FTSE MIB FTSE Italia All-Share FTSE Italia Mid Cap FTSE Italia Small Cap FTSE AIM Italia
Borsa Italiana S.p.A., based in Milan, is Italy's only stock exchange. It manages and organises domestic market, regulating procedures for admission and listing of companies and intermediaries and supervising disclosures for listed companies.[2]
Following exchange privatisation in 1997, the Company was established and became effective since 2 January 1998.[3] It is now a subsidiary of the London Stock Exchange Group plc since 23 June 2007.[4]
In 2015, overall capitalisation for listed company on Borsa Italiana was worth €567.2 billion, representing 34.8% of Italian GDP.[5]
Borsa Italiana is also informally known as Piazza Affari ("Business Square"), after the city square of Milan where its headquarters (the Palazzo Mezzanotte building) is located.
Borsa Italiana is chaired by Andrea Sironi, and Raffaele Jerusalmi is the CEO. They are both directors of the London Stock Exchange Group.[6]
Borsa Italiana is regulated by the Commissione Nazionale per le Società e la Borsa (CONSOB), an agency of the Ministry of Economy and Finance, based in Rome.
The Borsa di commercio di Milano (Milan Stock Exchange) was established by Eugène de Beauharnais, viceroy of the Napoleonic Kingdom of Italy, through decrees dated 16 January and 6 February 1808.[7] It operated under public ownership until 1998, when it was privatized.[8]
In 1997, all the Italian stocks were merged. Before of this year other smaller stocks exchanges based in Naples, Turin, Trieste, Venice, Genoa, Florence, Bologna, Rome, and Palermo. In 1991 the electronic exchanges were approved and in 1994 the market with grida (A,B,C) was abolished. In Milan were also the currencies exchange rates fixing and the commodities fixing.[9]
On 1 October 2007, Borsa Italiana was merged with the London Stock Exchange in an all-share takeover,[10] thus becoming part of the London Stock Exchange Group. In March 2016, the London Stock Exchange Group announced the agreement to merge in an all-stock deal with Deutsche Borse, but was subsequently blocked by the EU Competition Regulator.[11]
Operations
Borsa Italiana acts as a market management firm operating with autonomy and flexibility. It organises and manages the domestic stock market along with Italian and international brokers through fully electronic trading system. Among its leading tasks, Borsa Italiana supervises listed companies, defining rules for admission and listings and supervising transaction activities.[12]
Trading hours
File:L.O.V.E. sculpture by Maurizio Cattelan in front of Milan Stock Exchange.jpgL.O.V.E. sculpture by Maurizio Cattelan in front of Milan Stock ExchangeThe exchange has pre-market sessions from 08:00am to 09:00am, normal trading sessions from 09:00am to 05:30pm and post-market sessions from 06:00pm to 08:30pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.[13]
Markets
Major trading markets for Borsa Italiana are:
MTA, the leading equity market, which is devoted to mid and large-size companies. It includes two segments: STAR, for mid-sized firms, and MTA International, on which shares from non-Italian issuers already listed on other European markets are traded;[14]
AIM Italia, which collects stocks by small and medium high-growth companies;[15]
MIV (Market For Investment Vehicles), on which retail and professional investors operates on investment vehicles which have a defined strategic vision;[16]
Borsa Italiana also include markets for derivatives (IDEM),[17] ETF (ETFPlus) and bonds (MOT).[18]
Tenaris S.A., organized in Luxembourg, is a manufacturer and supplier of steel pipes and related services for the petroleum industry. The company produces and ships over 4 million tons of pipes annually.[2] In 2023, 53% of the company's sales were to North America, 22% of sales were to South America, 18% of sales were to the Asia-Pacific, and 7% of sales were to Europe.[2]
The company owns 11.46% of Ternium, 3.96% of the share capital of Usiminas, and 22% of Techgen.[2]
The company is 60.45% owned by Techint, which is controlled by San Faustin S.A., which is in turn controlled by Rocca & Partners Stichting Administratiekantoor Aandelen San Faustin, a Stichting, while 38.41% of the company is publicly traded.[2]
History
Tenaris traces its roots to the formation of Siderca, the sole Argentine producer of seamless steel pipe products by the predecessor of San Faustin in 1948.[2] Tenaris was organized on December 17, 2001.[2]
In June 2006, the company acquired Maverick Tube for $3.185 billion.[3]
In September 2006, it sold 75% of Dalmine, its Italian energy supply business, to E.ON for €39 million.[4]
In 2007, the company acquired Hydril for $2.16 billion.[5][6] The pressure control business was sold to GE Oil and Gas in April 2008.[7]
In January 2020, the company acquired IPSCO Tubulars from OAO TMK for $1.2 billion.[8]
Controversies
Bribery settlement
In May 2011, Tenaris agreed to pay the United States Department of Justice US$8.9 million in the first ever deferred prosecution agreement with the U.S. Securities and Exchange Commission, after Tenaris voluntarily disclosed details of bribes made to officials of an Uzbek state-controlled oil firm to obtain competitor's bid information, which it used to submit revised bids in order to secure tenders.[9][10][11]
Violence at TenarisTamsa facility
On several occasions, melees broke out at the TenarisTamsa facility in Veracruz, Mexico, over a dispute for union leadership between Pascual Lagunes Ochoa and José Carlos Guevara Malpica ("El Profe"), a convicted felon. These melees have resulted in injuries and deaths.[12][13]
US$12.5[1] billion (2024)
