The share of Edenred, a prepaid services company which notably markets Ticket Restaurants, fell by more than 9% on Wednesday on the Paris Stock Exchange, after the publication in the Italian press of information referring to an investigation into fraud targeting the Italian branch. of the group. The Italian authorities indicated in a press release that they had seized 20 million euros in a case of “fraud at the expense of the State” and obstruction of public contract award procedures, without specifying the name of the targeted companies. The stock lost 9.37% to 51.08 euros around 1:10 p.m.
The share of Edenred, a prepaid services company which notably markets Ticket Restaurants, fell by more than 9% on Wednesday on the Paris Stock Exchange, penalized by an investigation into fraud targeting the Italian branch of the group. The French group indicated on Wednesday “that an investigation has been opened against Edenred Italia S.r.l. and certain of its directors and managers, relating to a public call for tenders launched in 2019”. This statement confirms information published by the Italian business media il Fatto Quotidiano and the Italian news agency Ansa. Around 1:30 p.m., Edenred shares lost 9.65%, to 50.92 euros.
The Italian authorities announced in a press release that they had seized 20 million euros in a case of “fraud at the expense of the State” and obstruction of a public contract award procedure, without specifying the names of the companies targeted. . “Edenred cannot comment while the legal investigation is ongoing, but is confident about the outcome of the procedure,” the group added in a press release.
The preliminary investigation by the Italian authorities concerns the call for tenders for the meal voucher service for public administration, a market estimated at 1.25 billion euros, which allegedly led to the “illegitimate award” of this market to a company. The publication of this information “explains the small burst of volatility that we are observing”, according to Lucas Excoffier, in charge of continental brokerage at Oddo BHF.
This event “brings back the concerns weighing on the regulatory aspects of meal vouchers,” he said. In 2019, the French Competition Authority imposed heavy fines of 414 million euros on the companies Edenred, Sodexo, Natixis Intertitres and Up, for an agreement relating to exchanges of information and a “locking” of the securities market. meal vouchers.
