Key Developments: Indesit Company SpA (IND.MI)

IND.MI on Milan Stock Exchange

10.90EUR
23 Jul 2014
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Latest Key Developments (Source: Significant Developments)

Indesit Company SpA says Whirlpool Corp completes first purchase of Indesit stock
Thursday, 17 Jul 2014 03:15pm EDT 

Indesit Company SpA:Says Whirlpool Corp announces that on July 17 it has completed the purchase of 4.4 percent of Indesit Company SpA shares from Claudia Merloni, as set out by the relevant agreement entered into on July 10.Whirlpool and Fineldo SpA announced on July 10 that Whirlpool, Fineldo and members of the Merloni family (among others, Claudia Merloni) entered into binding agreements for the acquisition by Whirlpool of shares representing a total of 66.8 percent of the voting stock of Indesit.Says the July 17 purchase is the first part of this transaction to close.Says the acquisition of the remaining shares, representing a majority stake of Indesit, is subject to judicial and antitrust approvals and is expected to close by the end of 2014 as indicated in the press release issued on July 10.  Full Article

Whirlpool Corp enters into agreements to acquire majority interest in Indesit Company SpA
Thursday, 10 Jul 2014 08:43pm EDT 

Whirlpool Corp:Enters into binding agreement for sale of Fineldo's stake in Indesit Company SpA.Says it has entered into binding share purchase agreements with members of Merloni family for their Indesit shares.Under these agreements, Whirlpool would acquire shares representing a total of 66.8 pct. of voting stock of Indesit.Says it currently intends to finance this transaction through cash on hand, together with private, domestic and international public debt financing, depending on the timing of closing and market conditions.Acquisition is expected to close by end of 2014.In this transaction, Whirlpool simultaneously entered into share purchase agreements with Fineldo for a 42.7 pct. stake in Indesit; certain members of Merloni family for 13.2 pct. stake in Indesit and Claudia Merloni for 4.4 pct. stake in Indesit.Total of 60.4 pct. of Indesit stock capital represents a 66.8 pct. voting stake in Indesit, in light of treasury shares held by Indesit.Purchase price under all three share purchase agreements is 11.00 euros / $15.06 per Indesit share, resulting in a total expected purchase price of 758 mln euros / $1.038 bln.Under Fineldo Agreement, however, purchase price is subject to a possible pre-closing downwards or upwards adjustment based on Indesit's consolidated average net debt and net working capital.  Full Article

CORRECTION OFFICIAL - Indesit Company SpA says no FY 2013 dividend on ordinary shares; proposes FY 2013 dividend on non-convertible savings shares
Friday, 21 Mar 2014 11:09am EDT 

CORRECTED TO READ ... dividend will be paid from May 22, with an ex-dividend date on May 19 and record date on May 21 ... instead of ... paid on May 15, with an ex-dividend date of May 15.Indesit Company SpA:Says, given the consolidated results posted in fiscal year 2013, the Board of Directors decided to put to the Shareholders’ Meeting a proposal for non-distribution of a dividend on ordinary shares.Says, in accordance with the company’s by-laws, a dividend of 0.045 euros will be paid on each non-convertible savings share.Said dividend will be paid from May 22, with an ex-dividend date on May 19 and record date on May 21.  Full Article

Indesit Company SpA Comments on FY 2013 Guidance-Reuters
Wednesday, 30 Oct 2013 07:17am EDT 

Reuters reported that Indesit Company SpA announced that for fiscal year 2013, it forecast sales of slightly over EUR 2.7 billion and profitability in line with the objectives already announced to the market. Indesit Company SpA also confirmed its objective of profitability before non-recurring charges between 3% and 3.3%. According to I/B/E/S Estimates, analysts on average are expecting the Company to report for fiscal year 2013 revenues of EUR 2,777.14 million.  Full Article

Indesit Company SpA Issues FY 2013 Revenues and EBIT Guidance Below Analysts' Estimates
Wednesday, 24 Jul 2013 07:21am EDT 

Indesit Company SpA announced that it has issued the Company's fiscal year 2013 revenues and EBIT guidance. The Company expects to report for fiscal year 2013 sales down 3-4% compared to fiscal year 2012 and an operating margin (adjusted EBIT) of approximately 3-3.3% of sales. According to I/B/E/S Estimates, analysts on an average are expecting the Company to report for fiscal year 2013 revenues of EUR 2,881.20 million, while for fiscal year 2012 the Company reported revenues of EUR 2,886.00 million, and EBIT for fiscal year 2013 of EUR 102.25 million.  Full Article

Indesit Company SpA To Cut One-Third Of Workforce In Italy-Reuters
Tuesday, 4 Jun 2013 12:28pm EDT 

Reuters reported that Indesit Company SpA plans to cut 1,425 jobs in Italy, one-third of its local workforce, as part of a turnaround plan, two trade unions said.  Full Article

Indesit Company SpA Presents Reorganization Plan
Tuesday, 4 Jun 2013 07:51am EDT 

Indesit Company SpA announced that on June 4, 2013 it has presented to the trade unions in Rome a plan to safeguard and rationalize Indesit Company’s organization in Italy. The Plan endorses Italy as the Company’s strategic centre and provides for action to boost the efficiency of its governance structures and the consolidation of its Italian operations as the powerhouse of Group training and research & development. The strategic mission of the Group’s three Italian industrial centres will be redesigned on the basis of a re-organization of production to be implemented over the period 2013-2016. Further investments of EUR 70 million are planned in Italy over the period 2014-2016: they will be channelled into product and process innovation, with a focus on containing water and energy consumption and on recyclability and digital technologies. The Plan will also involve a streamlining of the central management departments to make processes faster, more effective and with costs geared to this new and more competitive phase. Re-organization of the Group’s Italian operations, which employ around 4,300 people, will affect over 1,400 working positions (25 executives, 150 central office staff and 1,250 blue and white collars in factories). Talks have been opened with the trade unions to identify all possible and sustainable solutions to keep the employees involved in occupation through suitable use of welfare support.  Full Article

Indesit Company SpA Appoints New Chairman of Company
Monday, 6 May 2013 08:00pm EDT 

Indesit Company SpA announced that it has appointed Mr. Marco Milani new Chairman of the Board of the Company.  Full Article

Indesit Company SpA Launches EUR 300 Million Fixed Rate Bond
Monday, 22 Apr 2013 01:16pm EDT 

Indesit Company SpA announced that it has launched a fixed rate bond issue, with a tenor of five years for a total amount of EUR 300 million, following the March 21, 2013 Board resolution. The proceeds of the issue will be destined to support the ordinary activities of the Company, as well as to refinance the debt expiring in the coming years. The bond will be listed on the Luxembourg Stock Exchange. The placement, reserved to institutional investors, has been organized and led by Banca IMI, BNP Paribas, Citigroup, HSBC and UniCredit as Joint Lead Managers. Indesit has been supported by Studio Legale Gianni, Origoni, Grippo, Cappelli & Partners as legal advisor. The details of the bond issue include maturity date on April 26, 2018, annual coupon of 4.5% and re-offer price of 99.453.  Full Article

Indesit Company SpA to Consider Eurobond Issue
Friday, 12 Apr 2013 03:08am EDT 

Indesit Company SpA announced that it has mandated Banca IMI, BNP Paribas, Citigroup, HSBC and UniCredit to arrange a series of meetings with qualified investors commencing on April 16, 2013, in order to explore market conditions for a potential issue of Eurodenominated fixed rate notes up to a maximum nominal amount of EUR 350,000,000.00, with a maturity between five and seven years, to be listed on the Luxembourg Stock Exchange. The proceeds would be used to support Group’s general purposes and to refinance existing indebtedness with maturity within the next few years.  Full Article

RPT-Fitch Places Whirlpool's Ratings on Watch Negative

July 14 - (The following statement was released by the rating agency)

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