Italy - Factors to watch on June 12
Italy - Factors to watch on June 12 The following factors could affect Italian markets on Friday.
Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).
POLITICS, DEFENCE
Italy will ramp up its official defence budget this year, but NATO allies should rethink military priorities as warfare is transformed by drones, satellites and data, Prime Minister Giorgia Meloni told parliament on Thursday.
DEBT
Treasury to announce the minimum guaranteed coupon on its BTP Italia Si' bond for retail investors.
COMPANIES
UNICREDIT CRDI.MI
Market take-up of the buyout offer for Germany's Commerzbank CBKG.DE reached 11.2% as of 1200 GMT on Thursday, the Italian lender said in a statement.
UniCredit's Russian subsidiary is closing one of its offices in Moscow, leaving only one full-service branch in the Russian capital, the lender said on Thursday.
INTESA SANPAOLO ISP.MI, MONTE DEI PASCHI (MPS) BMPS.MI, BPER EMII.MI
Moody's Ratings said on Thursday that Intesa's offer for MPS is unlikely to have immediate rating implications, but the ensuing merger of a carved-out part of MPS with BPER, as envisaged by Intesa, poses executions risks.
(*) A board meeting at MPS, to formally review Intesa's bid and Banco BPM's formal proposal, is scheduled for June 22 but could be brought forward to next week, MF daily wrote on Friday.
(*) Banco BPM could consider a counterbid for MPS with potential backing from UniCredit, although the deal would be complex and costly, requiring over €30 billion, La Stampa reported on Friday, adding that UniCredit could support the move in exchange for selected northern branches and possible governance advantages, including a say over Generali's life business.
(*) Banco BPM could hold a board meeting on Tuesday, several newspapers reported.
(*) MPS sharheolder Pierluigi Tortora, who holds a 1.2% stake, told Corriere della Sera in an interview published on Friday that it is too early to assess Intesa's bid for MPS as "many elements are still missing". "I am not negative a priori", he said, adding that he had not yet decided whether to tender his shares.
INTESA SANPAOLO, GENERALI GASI.MI
Intesa holds 3.127% of the insurer as of June 8, market watchdog Consob said in a filing on Thursday.
(*) STELLANTIS STLAM.MI
In proposals submitted to European parliamentarians and policymakers on Friday, Renault RENA.PA, Stellantis and Volkswagen VOWG.DE called for a clear framework for "Made in Europe" manufacturing targets, the FT reported on Friday.
(*) FINCANTIERI FCT.MI, LEONARDO LDOF.MI
Orizzonti Sistemi Navali, a joint venture between Fincantieri and Leonardo, is set to appoint former Navy chief Enrico Credendino as chairman, replacing Carlo Gualdaroni, while CEO Giovanni Sorrentino is expected to be confirmed, Milano Finanza reported on Friday.
(*) FERRETTI YACHT.MI, ITALIAN SEA GROUP TISGR.MI
The Italian yacht maker said on Thursday it is not in negotiations with troubled rival Italian Sea Group nor with any of its shareholders, denying a previous report by Bloomberg.
PIRELLI PIRC.MI
Pirelli will continue as Formula One's sole tyre supplier until the end of 2028 after a mutual agreement between all parties, the governing FIA announced on Thursday.
DIARY
Manduria, "Forum in Masseria" event begins, Kering PRTP.PA CEO Luca De Meo (1500 GMT) and Banca Ifis IF.MI Chair Ernesto Furstenberg (1400 GMT) among the participants.
Rome, Villa Pamphilj, Prime Minister Giorgia Meloni meets South Korea President Lee Jae Myung (1030 GMT).
For Italian market data and news, click on codes in
brackets:
20 biggest gainers (in percentage).............PG.MI
20 biggest losers (in percentage)..............PL.MI
FTSE IT allshare index .FTITLMS
FTSE Mib index........ .FTMIB
FTSE Allstars index... .FTSTAR
FTSE Mid Cap index.... .FTITMC
Stories on Italy...... IT-LEN
For pan-European market data and news, click on codes in
brackets:
European Equities speed guide...................EUR/EQUITY
FTSEurofirst 300 index...............................FTEU3
DJ STOXX index.......................................STOXX
Top 10 STOXX sectors............................PGL.STOXXS
Top 10 EUROSTOXX sectors.......................PGL.STOXXES
Top 10 Eurofirst 300 sectors....................PGL.FTEU3S
Top 25 European pct gainers........................PG.PEUR
Top 25 European pct losers.........................PL.PEUR
Main stock markets:
Dow Jones................DJI Wall Street report ......N
Nikkei 225..............N225 Tokyo report.............T
FTSE 100................FTSE London report............L
Xetra DAX..............GDAXI Frankfurt market stories.F
CAC-40..................FCHI Paris market stories....PA
World Indices.....................................0#.INDEX
Reuters survey of world bourse outlook.........EQUITYPOLL1
Western European IPO diary..........................WEUIPO
European Asset Allocation........................EUR/ASSET
Reuters News at a Glance: Equities...............TOP/EQE
Main currency report:...............................FRX/