Società per azioni

Società per azioni (S.p.A. or SpA) is a form of corporation in Italy, meaning "company with shares" (although often translated as "joint-stock company", which may or may not be a limited liability entity). It is equivalent to S.A. or public limited company in other countries. However, S.p.A. has some differences from plc or S.A.

The other common form of corporation in Italy was società a responsabilità limitata (s.r.l.) (literally: limited liability company). S.p.A. issued shares (Italian: azioni), while in s.r.l. the unit was quote/stock of share capital. Moreover, the articles of association of s.r.l. allowed different allocation of profit and assets, which was more comparable to a limited partnership.[1]

Since 2016, banks are required to run as S.p.A. if their assets are more than a defined threshold.[2] This saw the blue chips of the FTSE MIB Index: Banco BPM, BPER Banca, UBI Banca, demutualized from s.c.p.a., s.c. a.r.l., or s.c. legal forms (respectively, co-operative company by shares, co-operative company with limited liabilities, and co-operative company).

See also

  • Aktiengesellschaft, the legal form of company in Germany, commonly used in the German translation of Italian companies in German-speaking autonomous regions

References

  1. ^ "A Review of Italian and UK Company Law" (PDF). ACCA. Retrieved 14 February 2017.
  2. ^ Italian Law №3 of 2015
ASA (automobile)

ASA (Autocostruzioni Società per Azioni) was an Italian automobile manufacturer active from 1961 to 1969, who is known for manufacturing the ASA 1000 GT. This car was developed by Ferrari engineers in the late 1950s as a less expensive, compact alternative to existing Ferrari GT cars. ASA used inline-four and straight-six engines derived from the "250" 3-litre V12 designed by Gioacchino Colombo. The chassis was developed Giotto Bizzarrini, and derived from the tubular frame of the 250 GTO.

The prototype that would become the ASA 1000 GT was first presented by Carrozzeria Bertone (Geneva 1961) under the name "Mille". Following this debut in late 1961, Enzo Ferrari decided to not sell the new car as a Ferrari and entrusted production to a close friend, Oronzio de Nora. The car was manufactured in Milan by a newly formed company called ASA (owned by the De Nora Electrochemical Group) from 1964 to 1969. The 1000 GT model was officially introduced in 1962, but due to production difficulties series production did not begin until 1964.

Banca Cassa di Risparmio di Savigliano

Banca Cassa di Risparmio di Savigliano S.p.A. is an Italian saving bank. The bank was based in Savigliano, in the Province of Cuneo, Piedmont.

Since the bank reforms in 1991, the bank was split into a società per azioni and a non-profit banking foundation. Cassa di Risparmio di Torino (Banca CRT) once became a minority shareholders of the bank. However, its successor, UniCredit sold their possession on Savigliano (31.006%), Bra (31.021%), Fossano (23.077%) and Saluzzo (31.019%) to Banca Popolare dell'Emilia Romagna for about €149 million. (which BPER paid €33.409 million for CR Savigliano's shares)

Banca Centropadana

Banca Centropadana Credito Cooperativo, Società Cooperativa is an Italian cooperative bank based in Guardamiglio, Lombardy. The bank was a member of Federazione Italiana delle Banche di Credito Cooperativo - Casse Rurali ed Artigiane (Federcasse) and Federazione Lombarda delle Banche di Credito Cooperativo (Lombard Co-operative Banks Federation, for 2.09%).In 2014 Banca Centropadana acquired some branches of Banca Farnese from Cassa di Risparmio di Ferrara.

In 2016, due to banking reform of BCC banks (Law N°49/2016), the bank joined a banking group. The reform allowed banks with more than €200 million shareholders' equity to join a banking group or demutualize, forming a società per azioni. Banca Centropadana chose to remain as a co-operative bank.

Banca del Monte di Foggia

Banca del Monte di Foggia S.p.A. also known as Banca del Monte "Domenico Siniscalco-Ceci" di Foggia in honor a sponsor , was an Italian regional bank based in Foggia, Apulia region.

Due to Legge Amato, the statutory corporation was split into a Società per Azioni and a banking foundation on 6 December 1994. The bank sector was sold in 1998 and absorbed into Banca della Campania on 28 December 2006, both as a subsidiary of Banca Popolare dell'Emilia Romagna. Fondazione Banca del Monte di Foggia, still acts as a charity organization.

Barilla Group

Barilla S.p.A. (Barilla G. e R. Fratelli Società per azioni) is an Italian food company.

Cassa di Risparmio di Bra

Cassa di Risparmio di Bra is an Italian regional bank. The bank was based in Bra, in the Province of Cuneo, Piedmont.

Due to Legge Amato, the bank was split into a società per azioni and a non-profit banking foundation on 20 December 1991 (gazetted on 18 January 1992). Cassa di Risparmio di Torino (Banca CRT) once became a minority shareholders of the bank. However its successor, UniCredit sold their possession on Bra (31.021%), Fossano (23.077%), Saluzzo (31.019%) and Savigliano (31.006%) to Banca Popolare dell'Emilia Romagna for about €149 million in 2006. (which BPER paid €32.827 million for CR Bra's shares) In February 2013, BPER acquired an additional 35.98% shares from the foundation for around €23.9 million. After the deal BPER owned 67% shares.

Cassa di Risparmio di Fossano

Cassa di Risparmio di Fossano is an Italian saving bank based in Fossano, in the Province of Cuneo, Piedmont.

Monte di Pietà di Fossano was found in 1591. In 1905 the bank was formed by the mount of piety. Since the bank reforms in 1991, the bank was split into a società per azioni and a non-profit banking foundation. Cassa di Risparmio di Torino (Banca CRT) once became a minority shareholders of the bank. However its successor, UniCredit, sold their possession on Fossano (23.077%), Bra (31.021%), Saluzzo (31.019%) and Savigliano (31.006%) to Banca Popolare dell'Emilia Romagna for about €149 million in 2006. (which BPER paid €36.898 million for CR Fossano's shares)

Cassa di Risparmio di Pisa

Cassa di Risparmio di Pisa is a former Italian saving bank and charity organization, based in Pisa, Tuscany. The bank was spin off into a banking foundation and a Società per Azioni in 1992.

The S.p.A. was acquired by Banca Popolare di Lodi, which was completely absorbed into its subsidiary the saving bank of Lucca in 2006. While the banking foundation, Ente Cassa di Risparmio di Pisa and then Fondazione Cassa di Risparmio di Pisa (currently Fondazione Pisa), still operates as a non-profit organization. The foundation also inherited the arts collection of the former bank.

Cassa di Risparmio di Reggio Emilia

Cassa di Risparmio di Reggio Emilia S.p.A. (Carire) was an Italian bank based in Reggio Emilia. The bank merged with Banca Popolare di Brescia in 1999.

According to Mediobanca, the bank was ranked 45th in terms of client deposits in 1998 (€1,905,209 thousands).

Cassa di Risparmio di Saluzzo

Cassa di Risparmio di Saluzzo is an Italian saving bank. The bank was based in Saluzzo, in the Province of Cuneo, Piedmont.

Since the bank reforms in 1991, the bank was split into a società per azioni and a non-profit banking foundation. Cassa di Risparmio di Torino (Banca CRT) once became a minority shareholders of the bank. However its successor, UniCredit sold their possession on Saluzzo (31.019%), Bra (31.021%), Fossano (23.077%) and Savigliano (31.006%) to Banca Popolare dell'Emilia Romagna for about €149 million in 2006. (which BPER paid €45.384 million for CR Saluzzo's shares)As at 31 December 2014 the foundation owned 66.98%, followed by BPER 31.019% and Argentario 2%.In 2016 a plan to purchase the controlling stake from the foundation was announced. It was part of a reform in banking foundation, forcing them to diversify investments. In December BPER purchased an additional 20% of the bank to completely privatized CR Saluzzo.

Cassa di Risparmio di Volterra

Cassa di Risparmio di Volterra S.p.A. is an Italian saving bank based in Volterra, in the Province of Pisa, Tuscany. The bank was owned by the banking foundation of the same name (Fondazione Cassa di Risparmio di Volterra) for 75% stake. Cassa di Risparmio di San Miniato owned 20% and Fondazione Cassa di Risparmio di San Miniato owned an additional 5% stake.

Cirio

Cirio S.p.A. (Cirio Società per Azioni) is a major Italian food company.

It was founded in 1856 in Turin, Italy.

They also sponsored S.S. Lazio from 1996-2000.

Fabio Perini S.p.A.

Fabio Perini S.p.A. is an Italian engineering company specialized in machine design and manufacturing of industrial machinery for the paper making industry and the tissue converting industry. Fabio Perini S.p.A. is part of the international technology group Körber, and belongs to its division Körber Process Solutions. The management holding of the Körber Group, Körber AG, is located in Hamburg, Germany.

Filippo Berio

Filippo Berio is a brand of olive oils exported from Italy and made of oil from Italy, Greece, Spain and Tunisia. The brand produces virgin, extra-virgin and 'mild and light' oils, as well as wine vinegar, balsamic vinegar, pesto and olives.A merchant named Filippo Berio first sold oil under his name in Italy in 1850. In 1919 his daughter Albertina, together with Giovanni Silvestrina and Dino Fontana, founded the Società per Azioni Lucchese Olii e Vini (SALOV). SALOV now has a large production facility in Massarosa, outside Lucca. The company is now majority owned by China's Bright Food.The Filippo Berio brand is exported worldwide to over 65 countries and is the market leader in the United States and the United Kingdom. In Italy, SALOV's brand is "Sagra".The brand obtained particular notoriety in 2007 due to its highly successful television advertising campaign with Gioacchino Rossini's famous Largo al Factotum (Figaro's Aria from The Barber of Seville) being sung with the substituted words "Filippo Berio, Filippo Berio, Filippo Berio, Filippo Berio, Filippo Berio, Filippo Berio, Filippo Berio Olive Oil".

Class action lawsuits were filed against the company in 2015 alleging that the Berio oil was not entitled to the ‘extra virgin’ label and was misleadingly labelled "Imported from Italy”, with the actual origins hidden in fine print.

Fondazione Banca Agricola Mantovana

Fondazione Banca Agricola Mantovana is an Italian charity organization based in Mantua, Lombardy. It was found by Banca Agricola Mantovana (BAM) and its parent company Banca Monte dei Paschi di Siena (Banca MPS) in 2000. BAM was transformed from a cooperative bank to a limited company (società per azioni) circa 1999–2000.

According to its by-law, BAM had to pay the foundation 2 billion lire (€1.033 million) annually. Since the bank was absorbed into Banca MPS in 2008, Banca MPS inherited the responsibility instead. However, Banca MPS refused to honor the contract. In 2015 the foundation seek arbitration for the non-payment for three years.In the past BAM had rights to name 5 directors, while other 4 directors were named by the comune of Mantua, the Province of Mantua and Accademia Nazionale Virgiliana.

Istituto Poligrafico e Zecca dello Stato

The Italian Istituto Poligrafico e Zecca dello Stato (IPZS) ('State Mint and Polygraphic Institute'), founded in 1928, is situated at the via Salaria 691 in Rome. As well as producing coins, passports, and postage stamps for Italy, it serves the micro-states of the Vatican City, San Marino, and the Sovereign Military Order of Malta. It also publishes books under the imprint Libreria dello Stato.

The O.C.V (Officina Carte Valori) and traditional productions factory, the multimedial production institute and the Mint are also located in the capital. Another factories are located in Verrès,Val d'Aosta and Foggia, Apulia.

Banknotes are produced by Bank of Italy.

In 2002, IPZS became a public limited company (società per azioni or SpA) with the Italian Ministry of Economy and Finance (Ministero dell'Economia e delle Finanze) as sole shareholder.

Metroweb Italia

Metroweb Italia S.p.A. (was known as F2i Reti TLC S.p.A., abb. of Fondi Italiani per le Infrastrutture Reti Telecomunicazione Società per Azioni) was an Italian holding company in fiber-optic. The company was a joint venture of F2i First Fund (53.83%) and CDP Equity (46.17% via FSI Investimenti S.p.A.), a private equity and a sovereign wealth fund respectively. In 2016 Enel acquired a stake in the company via Enel OpEn Fiber (EOF), with Cassa Depositi e Prestiti retained 50% stake in EOF.Metroweb Italia was the owner of F2i Metropolis S.p.A. which was an intermediate holding company of Metroweb. F2i Metropolis was revered merger with Metroweb on 1 January 2012. Intesa Sanpaolo was a minority shareholders of Metroweb Italia for 12.5% stake, but sold the shares to F2i for €20 million. After the transaction FSI formally subscribed the capital increase of Metroweb Italia, to become the new minority shareholders.

In October 2012 Metroweb Italia acquired the controlling interests (85%) in Genoese company Saster Net S.p.A, which was renamed to Metroweb Genova S.p.A..

In April 2015 a takeover bid from Telecom Italia was rejected.

Monte di Credito su Pegno di Vicenza

Monte di Credito su Pegno di Vicenza was an Italian bank based in Vicenza. It was originated as a mount of piety known as Monte di Pietà di Vicenza. Due to Legge Amato, the legal person of the bank spin off its banking business as a società per azioni in 1995, and sold the business to Cariverona Banca in 1996; the original legal person of the bank became Fondazione Monte di Pietà di Vicenza. The bank was known for its headquarters, Palazzo del Monte di Pietà in the Piazza dei Signori.

Società a responsabilità limitata

Società a responsabilità limitata (S.r.l.) is a kind of legal corporate entity in Italy, which literally means (but is not entirely equal to) limited liability company.

It has a similar form to società sportiva dilettantistica a responsabilità limitata (s.s.d. a r.l.) for amateur sports-related companies and their corresponding regulations: article 90 of the Italian Law №289 of 2002.Differing from società per azioni, S.r.l. may not issue shares that have par value, but only the quota (Italian: quote) or units of the share capital. Moreover, the articles of association of S.r.l. allowed different allocations of profits and assets, which was more comparable to a limited partnership.A fourth form of corporate entity, "società cooperativa a responsabilità limitata" (S.c.r.l. or S.c. a r.l.), was seen in the cooperatives of Italy.

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