Italy - Factors to watch on June 22

Esprinet SpA

22/06/2020 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 .
    
    CORONAVIRUS
    Italy reported 24 deaths from COVID-19 on Sunday, compared
with 49 a day earlier, the Civil Protection Agency said, while
the daily tally of new cases stood at 224 from 262 on Saturday.
 urn:newsml:reuters.com:*:nS8N2AH031
    
    POLITICS
    Italy's budget deficit, currently projected to reach 10.4%
of domestic output this year, is likely to expand further as the
country tries to prop up the economy amid the coronavirus
pandemic, Prime Minister Giuseppe Conte said on Sunday. 
    Conte said a single ultra-fast broadband network, a push
towards digital payments and the transition to renewable energy
sources would be among the planks of a September plan to
relaunch the economy.  urn:newsml:reuters.com:*:nS8N2AH032
(*) Conte is considering cutting the value added tax (VAT) to
support consumption, several newspapers reported on Monday.
Economy Undersecretary Laura Castelli told La Repubblica that
the government could cut the tax starting from next year on
sectors more hit by the coronavirus including restaurants and
hotels.
        
    DEBT
    Treasury announces sale of CTZ and BTPei bonds, with
relative amounts to be auctioned on June 25.
    
    COMPANIES
    FTSE share indexes revision effective as of Monday: INWIT
 INWT.MI  and Interpump Group  ITPG.MI  to replace Salvatore
Ferragamo  SFER.MI  and BPER Banca  EMII.MI  in Italian
blue-chip index  .FTMIB  after a quarterly reshuffle.
    
    FIAT CHRYSLER  FCHA.MI 
    Italy is close to unveiling the approval of guarantees for a
6.3 billion euro ($7 billion) financing, two sources familiar
with the matter said, paving the way for the largest crisis loan
for a European carmaker.  urn:newsml:reuters.com:*:nL8N2DY09C
    If Fiat Chrysler or PSA-Peugeot should pull out of their
planned merger they would have to pay a penalty of 500 million
euros, Il Sole 24 Ore said on Saturday citing the Combination
Agreement. The amount would be 250 million euros if it were the
shareholders of the two groups to decide to stop the deal. A
March 31 deadline has been set for shareholders to approve the
merger so that the deal can be completed by June 30.          
    
    INTESA SANPAOLO  ISP.MI , UBI BANCA  UBI.MI 
    Italian market regulator Consob is expected to approve the
document for Intesa Sanpaolo's exchange offer for rival UBI
Banca in the course of next week after the bank submitted late
on Friday the investor prospectus following a final hearing with
Italy's antitrust authority, a person familiar with the matter
said on Saturday.  urn:newsml:reuters.com:*:nL8N2DX0HZ
    
    ATLANTIA  ATL.MI 
    The Italian infrastructure group is yet to submit a proposal
which the government can accept to solve an impasse over its
motorway concession but a decision on the matter must be taken
soon, Prime Minister Giuseppe Conte said on Sunday.  urn:newsml:reuters.com:*:nS8N2AH033
    The Benetton family has moved to July 21 a shareholder
meeting to renew the board of holding company Edizione because
it needs more time to find an accord on a new chief executive,
la Repubblica reported on Sunday.
    
(*) CATTOLICA  CASS.MI 
    Cattolica Chairman Paolo Bedoni told Corriere/L'Economia
that he hoped Warren Buffett would remain the insurer's key
shareholder and buy into the capital increase that should be
completed by autumn. The solvency ratio for the insurer
increased to 133% last week, he added.
    
(*) FILA  FILA.MI 
    Before the coronavirus crisis, the pencil maker was in talks
for a potential partnership in China and was also looking to
expand its business in India, the CEO of the group Massimo
Candela told La Repubblica/Affari & Finanza on Monday. The
health emergency has only slowed down those plans, he said.  

(*) DATALOGIC  DAL.MI 
    The group is cutting marketing and advertising costs but
will not scrap its plan to invest 70 million euros, CEO
Valentina Volta told Corriere/L'Economia on Monday.             
       
    
    ENI  ENI.MI  
    The Italian oil and gas group is weighing a sale of its
energy exploration and production assets in Pakistan after
operating in the country for about 20 years, people with
knowledge of the matter said, Bloomberg News reported on Friday.
   
    TELECOM ITALIA  TLIT.MI 
    The telecoms group's Brazilian subsidiary TIM Participacoes
SA  TIMP3.SA  said on Friday its board has approved an agreement
of conduct adjustment with local regulator Anatel that includes
around $120 million in spending to improve the quality of its
services and customers' experience.  urn:newsml:reuters.com:*:nL1N2DW1CC
    Telecom Italia wrote a letter to the Industry Ministry
saying it was ready to help bridge Italy's digital divide in the
next 15 months by rolling out fiber to the cabinet in rural
areas - areas where it's smaller rival Open Fiber won
state-backed tenders, La Repubblica said on Saturday. It also
said the group had a board meeting on June 25 where fiber
developments and a possible tie up with Open Fiber could be
discussed.
    Italy's Prime Minister has urged the CEOs of Enel and CDP to
reach a solution on the single broadband project, La Stampa
reported on Sunday, adding that Italy's Treasury opposed TIM's
plan for CDP to swap its 50% stake in Open Fiber with TIM shares
while Brussels opposed TIM's idea of maintaining control of the
network.
    PM Conte said on Sunday a single broadband network for the
country would be one of the plank of a plan to relaunch the
economy which the government is set to present in September.
        
    EXOR  EXOR.MI 
    The holding company of Italy's Agnelli family said on Friday
it had reopened for 200 million euros its October 2034 bond in a
private placement reserved for institutional investors, paying a
2.66% yield.  urn:newsml:reuters.com:*:nFWN2DW0GR
    
    SAFILO GROUP  SFLG.MI 
    The Italian eyewear maker said on Friday a licence agreement
with fashion house Max Mara would end in October, adding the
brand accounted for less than 2% of its 2019 sales.  urn:newsml:reuters.com:*:nFWN2DW02N
    
    ASSICURAZIONI GENERALI  GASI.MI 
    The insurer sees a resilient operating performance this
year, despite a likely drop versus 2019, with an expected
"low-to-mid" three-digit figure impact from COVID-19 on the 2020
operating income, which the market reads as a 300-500 million
euro hit, Il Sole 24 wrote on Sunday in its Letter to investors.

    MEDIOBANCA  MDBI.MI 
    The Italian investment bank said on Friday it launched a 60
million euro voluntary buyback offer on nine outstanding
certificates.  urn:newsml:reuters.com:*:nFWN2DW05G
    
    MEDIASET  MS.MI 
    In rejecting an appeal by France's Vivendi  VIV.PA  against
a previous ruling that cleared a planned reorganisation at
Mediaset, a Milan court has said Vivendi is in a position of
potential conflict with Mediaset and could have an interest in 
limiting Mediaset's international expansion, the Italian
broadcaster said on Friday.  urn:newsml:reuters.com:*:nNDLbtR7mC
    Phoenix Tower International has offered to buy the telecom
mast unit of Italy's EITowers for 550 million euros, a source
with knowledge of the matter said on Saturday.  urn:newsml:reuters.com:*:nL8N2DX0D3
       
    CAMPARI  CPRI.MI 
    Controlling shareholder Lagfin said on Saturday it would buy
between 28 and 32 million Campari shares on which investors have
exercised withdrawal rights as part of the group's plan to shift
its registered office from Italy to the Netherlands.
 urn:newsml:reuters.com:*:nL4N2DX07C 
    
    IREN  IREE.MI 
    The regional utility has won a tender to buy the waste
management unit of Unieco, a company under liquidation, for a
price of 90 million euros subject to adjustments, it said on
Friday.  urn:newsml:reuters.com:*:nFWN2DW05E
    
    ESPRINET  PRT.MI 
    The group said on Friday it had signed a binding agreement
to buy the entire capital of GTI Software y Networking through
its vehicle for Spanish operations Esprinet Iberica.
 urn:newsml:reuters.com:*:nBIA1bcjg8
    
    ALITALIA (unlisted)
    The ailing airline said on Friday it was being charged
higher fees by airports in Italy than its foreign competitors,
and the practice was hampering its recovery as the sector
emerges from the coronavirus crisis.  urn:newsml:reuters.com:*:nL8N2DW4GK
    
    
    Trade ex dividend: EXOR  EXOR.MI  of 0.43 euro per share;
LEONARDO  LDOF.MI  of 0.14 euro per share; POSTE ITALIANE
 PST.MI  of 0.309 euro per share as final 2019 dividend (0.154
euro per share as interim dividend on Nov. 18, 2019); SNAM
 SRG.MI  of 0.1426 euro per share as final dividend (0.095 euro
as interim 2019 dividend on Jan. 20, 2020); TELECOM ITALIA (TIM)
 TLIT.MI  of 0.01 euro per ordinary share and 0.0275 euro per
saving share; TERNA  TRN.MI  of 0.1653 euro per share as final
2019 dividend (0.0842 euro per share as interim dividend on Nov.
18, 2019); ACEA  ACE.MI  of 0.78 euro per share; IREN  IREE.MI 
of 0.0925 euro per share.
    
    DIARY
    Online conference on "Energy transition, relaunch or
braking? The future of the Italian electrical system" with ARERA
President Stefano Besseghini, Falck Renewables  AA4.MI  CEO Toni
Volpe, Terna  TRN.MI  representative Luca Marchisio (0900 GMT).
    algoWatt  ALW.MI  holds webconference on "Circular Economy
and Reclamation: an opportunity for growth in the context of the
'Green New Deal'" with Chairman and CEO Stefano Neri,
Environment Minister Undersecretary Roberto Morassut (0900 GMT).
    
    ((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/