The Italian government opposes the CEO of STMicroelectronics , the economy minister said on Wednesday, as the Franco-Italian chipmaker faces a sustained downturn in its key automotive and industrial markets.

The supervisory board of STMicroelectronics NV backed Chief Executive Officer Jean-Marc Chery, one day after the Italian government publicly withdrew its support for the chipmaker’s management team.

STMicroelectronics (NYSE:STM) on Thursday said that accusations on the personal transactions made by the two members of the company’s managing board "on the eve of earnings releases are false." "Stock sales done during the company’s blackout period were made by the company’s stock plan administrator,

Prada has struck a deal to buy smaller rival Versace from Capri Holdings in a move to unite two of the biggest names in Italian fashion. The deal has an enterprise value of $1.375 billion, Prada said on Thursday.

Prada SpA agreed to buy Versace for about $1.38 billion in cash, strengthening its position as Italy’s largest fashion group by adding one of the luxury industry’s best-known brands.

The Prada Group announced a deal Thursday to buy Italy's Versace from the U.S. luxury group Capri Holdings under terms that value the fashion house at 1.25 billion euros ($1.4 billion). Prada said the addition of Versace's "highly recognizable aesthetic