Italy - Factors to watch on Oct. 8
08/10/2018 05:00
The following factors could affect Italian markets on Monday.
Reuters has not verified the newspaper reports, and cannot
vouch for their accuracy. New items are marked with (*).
For a complete list of diary events in Italy please click on
IT/DIA .
POLITICS
Rome, Deputy Prime Minister and Interior Minister Matteo
Salvini and French far-right politician Marine Le Pen attend
conference on "Economic Growth and Social Prospects in a Europe
of Nations" (0830 GMT).
Germany on Sunday denied an Italian newspaper report that it
planned to fly migrants back to Italy, after the allegation drew
a threat from Italy's Interior Minister to refuse landing
permission to unauthorised planes carrying asylum
seekers. urn:newsml:reuters.com:*:nL8N1WN0QM
Prime Minister Giuseppe Conte will meet with Economy
Minister Giovanni Tria and deputy PMs Luigi di Maio and Matteo
Salvini on Tuesday to further discuss the budget plans, Il
Messaggero said on Monday.
ECONOMY
OECD releases August composite leading indicator (1000 GMT).
The European Commission will not interfere in Italy's budget
planning and assess the budget without bias but propose changes
if necessary, European Union Commission President Jean-Claude
Juncker told Austrian newspapers. urn:newsml:reuters.com:*:nL8N1WM04Y
The European Commission has told Italy it is concerned at
its budget deficit plans for the next three years since they
breach what the EU asked the country to do in July, but Rome
insisted on Saturday it would "not retreat" from its spending
plans. urn:newsml:reuters.com:*:nL8N1WM0IR
Deputy Prime Minister and 5-Star leader Luigi Di Maio
reiterated on Sunday that the government would not go back on
its budget plans, that there was no plan B and that no minister
reshuffle was planned, according to an interview with Corriere
della Sera.
DEBT
Treasury announces sale of BTP bonds, with relative amounts
to be auctioned on Oct. 11.
COMPANIES
MEDIASET MS.MI , EI TOWERS EIT.MI
Italian broadcaster Mediaset and infrastructure fund F2i
successfully took over Italian masts group EI Towers as
investors tendered shares equivalent to 97.45 percent of its
capital, preliminary data published by the Milan bourse showed.
urn:newsml:reuters.com:*:nI6N1VP02D
Mediaset will reap a capital gain of over 510 million euros
from the deal, several papers said on Saturday.
TELECOM ITALIA TLIT.MI , VIVENDI VIV.PA
Top shareholder Vivendi reaffirmed its support for Telecom
Italia's (TIM) Chief Executive Amos Genish, while accusing
activist fund Elliott of running a "rumour campaign" to
discredit him. urn:newsml:reuters.com:*:nL8N1WM0L9
TIM CEO Amos Genish said tensions between the company's
management, its board and shareholders were counterproductive,
but said he was committed to staying, according to an excerpt of
an interview with La Repubblica. Genish told the paper "greater
alignment between shareholders, management and the board were
needed" to support the company's growth. urn:newsml:reuters.com:*:nL8N1WN0RZ
The executive added that TIM is studying various options for
its operations in Brazil, but no final decision on potential
acquisitions has been taken. "We are examining potential
targets," he said.
Separately, a source familiar with the matter told Reuters
TIM had mandated Enrico Laghi, a business professor in Rome and
one of three administrators looking after struggling airline
Alitalia, to review the valuation of the phone group's assets.
Such review could result in a writedown of some of TIM's
infrastructure, including its copper and fiber networks, that
could weigh on its profits, La Repubblica said on Saturday.
MEDIASET MS.MI , VIVENDI VIV.PA
Vivendi's lawyers have contacted Mediaset seeking a
compromise to the companies' drawn-out legal dispute, La
Repubblica said on Saturday, reiterating rumours that have been
circulating this week. On Wednesday a Mediaset spokesman told
Reuters there had bee no contact between the two companies in
recent months, not even at lawyer level.
Mediaset is working with Chiomenti law firm on a project to
create a pan-European content group, also including Germany's
ProsiebenSat1 and France's Tf1, il Fatto Quotidiano said on
Sunday. The Dutch holding would allow the companies that join
the pan-European vehicle to maintain their operational autonomy,
the report added. Mediaset declined to comment on the article.
BANKS
Italy has no intention to put banks in difficulty and will
avoid measures that could worsen an already fragile situation,
Deputy Economy Minister Massimo Garavaglia told MF in an
interview published on Saturday.
ATLANTIA ATL.MI
Already between 2001 and 2003 Atlantia's unit Autostrade per
l'Italia was thinking about demolishing the Genoa bridge that
collapsed in August and had tasked a company to provide an
estimate for the cost and work necessary to do so, la Repubblica
said on Sunday.
Autostrade said on Sunday that any plans to demolish the
bridge back in 2001 were not related to any safety risks but
were discussed as part of the so-called Gronda project, meant to
strengthen and develop the motorway infrastructure around the
city of Genoa.
The government will anticipate the compensation to be paid
to the evacuees from the Genoa bridge disaster but will then ask
Autostrade to pay it back, Transport Minister Danilo Toninelli
told La Stampa in an interview on Sunday.
(*) ENEL ENEI.MI
Credit Suisse cut its target price on the stock to 6 euros
from 6.40 euros.
(*) LEONARDO LDOF.MI , FINCANTIERI FCT.MI , ENAV ENAV.MI
Italy and investment banks are looking at the so-called
Capricorn project, under which stakes in state-owned companies,
including Leonardo and ENAV, could be put under state-lender
CDP, Corriere della Sera's L'Economia insert said on Monday. The
project could also see the creation of a 'defense pool' under
CDP, including stakes in Leonardo and ship builder Fincantieri,
the paper said.
ENI ENI.MI
Algeria's state-owned oil and gas company Sonatrach will
launch offshore drilling with France's Total and Italy's ENI on
two sites in the east and west of Algeria at the start of 2019,
its chief executive said on Sunday. urn:newsml:reuters.com:*:nL8N1WN0NL
BANCA MONTE DEI PASCHI DI SIENA BMPS.MI
The lender has launched a process to sell a real estate
portfolio worth 500 million euros, Il Sole 24 Ore said on
Saturday. By Oct. 12 the bank's advisor PwC is also expecting
non-binding offers for a non-performing loan portfolio with a
nominal value of 2.4 billion euros, the paper added.
The bank has also launched a project, being advised by KPMG,
to shed 1.1 billion euros worth of unlikely-to-pay loans, in
which the likes of Bain Capital Credit and Cerberus are
interested, Il Sole said. Another portfolio of 420 million euros
of unlikely-to-pay loans has attracted offers in recent days
from Bain Capital Credit, Cerberus, Fortress and a consortium
made up of Aurora Recovery Capital and U.S. investor Farallon,
it added.
(*) AMPLIFON AMPF.MI
The company said on Monday it had signed a definitive
agreement for the acquisition of GAES Group from the Gasso
family and other minority shareholder. The equity value to be
paid in cash amounts to 528 million euros, it added.
FIAT CHRYSLER FCHA.MI
Fiat Chrysler's Cassino plant in Italy will stop production
of Giulietta model for the day of Oct. 8, labour union FIOM said
on Friday in a press release.
ASTALDI AST.MI
The Italian government is keeping an eye on the Astaldi
case, Deputy Transport Minister Edoardo Rixi was quoted as
saying by La Stampa on Saturday.
The builder's rescue plan could total 1.5 billion euros,
including a 400 million-euro capital increase, half of which
through a bond conversion, Il Sole 24 Ore said on Saturday.
LUXOTTICA LUX.MI
The Italian antitrust authority said on Friday it had opened
a probe into Luxottica's acquisition of sun lens maker
Barberini. urn:newsml:reuters.com:*:nI6N1VP02E
UNIPOL UNPI.MI , UNIPOLSAI US.MI
Insurer Unipol held 79.30 percent of UnipolSai US.MI as of
Sept. 28, a filing published by Italy's market watchdog showed
on Friday.
FULLSIX FUL.MI
Fullsix said on Friday it sold 100 percent in Fullsystem to
Telemetrica for 125,000 euros. urn:newsml:reuters.com:*:nFWN1WL0J9
M&A, ALITALIA
Italy is working on an extension of as much as six months to
a Dec. 15 deadline for Alitalia to repay a 900 million euro ($1
billion) loan meant to keep the airline afloat while it searches
for a buyer, a government source said on Saturday. urn:newsml:reuters.com:*:nL8N1WM0HU
Italy is working on an Alitalia rescue plan that would see
the state taking a stake of around 15 percent in the carrier
along with separate investments by state-owned firms such as
Ferrovie dello Stato and a foreign player, Il Sole 24 Ore said
on Sunday. urn:newsml:reuters.com:*:nL8N1WN0PT
A spokesman for the Industry Ministry said on Sunday it was
premature to discuss details of government plans for Alitalia,
adding more might be known the following week.
IPO, ILLY
The company plans to create by June next year a sub-holding
for its wine, tea and chocolate products, controlled by the
group, Corriere della Sera's L'Economia insert said on Monday,
adding a financial partner for the project will be sought before
it is listed on the stock market.
((Milan newsroom, +39 02 6612 9507, fax +39 02 801149,
milan.newsroom@news.reuters.com))
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
Block trades.......... .BLK.MI
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/