Newlat Food jumps to all-time high after Intesa Sanpaolo almost doubles TP

Newprinces SpA

17/06/2024 16:17

** Shares in Italy's Newlat Food  NWLF.MI  rise almost 18%
to an all-time high of 11.56 euros ($12.38) after Intesa
Sanpaolo almost doubled the food group's TP to 14.8 euros and
reiterated its "buy" rating
    ** Newlat agreed in May to buy Britain's Princes for 700
million pounds ($887.11 million) and later said that the group
would achieve core earnings of $345 million in 2030 
    ** "We see the Princes' acquisition as a game changer for
Newlat, which is becoming a EUR 2.8Bn revenues player", Intesa
Sanpaolo says
    ** It sees room for synergies from purchasing, production
and commercial standpoint, on top of some costs and structure
savings
    ** The stock was automatically halted from trading at 1441
GMT after rising 17.8%, with volumes more than double their
30-day moving average
    ** Several institutional investors are bidding for the
stock, a company's spokesperson says
    ** Helikon Investments increased its stake in Newlat to over
6% on June 5, a filing by Italy's market watchdog Consob shows  
    ** Including Monday's rise, the stock has gained 47% YTD​

($1 = 0.9334 euros)
($1 = 0.7891 pounds)

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