Piaggio, IMMSI rise as passing of Chairman Colaninno spurs speculation
21/08/2023 10:50
** Shares of scooter maker Piaggio PIA.MI rise 2.5%,
paring earlier gains of as much as 5%, with a Milan-based trader
pointing to speculations on a possible divestiture after
Chairman, CEO Roberto Colaninno died on Saturday
** Colaninno was the main shareholder of the group with a
stake of about 50% of Piaggio's capital through his investment
company IMMSI IMSI.MI , which is up 4.6%
** The trader also underlines that Piaggio's business is
performing better than expected
** "This kind of news - although sad – have a positive
impact on the stock prices. Buy recommendation confirmed,"
brokerage Banca Akros says
** Brokerage Equita points out the commitment of the
Colaninno family to Piaggio, with the two sons Matteo, executive
vice-president, and Michele, board member and chief executive
for global strategy, product, marketing and innovation
** Including Monday's rise the Vespa scooter-maker stock has
gained 25.04% YTD
(Reporting by Romolo Tosiani, Claudia Cristoferi)
((Romolo.Tosiani@tr.com))