Prysmian still has upside potential, DB says

Prysmian (PRY) completed its $3.8B acquisition of Atkore, paying $95 per share. The company expects $150M in annual pretax synergies within three years and EPS accretion in the first full year. This deal expands Prysmian's offerings into integrated electrical solutions.

Atkore (ATKR) terminated two credit facilities and redeemed $400M in Senior Notes due 2031, paying 102.125% of principal plus interest. The moves follow its merger with Prysmian, simplifying financing and aligning capital structure.

Italy's FTSE MIB index fell 0.61% to 49,753.84 on 14 October 2026, driven by declines in Prysmian, banks, and higher bond yields. Avio surged 5.34% on a Lockheed Martin deal. The index is down 3.5% in the past month but up 11% year-to-date. Investors watch banking consolidation and rate outlook.

Rio Tinto plans to invest $1.5B to expand its AP60 smelter in Quebec, aiming to increase low-carbon aluminum production by 160,000 mt/year by 2026. The project is expected to reduce emissions by 290,000 mt annually. Aluminum prices are consolidating due to macroeconomic factors and post-holiday inventory buildup, according to SMM.

Prysmian is investing over $1 billion to expand its Catawba County, North Carolina facility in Claremont, adding 385 jobs, according to Governor Josh Stein. The expansion is expected to take 20-24 months and more than double U.S. fiber optic capacity, including glass preform and fiber, and increase cable production. Prysmian employs about 680 there.

Atkore (ATKR) shares jumped 28% after the company agreed to be acquired by Prysmian for $95.00 per share in cash, valuing the deal at about $3.8 billion versus trailing revenue of $2.87 billion (about 1.3x sales), according to the companies. Atkore has been selling noncore units and reported improved Q2 FY2026 results. Rights firms opened investigations into deal fairness.