EUROCORP

Financial Morning News 22/04/2013

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 926.73 posting profits of 0.86%, in a turnover of €54.56mn.

After a meeting with the Development and Transport Minister Mr. Costis Hatzidakis, the France’s junior minister for transport and the maritime economy Mr. Frederic Cuvillier said that French companies are interested in Greek privatizations. Vinci, SNCF and Alstom are mainly interested in Greece’s regional airports, railway service operator TRAINOSE and the railway carriage maintenance and repair company Rosco, Cuvillier.

Corporate Impacts

  • Piraeus Bank: The Hellenic Financial Stability Fund approved Piraeus’s deal with the Portuguese owner of Millennium Bank, which will offer toward the share capital increase of Piraeus of €400mn. Please note that Piraeus has also absorbed the Greek subsidiary This means the Greek lender has amassed €570mn from the two deals, which exceeds the minimum private contribution of €533mn to its capital increase Piraeus needed to avoid being nationalized. The new goal for the management at Piraeus is to now draw an additional €170mn from the market so that it will not have to issue of convertible bonds (CoCos). Tomorrow, the bank will hold an extraordinary general meeting that will decide the details of its share capital increase.
  • OPAP: The state privatization fund (TAIPED) is set to open the offers today tabled by Emma Delta and Third Point for the state’s 33% stake in the company.
  • Intralot: The company denied being part of one of the two groups which bid for a stake in OPAP, being sold by the government.
  • NBG: Its EGM was postponed on Friday and as a result the bank will hold a second attempt on Wednesday on its €9.75bn recapitalization plan.
  • Technical

    FTSE 25 June future:

      Support levels: 305-300-294. Resistance levels: 314-320-326.

    General Index:

      Support levels: 910-903-880. Resistance levels: 936-950-975.

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