Getlink - Paris - 15,49% In 2016 the revenue reached 5,4 billion euros, Ebitda of 3,3 billion and cash flow 2,4 billion. Capitalization was 18,4 billion. In 2017, the group’s revenues reached 5,97 billion euros with an increase of 9%, Ebitda 3,6 billion euros, profit 1,1 billion. Cash flow capitalization of 21,7 billion. Toll revenues increased by 5% to 4.19 billion. In 2018, the group’s revenues reached 11 billion euros, Ebitda of 7,3 billion euros and net income of 818 million. Official website
Salvatore Ferragamo S.p.A.
Salvatore Ferragamo S.p. A. is an Italian luxury goods company, with headquarters in Italy. It specializes in shoes, leather goods, Swiss-made timepieces, ready-to-wear for men and women; the company watches. It is the parent company of the Ferragamo Group which employs about 4,000 persons and maintains a network of over 685 mono-brand stores, it runs operations in Italy and worldwide. Salvatore Ferragamo emigrated from southern Italy to the US, first to Boston and California in 1914, he opened the Hollywood Boot Shop in 1923 and made shoes for movie stars such as Joan Crawford and Gloria Swanson, as well as for films such as Cecil B. DeMille's feature film The Ten Commandments, he returned to Italy and set up a shoe shop in Florence in 1927. The current shoemaking company regards 1928 as the date of its foundation, it therefore celebrated its 80th anniversary in 2008. Salvatore Ferragamo filed for bankruptcy in 1933, during the Great Depression, but by 1938 he was in a position to buy the Palazzo Spini Feroni, one of the great palaces of Florence.
This houses a museum dedicated to Ferragamo's life and work. The company flourished after World War II, expanding the workforce to 700 craftsmen producing 350 pairs of handmade shoes a day. After Salvatore's death in 1960, his widow Wanda took over the running of the business and expanded its operations to include eyewear, belts, bags, a ready to wear clothing line; the company's majority owners remain the Ferragamo family, which in November 2006 included Salvatore's widow Wanda, five children, 23 grandchildren and other relatives. There is a rule that only three members of the family can work at the company, prompting fierce competition. To ease these tensions, in September 2006, the family announced a plan to float 48% of the company on the stock market, since October 2006 Michele Norsa has served as managing and general director. However, as of January 2008, this plan may be on put on hold in the midst of the downturn in the financial market. If the listing on the stock market proceeds, the fund will be directed towards building its positions in China.
The company is holding its 80th birthday exhibition in Shanghai. In 2011 the company was listed on the stock exchange; as of December 31, 2016, the Salvatore Ferragamo Group's retail network consisted of 402 directly operated stores, while the wholesale and travel retail channel included 281 third party operated stores, as well as presence in major department stores and high-end multi-brand specialty stores. As of 31 December 2017, the Group's Retail network counted on a total of 685 points of sales, including 410 Directly Operated Stores and 275 Third Party Operated Stores; as of 31 December 2018, the Group's Retail network counted on a total of 672 points of sales,including 409 Directly Operated Stores and 263 Third Party Operated Stores. On August 2, 2016 Eraldo Poletto was appointed as new CEO of the group. On March 8, 2017 conclusion of the relation with Poletto granted interim management powers to the Chairman, Ferruccio Ferragamo. On July 31, 2018 Micaela le Divelec is appointed as new CEO of the group.
Throughout its history, the company has been known for use of materials. Such ingenuity goes back to Salvatore's time in California, when he studied anatomy to make shoes which were more comfortable. Notable innovations include the wedge heel, the shell-shaped sole, the ‘invisible’ sandal, metal heels and soles, the 18-carat gold sandal, the sock-shoe, sculpture heels, the gloved arch shoe created for the Maharani of Cooch Behar in 1938. Metal-reinforced stiletto heels were made famous by Marilyn Monroe; the company is known for the ‘Gancini’ decoration, the ‘Vara’ patent ballet pump, the Salvatore bag and the use of patchwork. It makes eyewear and watches in partnership with Marchon and Timex Group. Salvatore worked with film celebrities from his earliest days in Hollywood. Clients over the years included Audrey Hepburn, Sophia Loren and Greta Garbo, as well as Andy Warhol, Lil Uzi Vert, Grace Mugabe and Diana, Princess of Wales; the company made Margaret Thatcher's famous handbags and for King Jigme Khesar Namgyal Wangchuck during the coronation on November 6, 2008 in Thimpu, Bhutan.
Wanda Ferragamo Miletti: has led the group since 1960, when her husband and founder of the company, died. She was Honorary Chairwoman until her death. Ferruccio Ferragamo: Chairman of the Company. Micaela Le Divelec Lemmi: CEO of Salvatore Ferragamo S.p. A. Giovanna Gentile Ferragamo: serves on the Boards of Directors of Salvatore Ferragamo S.p. A. Leonardo Ferragamo: since 2000, he has served as CEO of Palazzo Feroni Finanziaria S.p. A, the family’s holding company. Executive Vice President of Fondazione Ferragamo Massimo Ferragamo: he is Chairman of Ferragamo USA, the Ferragamo company that has handled the brand’s distribution in North America since the 1950s. James Ferragamo: is Vice-Chairman and Brand and Product Director of the Company Angelica Visconti: South Europe Director Diego di San Giuliano: Vice Chairman of the group’s holding company Ferragamo Finanziaria S.p. A.. November 2016 a new structure of the creative departements of the group with the entrance of Paul Andrew named Design Director of Women's Footwear, Fulvio Rigoni named Design director of Women's RTW, Guillame Meilland named Men's RTW Design director In October 2017 after the departure of Fulvio Rigoni, Paul Andrew is appointed Creative Director of the Women’s Collection.
In February 2019 Paul Andrew has been appointed Creative Director for all the Salvatore Ferragamo lines. Salvatore Ferragamo, the company's namesake and founder Official websi
Stock market index
A stock index or stock market index is a measurement of a section of the stock market. It is computed from the prices of selected stocks, it is a tool used by investors and financial managers to describe the market, to compare the return on specific investments. Two of the primary criteria of an index are that it is investable and transparent: the method of its construction should be clear. Many mutual funds and exchange-traded funds attempt to "track" an index with varying degrees of success; the difference between an index fund's performance and the index is called tracking error. Stock market indices may be classified in many ways. A'world' or'global' stock market index — such as the MSCI World or the S&P Global 100 — includes stocks from multiple regions. Regions may be defined geographically or by levels of income. A'national' index represents the performance of the stock market of a given nation—and by proxy, reflects investor sentiment on the state of its economy; the most quoted market indices are national indices composed of the stocks of large companies listed on a nation's largest stock exchanges, such as the American S&P 500, the Japanese Nikkei 225, the Indian NIFTY 50, the British FTSE 100.
Other indices may be regional, such as the FTSE Developed Europe Index or the FTSE Developed Asia Pacific Index. Indexes may be based on exchange, such as the NASDAQ-100 or NYSE US 100, or groups of exchanges, such as the Euronext 100 or OMX Nordic 40; the concept may be extended well beyond an exchange. The Wilshire 5000 Index, the original total market index, represents the stocks of nearly every publicly traded company in the United States, including all U. S. stocks traded on NASDAQ and American Stock Exchange. Russell Investment Group added to the family of indices by launching the Russel Global Index. More specialized indices exist tracking the performance of specific sectors of the market; some examples include the Wilshire US REIT which tracks more than 80 American real estate investment trusts and the Morgan Stanley Biotech Index which consists of 36 American firms in the biotechnology industry. Other indices may track companies of a certain size, a certain type of management, or more specialized criteria — one index published by Linux Weekly News tracks stocks of companies that sell products and services based on the Linux operating environment.
Some indices, such as the S&P 500, have multiple versions. These versions can differ based on how the index components are weighted and on how dividends are accounted for. For example, there are three versions of the S&P 500 index: price return, which only considers the price of the components, total return, which accounts for dividend reinvestment, net total return, which accounts for dividend reinvestment after the deduction of a withholding tax; as another example, the Wilshire 4500 and Wilshire 5000 indices have five versions each: full capitalization total return, full capitalization price, float-adjusted total return, float-adjusted price, equal weight. The difference between the full capitalization, float-adjusted, equal weight versions is in how index components are weighted. An index may be classified according to the method used to determine its price. In a price-weighted index such as the Dow Jones Industrial Average, NYSE Arca Major Market Index, the NYSE ARCA Tech 100 Index, the price of each component stock is the only consideration when determining the value of the index.
Thus, price movement of a single security will influence the value of the index though the dollar shift is less significant in a highly valued issue, moreover ignoring the relative size of the company as a whole. In contrast, a capitalization-weighted index such as the S&P 500 or Hang Seng Index factors in the size of the company. Thus, a small shift in the price of a large company will influence the value of the index. Traditionally, capitalization- or share-weighted indices all had a full weighting, i.e. all outstanding shares were included. Many of them have changed to a float-adjusted weighting which helps indexing. An equal-weighted index is one. For example, the Barron's 400 Index assigns an equal value of 0.25% to each of the 400 stocks included in the index, which together add up to the 100% whole. A modified capitalization-weighted index is a hybrid between capitalization weighting and equal weighting, it is similar to a capitalization weighting with one main difference: the largest stocks are capped to a percent of the weight of the total stock index and the excess weight will be redistributed amongst the stocks under that cap.
Moreover, in 2005, Standard & Poor's introduced the S&P Pure Growth Style Index and S&P Pure Value Style Index, attribute-weighted. That is, a stock's weight in the index is decided by the score it gets relative to the value attributes that define the criteria of a specific index, the same measure used to select the stocks in the first place. For these two indexes, a score is calculated for every stock, be it their growth score or the value score and accordingly they are weighted for the index. One argument for capitalization weighting is that investors must, in aggregate, hold a capitalization-weighted portfolio anyway; this gives the average return for all investors. Investors use theories such as modern portfolio theory to determine allocations; this considers risk and return and does not consider weights
STMicroelectronics is a French-Italian multinational electronics and semiconductor manufacturer headquartered in Geneva, Switzerland. It is called ST, it is Europe's largest semiconductor chip maker based on revenue. While STMicroelectronics corporate headquarters and the headquarters for EMEA region are based in Geneva, the holding company, STMicroelectronics N. V. is registered in Netherlands. The company's US headquarters is in Texas. Headquarters for the Asia-Pacific region is in Singapore whilst Japan and Korea operations are headquartered in Tokyo; the company headquarters for the Greater China region is in Shanghai. ST was formed in 1987 by the merger of two government-owned semiconductor companies: SGS Microelettronica of Italy and Thomson Semiconducteurs, the semiconductor arm of France's Thomson: SGS Microelettronica originated in 1972 from a previous merger of two companies: ATES, a vacuum tube and semiconductor maker headquartered in the Abruzzese city of l'Aquila, which in 1961 changed its name to Azienda Tecnica ed Elettronica del Sud and relocated its manufacturing plant to the outskirts of the Sicilian city of Catania Società Generale Semiconduttori.
Thomson Semiconducteurs was created in 1982 by the French government's widespread nationalisation of industries. It included: the semiconductor activities of the French electronics company Thomson. In 1985 it bought Mostek, a US company founded in 1969 as a spin-off of Texas Instruments, from UTC. Silec, founded in 1977. Eurotechnique founded in 1979 in Rousset, Bouches-du-Rhône as a joint-venture between Saint-Gobain of France and US-based National Semiconductor. EFCIS, founded in 1977. SESCOSEM, founded in 1969. At the time of the merger the company was named SGS-THOMSON but took its current name in May 1998 following Thomson’s sale of its shares. After its creation ST was ranked 14th among the top 20 semiconductor suppliers with sales of around US$850 million; the company has participated in the consolidation of the semiconductor industry since its formation, with acquisitions including: In 1989, British company Inmos known for its transputer microprocessors from parent Thorn EMI. In 1994, Canada-based Nortel's semiconductor activities.
In 2002, Alcatel's Microelectronics division, which along with the incorporation of smaller ventures such as UK company, Synad Ltd, helped the company expand into the Wireless-LAN market. In 2007, US-based Genesis Microchip. Genesis Microchip is known for their strength in video processing technology and has design centres located in Santa Clara, Taipei City, Taiwan R. O. C. and Bangalore. On December 8, 1994, the company completed its initial public offering on the Paris and New York stock exchanges. Owner Thomson SA sold its stake in the company in 1998 when the company listed on the Borsa Italiana in Milan. In 2002, Motorola and TSMC joined Philips in a new technology partnership; the Crolles2 Alliance was created with a new 12" wafer manufacturing facility located in Crolles. By 2005, ST was ranked fifth, behind Intel, Texas Instruments and Toshiba, but ahead of Infineon, Renesas, NEC, NXP, Freescale; the company was the largest European semiconductors supplier, ahead of Infineon and NXP. Early in 2007, NXP and Freescale decided to stop their participation in Crolles2 Alliance.
Under the terms of the agreement the Alliance came to an end on December 31, 2007. On May 22, 2007, ST and Intel created; this new company merged Intel Flash Memory activities. Semiconductor market consolidation continued with ST and NXP announcing on April 10, 2008, the creation of a new joint venture of their mobile activities, with ST owning 80% of the new company and NXP 20%; this joint venture began on August 20, 2008. On February 10, 2009, ST Ericsson, a joint venture bringing together ST-NXP Wireless and Ericsson Mobile Platforms, was established. In 2011, ST announced the creation of a joint lab with Sant'Anna School of Advanced Studies; the lab will focus on innovation in bio-robotics, smart systems and microelectronics. Past collaborations with Sant'Anna School of Advanced Studies included DustBot, a platform that integrated self-navigating "service robots" for waste collection. ST Ericsson was a multinational manufacturer of wireless products and semiconductors, supplying to mobile device manufacturers.
ST-Ericsson was a 50/50 joint venture of Ericsson and STMicroelectronics established on February 3, 2009, dissolved on August 2, 2013. Headquartered in Geneva, Switzerland, it was a fabless company, outsourcing semiconductor manufacturing to foundry companies; as of December 31, 2014, the shareholders were: 68.4% public 4.1% treasury shares 27.6% STMicroelectronics Holding B. V. 50% FT1CI 50% Ministero dell'Economia e delle Finanze of Italy Following an earlier failure, STMicroelectronics has stayed out of the volatile markets for DRAM and PC microprocessors. In 1994, it attempted to launch compatible Intel 80486 microprocessors in partnership with American company Cyrix. Only model one was completed, the 1995 Cyrix M1 microprocessor, intended to compete with Intel's Pentium family, it did achieve some success, however, in the PC-compatible x86 embedded systems market with its STPC SoC line, culminating in the 486-class STPC Atlas, which reached end-of-life in 2008. Unlike so-called fabless semiconducto
Poste Italiane S.p. A. is the Italian postal service provider. Besides providing postal services, Gruppo Poste Italiane offers integrated communication, postal savings products and financial services throughout Italy; the n.604 national law of 5 May 1862, created a national and centralized organization for postal service by the introduction of a unique general fee to pay for services, the postal stamps, among the whole territory of the newly formed kingdom of Italy. Subsequently, with the Royal Decree 5973 of 10 March 1889, the Directorate General of Posts and Telegraphs was separated from the Ministry of Public Works and thus turned into the Ministry of Posts and Telegraphs, it was commissioned to create a network of offices in Italy to forward and receive mail and telegrams, to make and receive telephone calls, to carry out financial transactions and assets management. It worked as branch offices for the nascent electric services for a time; the giro service, was founded in 1917. In 1924, during the Fascist period, the Ministry of Posts and Telegraphs was renamed Ministry of Communications becoming an important center of power.
The services network was expanded with the acquisition and implementation of new logistics facilities. New buildings in Functionalist style were built in the major cities. With the development of telephony and radio communication, the Ministry incorporated the State Company for Telephone Services and the nascent EIAR. In the early 90s, the Italian public administration and postal service were deemed irrecoverable in efficiency and profitability; the budget deficit increased personnel costs, which in 1986 absorbed about 93% of the current revenue. From 1970 to 1985 employees’ productivity was reduced by 24% at the expense of the quality of services provided, generating an more critical deficit situation. In 1994, in, the regular average of the delivered daily mail after dispatch was 80%, while in Italy the comparable statistic was less than 20%. In 1989, the average time for mail delivery was 8.5 days. They tried to contain the obvious gap in the quality of Italian postal service compared to the rest of Europe, with the n.487 Decree-Law of 1 December 1993, converted by n.71 law of 29 January 1994.
This led to a transformation of the Italian Post Office from an independent company to a public business, by achieving an additional step in SpA by 1996. The transformation process required the adoption of the production efficiency principle, the recovery of the quality of services and the economic and financial recovery by the management of the Italian Post Office; this led to the gradual reduction of the 4,500 billion lira deficit, in 1993, through specific policies to reduce production costs, through the increase in revenues from the sale of services to the PA and by a reordering of the tariff system, reaching in 2001 a net profit. In February 1998, the Ministry of the Treasury appointed Corrado Passera, as the CEO of the newly formed Italian Poste SpA; the business plan made by Corrado Passera from 1998 to 2002, created a staff cutting of 22,000 units. On the other hand, according to some trade union leaders, there was a casualization of contracts for new recruits, cases of widespread harassment and resignation for workload due to the excess of staff cuts.
The Solidarity Fund was used for saving on labor costs as well as lowering the average age of the staff. The last two years of missing contribution of the early-retired employees were paid by a deduction in payroll of the new employees for 10 years; the company offsets these losses replacing them by the recruitment of many under-24-years-old young workers, giving them a three-year apprenticeship contracts. In 2000, the Italian Post Office, through its subsidiary SDA Express Courier, acquired 20% of the share capital of the Bartolini company, making the Consortium Logistics and Parcels with the three major companies for the sorting of parcels in the country; this agreement was the subject of a challenge by the rival companies in court, but it ended in favor of the Consortium. Poste Italiane has adopted a control system to monitoring in real time all the post offices, the logistics network and the security of digital communications and transactions working with the Italian government, international agencies and research centers.
The importance of financial products and services such as the Postepay prepaid card, have been increasing in the last few years. Postepay, introduced first in 2003, achieved a great success among the youngest and maintaining first position at European level among pre-paid cards sector. In 2011, Poste Italiane acquired UniCredit MedioCredito Centrale for €136 million. On 16 May 2014, the Italian government approved the stakes sale of up to 40 percent in Poste Italiane; the company was forced to close 455 offices in 2015 due low profit, according to the Poste Italiane Spa CEO Francesco Caio’s decision. There would have been a total amount of 13000 postal offices in Italy in 2015. Ministry of Economy and Finance, which now owns 64.696% of Poste Italiane Spa, shared about 35% to Borsa Italiana. On 25 May 2016, a further 35% stake was transferred from the ministry to Cassa Depositi e Prestiti, making the minority shareholder of the national investment bank; this has given equity in stakes for Poste Italiane, but has diluted its voting rights in CDP.
One of the main business of the company was BancoPosta, a division within Poste italiane S.p. A. which provides postal savings services. Poste Vita and Poste A
Intesa Sanpaolo S.p. A. is an Italian banking group resulting from the merger of Banca Intesa and Sanpaolo IMI based in Torre Intesa Sanpaolo, Italy. In 2014 it was the largest banking group in Italy by market capitalization, second by total assets; the bank has experienced growth in the international market, focused in Central-Eastern Europe, the Middle East and North Africa. When it was formed in 2007 it overtook Unicredit Group as the largest bank in Italy with 13 million customers and US$690 billion worth of assets. By 2010 its assets had grown to US$877.66 billion, ranking 26th in Forbes Global 2000. The company is a component of the Euro Stoxx 50 stock market index. In August 2018, Intesa Sanpaolo launched. Banca Intesa and Sanpaolo IMI, the two banks that merged in 2007 to create Intesa Sanpaolo, were themselves the product of many mergers. Cariplo and Banco Ambrosiano Veneto merged in 1998 to form Banca Intesa; the following year Banca Commerciale Italiana joined the group. Sanpaolo IMI was born in 1998 following the merger of Istituto Bancario San Paolo di Torino, which specialized in retail banking, IMI, an investment bank.
The oldest part of the banking group is Cariplo Sp. A.. which traces its roots to Austrian Empire household savings bank Cassa di Risparmio delle Provincie Lombarde, established in 1823 in Milan. The cassa di risparmio was started by an Italian philanthropic group, the Central Committee of Charity. In the early 20th century the bank helped Italian companies in the North obtain capital during and after World Wars 1 and 2, chiefly under the guidance of Giordano Dell'Amore. Banking reforms in 1990 started by Giuliano Amato led to the restructuring/reorganization of banks by forcing the government to relinquish control of them. Cariplo SpA was formed in 1991 when Cassa di Risparmio delle Provincie Lombarde merged with its subsidiary IBI. Banco Ambrosiano Veneto originated with Nuovo Banco Ambrosiano and Banca Cattolica del Veneto which merged in 1989; the bank increased in size during the 1990s due to numerous acquisitions. Banca Commerciale Italiana started in 1894 as a corporate loans lender operating in the commercial industry of Northern Italy.
In 1994 Mediobanca purchased an interest in BCI. BCI tried to acquire Banco Ambrosiano Veneto the same year but was spurned by shareholders who wouldn't accept the US$1.13 billion offer. In 1999 Italy's largest bank Unicredit Group at the time, attempted a hostile takeover of BCI but failed due to Mediobanca's interest in the company BCI merged with the former Banca Ambrosiano and Cariplo in 1998 to form a financial institution renamed Banca Intesa in 2003. Sanpaolo IMI was formed in 1998 when Istituto Bancario San Paolo di Torino and Istituto Mobiliare Italiano merged, in a US 37.8 billion dollar deal. In January 2007, Banca Intesa and Sanpaolo IMI, two of the three largest bank of Italy merged; as part of the authorization of the merger, the Italian Competition Authority forbid Intesa Sanpaolo to open any new branches for two years in the provinces of Udine and Gorizia, provinces of Rovigo and Padua, Aosta Valley, provinces of Biella and Alessandria, Province of Bolzano, Province of Bologna, Province of Pavia, Province of Naples, Province of Imperia, provinces of Sassari and Cagliari, Province of Rieti, province of Terni, Province of Pesaro-Urbino, Province of Pescara and Province of Catanzaro.
The French banking group Crédit Agricole started to spin off from Intesa Sanpaolo, by acquiring Cariparma, FriulAdria in 2007 and Carispezia in 2011, as well as branches from Intesa Sanpaolo. In 2012, Crédit Agricole sold all the shares of Intesa Sanpaolo. In December 2007, Cassa di Risparmio di Biella e Vercelli was sold to Banca Monte dei Paschi di Siena for €399 million. In 2008, Intesa Sanpaolo acquired Banca CR Firenze. In December 2008, Cassa di Risparmio di Fano was sold to Credito Valtellinese. In 2009, group acquisitions included a 30% interest in business info company MF Honyvem, an increased stake in Alitalia – Compagnia Aerea Italiana up to 33.3% Even though the bank was rumoured to have been working with the government to keep Air France from acquiring a stake in Alitalia, Air France acquired 25%. Alitalia – Compagnia Aerea Italiana sold part of its stake in the airline to Etihad Airways in 2015. From 2012 to 2013, Intesa Sanpaolo write down the value of investment in Banca delle Marche for a total of €90 million, as well as €26 million for a minority stake in Cassa di Risparmio della Provincia di Chieti in 2014.
The shareholders of the banks was bail-in in the rescue plan in 2015. In 2014, Cassa di Risparmio di Venezia and Banca di Credito Sardo were absorbed into Intesa Sanpaolo; the 2014–17 business plan of the bank stated that the banking group would simplified their legal structure. In 2015, local banks Banca Monte Parma, Banca di Trento e Bolzano, Cassa di Risparmio di Civitavecchia, Cassa di Risparmio di Rieti and Cassa d