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Celsa’s Mistakes And Meloni’s Message Of Calm To The EU

The mistakes that weigh down Celsa’s future
Celsa’s debt holders have filed a pre-contest in court. They offer a restructuring plan that consists of reducing liabilities by 1,291 million in exchange for taking over 100% of the firm, which would mean the end of the Rubiralta family, the owner family, as shareholders. A situation that has been reached despite the fact that SEPI approved a rescue of 550 million for the company three months ago.

The problem is that the disbursement was subject to an agreement between Celsa and the creditors that has not been reached. Quite the contrary, the funds have waited for the entry into force of the new Bankruptcy Law, which allows this maneuver to strike a blow for which the company incomprehensibly had not prepared. This is the latest in a series of management errors in a company that, since 2017,

Meloni reassures the market and the EU
The stock markets have taken the landslide victory of the far-right leader Giorgia Meloni in Italy calmly, despite representing an unprecedented political turn in the country and the anti-EU messages of the next prime minister during the campaign.

The winner herself has now contributed to this calm in the market, who has qualified her radical speech, even asking for the help of Mario Draghi and his team to prepare the Budgets. All a sign of orthodoxy and that the challenge to the European institutions does not seem to be in Meloni’s plans. This is good news for the eurozone and for Italy, which will thus avoid the risk that her risk premium would entail if her government were to maintain conflicts with Brussels.

The diversification of the ‘family office’
The wealthiest families to the point of having to manage their assets through a family office only invest 47% in the stock market. The rest is devoted to fixed income (29%) and alternative investments. This diversification is a competitive advantage for these vehicles at a time like the present with equities subject to the highest volatility due to the war and the threat of recession. All in all, conservative management will prevent millionaires from getting more out of their investments when the stock markets normalize.

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