Investors boost Ferrari and Poste – The joint appearance of Ferrari and Poste Italiane on the New York stock exchange continues to attract the attention of the world’s press, particularly because this week, both have achieved gratifying results from their respective listings.
The Prancing Horse, whose long awaited debut on Wall Street on October 21, closed with an impressive USD 52 per share, was of particular interest. On October 18, the headline in the Wall Street Journal read – Ferrari Revs Up for IPO* whilst on October 21, it was the price that featured in Spain’s Expansion – Ferrari sale a Bolsa a 52 dólares and it was that which placed the group towards the top of the leader board, as both the Wall Street Journal and the New York Times had explained just one day previously, their respective headlines stating – Ferrari IPO Prices at Top of Range* and – Ferrari Faithful Rev IPO Price to Top of Range*, however it was the overall value of Ferrari’s listing that featured in the October 20 edition of the Financial Times – Ferrari races to $9.8bn valuation in US IPO*.
The market responded positively to the first day of trading with stock rising by some 17% to achieve a closing price close to USD 60, prompting the Wall Street Journal to report, on October 21 – Ferrari Shares Jump on First Trading Day , and Bloomberg Businessweek to write, on the same day, – Ferrari Climbs in U.S. Debut After IPO Prices at High End, whilst Le Monde, also on October 21 said – Premier tour de piste pour Ferrari à Wall Street.
The foreign press also looked at other aspects of the story in some depth, with the New York Times explaining, on October 20, how Ferrari fans, undeterred by the high price, invested “with their hearts” – Like Its Cars, Ferrari Shares Won’t Come Cheap or Easily*, whilst some news agencies chose, on the same day, to remind readers of the history of Italy’s much-loved auto maker, with a piece by Reuters headed – Ferrari: from racing roots to Wall Street debut, and Bloomberg’s – A History of Ferrari in 60 Seconds.
As Ferrari cars – not shares – also achieved record prices in classic car auctions, as reported by the New York Times on October 19 – Historic 1956 Ferrari Race Car Could Bring $28M at Auction*, two days later, Les Echos did a piece on the financial strategies of the FCA group and its holding company Exor, controlled by the Agnelli family – Se diversifier, le mot d’ordre des Agnelli*.
Investors have also rewarded another Italian company that has decided to privatize, and the interest in Poste Italiane shares is significantly more than those currently available, as both Reuters and Les Echos, reported on October 17 and 20 respectively, under headlines – Demand for Poste Italiane sale more than two times shares on offer and L’IPO de la Poste italienne sursouscrite trois fois-sources*. The upshot of that interest is that the price of these shares, close to USD 7, is also at the upper end of the range, as described by Reuters, this time on October 21, in a piece entitled –Italy post office IPO price range narrowed – sources. London’s Financial Times, on the other hand, took a completely different tack in a piece, dated October 16, in which it compared the Italian group’s listing with its Japanese counterpart, both focusing on developing their financial products and services – Post offices: pushing the envelope*.
Investments at home and abroad – Other business news has also featured in the foreign press this week, especially from the world of fashion, with El Pais reporting, on October 17, about the relaunch of the Versace brand with the opening of its new shop in Madrid – Incombustible Versace, and the Financial Times, reporting on another Italian fashion icon, Gucci, with a piece on October 22 entitled – Gucci sets out on quest for better times and on the same day, Les Echos, featured leather goods company Furla and its increased sales, the result of its strategy to provide a range of “accessible luxury” items – L’italien Furla joue avec succès la carte du luxe accessible.
In other sectors, a piece in Reuters on October 16 set out details of an important “green deal”, between Enel Green Power and F2 – Enel Green Power, F2i sign photovoltaic JV agreement, whereas on the same day, The Times chose instead to feature Starbucks’ decision to try its luck in the land of real coffee- Starbucks at last ready to venture into Italy, the home of real coffee. Always on that day, the Financial Times ran a feature on a British entrepreneur and his Italian property venture in Le Marche – British businessman finds the ‘real Italy’ in Le Marche).
Culture and Tourism never fail to receive a mention in the world’s press, often overlapping and this week, on October 17, writing about the record prices achieved by works of contemporary Italian artists Bloomberg declared that “Italy is back” – Doig, Fontana, Burri Lead Christie’s $121.5 Million Frieze Sales, whilst, on October 21, a piece in The Times featured the avant-garde technology being used to search for the tomb of the Visigoth King Alaric in Calabria – Hi-tech hunt for Rome’s conqueror*.
The October 16 edition of the New York Times ran a feature on Fendi’s funding of the restoration of the Trevi Fountain – Fendi’s Roman Restoration*, and on the same day, Rome was also the focus of a piece in Spain’s El Pais that described how the culture and traditions of the ancient Romans could still help explain what is happening in the world today – La antigua Roma aún importa.
As to tourism, on October 15 the Wall Street Journal featured photos of Tuscan winery, the Tenuta di Petrolo portraying both its history and elements of its design – Tour Tuscany’s Tenuta di Petrolo Winery*, and on October 22 El Pais described a day spent in Verona – ‘Gelato’ con Julieta en Verona.
Food and Wine also got a look in, with the Washington Post featuring, on October 20, an Italian recipe for a nutty tart – Pine Nut and Sicilian Pistachio Tart, and two days later, Les Echos wrote of the “miracle” of how sales of Italy’s Prosecco now exceed those of France’s Champagne – Prosecco: ces petites bulles italiennes qui montent.
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