Italy's top commercial broadcaster Mediaset, controlled by the family of former Prime Minister Silvio Berlusconi, will press on with European expansion plans after agreeing a split with its second largest investor Vivendi.
Downgraded earnings outlook well below brokers’ outlook Shares sink 24% (Recasts throughout with share price reaction)
MELBOURNE, April 30 (Reuters) - Beach Energy slashed its reserves estimate and earnings outlook on Friday after oil production fell at its Western Flank field in South Australia, sending its shares tumbling by almost a quarter.
Beach’s market value plunged by A$935 million ($727 million) after the grim forecast, following a review of declining output at Western Flank, first flagged in February. The company also warned of an impairment charge and withdrew its five-year production outlook.
“It’s clear this was a pretty big risk for the company - what could come out of this review. It’s much more disappointing than the market had expected,” said JPMorgan analyst Mark Busuttil.
Indian shares were on track to snap four straight sessions of gains on Friday, as losses in banking stocks weighed on the indexes, while investors eyed earnings from Reliance Industries, the country's most valuable company, later in the day.
Shares of FTC Solar Inc jumped as much as 19% in their Nasdaq debut on Wednesday, driven by rising investor interest in companies expected to benefit from U.S. President Joe Biden's green energy initiatives.
By Reuters Staff
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MILAN, April 29 (Reuters) - Vivendi and Mediaset are working on the terms of a possible deal to end their years-long legal war, two sources close to the matter said on Thursday, as shares in the Italian broadcaster hit a 17-month high on the prospect of a truce.
The two media companies have been at loggerheads since 2016, when Vivendi walked away from a pay-TV deal and then built a 29% stake in Mediaset, which the Milanese group considers hostile.
A settlement with Vivendi would help Mediaset to pursue a plan it unveiled on Monday to move its legal headquarters to the Netherlands making it easier to build alliances with peers across Europe.