Italy - Factors to watch on April 9

Conafi SpA

09/04/2018 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
    The 5-Star Movement, which emerged as Italy's biggest party
after last month's vote, will propose an economic plan which
will keep the budget deficit near the level forecast for this
year by the outgoing centre-left government, its leader
said. urn:newsml:reuters.com:*:nL5N1RK06K
    As part of its economic plan, the 5-Star is looking into
issuing bonds using public real estate as guarantees in a bid to
cut public debt, Il Sole 24 Ore said on Sunday. 
    Italy's three main rightist parties on Sunday vowed to
present a united front in a fresh round of talks on forming a
new government next week, defying attempts by the
anti-establishment 5-Star Movement to divide them in coalition
negotiations. urn:newsml:reuters.com:*:nL8N1RL0RO    
    
    ECONOMY
    Bank of Italy releases March data on Target 2 liabilities
and European Central Bank funding to Italian banks.
    
    DEBT
    Treasury announces sale of BTP bonds, with relative amounts
to be auctioned on April 12.
    
    COMPANIES
    TELECOM ITALIA  TLIT.MI 
    Proxy adviser Glass Lewis has recommended Telecom Italia
investors back a proposal by activist fund Elliott to replace
six board members and shake up the way top shareholder Vivendi
runs the phone group, a document showed. urn:newsml:reuters.com:*:nL8N1RL066
    Board meeting to decide whether to take action after
statutory auditors accepted Elliott's additions for the agenda
of the April 24 board meeting.
    Deadline to submit slates for board candidates ahead of vote
at May 4 shareholder meeting. 
    Some lawyers believe that an outgoing board could not take
any extraordinary actions like the one being considered by the
directors at the meeting on Monday, Il Messaggero said on
Saturday. 
    CEO Amos Genish is due to meet with investors in New York
and London over the coming two weeks to convince them that if he
cannot count on majority backing in the future board for the
business plan he presented in March, the phone group will have
to look for another CEO, La Stampa said on Saturday. 
    Genish has given advisers UniCredit, Goldman Sachs and
Credit Suisse a mandate to amend the industrial plan presented
in March to incorporate some of Elliott's feedback and he hopes
to present that updated plan to foreign investors during the
planned roadshow, Il Messaggero said on Saturday.  
    Market regulator Consob is looking into whether there were
any irregularities in the Telecom Italia share dealings after
the news of CDP's plan to invest in the phone group came out, Il
Sole 24 Ore said on Saturday.  
    Apart from the six board candidates already proposed for a
vote in April, Elliott's slate for TIM's board will include the
names of Fiat Chrysler's Europe boss Alfredo Altavilla, former
Facebook and Vodafone manager Paola Bonomo, Lucia Morselli and
Marina Brogi, La Repubblica said on Sunday. 
    Industry Minister Carlo Calenda said in a tweet on Saturday
CDP's entry in TIM did not mean the state lender was taking
control of the company. Calenda added CDP's investment was meant
to protect an asset of strategic interest - the network - and
support a project to create a public company. 
    Telecom Italia is planning to ask Deputy Chairman Franco
Bernabe to put forward a motion at the April 24 meeting, calling
the proposals advanced by Elliott inadmissible, several papers
said over the weekend. The legal reasoning behind this motion is
that should Elliott's proposal be backed, it would result in a
board that wasn't chosen from slates proposed by shareholders
and would therefore be illegitimate, the papers added.
    Funds association Assogestioni will meet on Monday at 1600
GMT to decide whether to present a slate of board candidates for
the shareholder meeting on May 4, La Repubblica said on Sunday. 
    Elliott has filed a petition with market regulator Consob
questioning a plan by TIM's board to discuss whether to
challenge the auditors' decision regarding the April 24 meeting,
Il Sole 24 Ore said on Sunday. Another petition presented to
Consob regards the mass-resignations from the Vivendi-nominated
board directors, especially given that most of those directors
reappeared on Vivendi's slate ahead of the vote on May 4. 
    
    BANCO BPM  BAMI.MI 
    The lender is focused on completing the integration of the
merger plan that led to the creation of Italy's third-biggest
bank and does not plan to take part in further consolidation
until the end of 2019, Chief Executive Giuseppe Castagna
reiterated on Saturday. 
    The executive also repeated he expects good results this
year in terms of profits and bad loan disposals, which would
allow the bank to consider paying a dividend. 
    Enpam has raised its stake in Banco BPM to 1.3 percent, it
said on Saturday. The CrT foundation holds a stake of around 1
percent, sources close to the matter said. 
    
    FERRARI  RACE.MI 
    Ferrari's Sebastian Vettel held on by the skin of his teeth
to win a tense Bahrain Formula One Grand Prix in his 200th race
start on Sunday. urn:newsml:reuters.com:*:nL3N1RL0EU
    
    FIAT CHRYSLER  FCHA.MI  
    The Trump administration is considering ways to require
imported automobiles to meet stricter environmental standards in
order to protect U.S. carmakers, according to two sources
familiar with the administration's thinking. urn:newsml:reuters.com:*:nL2N1RJ1JL
    
    SAIPEM  SPMI.MI 
    The company said on Sunday market regulator Consob had
launched an administrative procedure against its board, CFO at
the time over alleged irregularities in its 2016 cash call
prospectus. urn:newsml:reuters.com:*:nL8N1RL0TU
    
    ASSICURAZIONI GENERALI  GASI.MI 
    CEO Philippe Donnet and CFO Luigi Lubelli attend lecture to
inaugurate a new academic post, the Generali Chair in Insurance
and Risk Management in Milan (1300 GMT).
    The holding company of Italy's Benetton family owns 3.05
percent in Generali and has completed its stake building in the
country's biggest insurer, Edizione holding said on Friday.
 urn:newsml:reuters.com:*:nI6N1R500R
    
    UBI BANCA  UBI.MI 
    The lender is studying potential merger options as the
sector consolidates, but its chairman said he would quit rather
than agree to a linkup with Monte dei Paschi di Siena  BMPS.MI .
 urn:newsml:reuters.com:*:nL5N1RJ3E9
    
    ERG  ERG.MI 
    The energy group has signed an agreement with Dutch Impax
New Energy Holding Cooperatief for the acquisition of two wind
farms and a development company, with a pipeline of 750 MW, in
France. The group said on Friday the transaction had a value of
57 million euros in terms of enterprise value.  
    
    BANCA IFIS  IF.MI 
    The bank plans to buy gross bad loans worth between 10 and
15 billion euros in the period between 2017 and 2019 and has
already completed the acquisition of 5 billion euros, CEO
Giovanni Bossi told journalists on Friday.
    
    BANCA FARMAFACTORING  BFF.MI 
    Trades ex-dividend of 0.492 euro per ordinary share.
    
    CERVED INFORMATION SOLUTIONS  CERV.MI 
    Annual and extraordinary shareholders' meetings (1230 GMT).
    
    CONAFI PRESTITO  COPR.MI 
    Board meeting on FY results.
    
    ((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/