Iren extends losses after CEO's arrest

Iren S.p.A.

08/05/2024 09:58

** Shares in Italy's Iren  IREE.MI  fall around 3%,
extending Tuesday's losses, with analysts flagging risk of
delaying its industrial plan after the arrest of chief executive
Paolo Emilio Signorini
    ** Iren's board on Tuesday temporarily revoked Signorini's
powers, following his arrest on corruption charges in relation
to his previous role as head of the Ports of Genoa Authority,
and assigned them to the group's Chairman and Deputy Chairman
    ** There was no immediate comment from representatives of
Signorini
    ** "This is clearly negative news," Akros says, but expects
proceedings to have a limited impact on the group's business
    ** The governance reshuffle may delay the issuance of Iren's
industrial plan, expected in the coming weeks, but should not
affect its strategy, Equita notes
    ** "We expect some weakness on the stock in the short term,"
Intesa Sanpaolo adds
    ** The stock was down 3% on Tuesday and including
Wednesday's fall, it has dropped 10% YTD​

 (Reporting by Alessandro Parodi)
 ((alessandro.parodi@thomsonreuters.com))