Italy - Factors to watch on June 19
19/06/2017 07:50
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 .
COMPANIES
VENETO BANKS
Italy has ruled out the idea of winding down two struggling
lenders in the northern Veneto area, a source said on Sunday,
following a report Brussels was set to tell Rome it could not
use direct state support to rescue them. The report in Sunday's
La Stampa said the lenders' assets would be hived off into a
good bank and the sour loans placed in a bad bank urn:newsml:reuters.com:*:nL8N1JF0GG
The bad bank to be used could be the one set up for Banco di
Napoli or SGA, la Repubblica reported on Sunday.
Italy on Friday approved an emergency decree that will stop
Veneto Banca from having to repay 86 million euros of
subordinated bonds due to mature next week. L8N1JD1B9 The EU
approved the move.
A source familiar with the matter on Saturday confirmed
press reports that Rothschild would be hired by Italy's
government as an adviser over the two Veneto banks.
Corriere on Sunday said some of the lenders' assets could be
sold to reduce the amount of fresh private capital needed to
press ahead with a precautionary recapitalisation.
Potential investors have been given access to the two banks'
books for a quick due diligence, La Stampa and La Repubblica
reported. According to the latter Intesa may still put in alone
the full 1.2 billion euros of private capital needed as
UniCredit was having second thoughts about the plan.
MilanoFinanza said the bidding consortium was likely to comprise
3 or 4 big banks led by Intesa and UniCredit.
La Repubblica reported the government was considering
significantly boosting the endowment of a fund to support
layoffs in order to help the two banks cut staff.
MONTE DEI PASCHI DI SIENA BMPS.MI
Two U.S. private equity funds have quit talks to buy a
mountain of bad loans from ailing Italian lender Monte dei
Paschi di Siena, sources said on Friday, dealing a blow to plans
to secure a state bailout for the bank. urn:newsml:reuters.com:*:nL8N1JD3Z0
TELECOM ITALIA TLIT.MI , ENEL ENEI.MI
Telecom Italia will go ahead with plans to roll out an
ultrafast broadband network in rural or sparely populated areas
of Italy despite objections from the government, the phone
group's chief executive told a newspaper on Sunday. urn:newsml:reuters.com:*:nL8N1JF05A
Claudio De Vincenti, a cabinet minister and the head of an
ultra broadband committee, told Corriere della Sera on Saturday
that the government would claim damages from Telecom Italia if
the company did not drop a plan to build an ultra broadband
infrastructure in areas where it's not profitable after telling
the government that it was not going to invest in those areas
and forcing the State to step in.
Undersecretary Antonello Giacomelli told la Repubblica on
Saturday that he was convinced Telecom Italia would not press
ahead with the plan and that, if it did, the government would
have to assess damages caused to public interests and act
accordingly.
(*) ENEL ENEI.MI , OPEN FIBER
Open Fiber is in talks with around 15 banks for 4.5 billion
euros in project financing and expects to finalise an agreement
within two to three months, the company's Chief Executive
Tommaso Pompei told Corriere della Sera's L'Economia insert in
an interview. He dismissed suggestions that Open Fiber's project
may not be bankable, saying "banks are queuing up ... there is
liquidity around, there is appetite for infrastructure".
FIAT CHRYSLER FCHA.MI FCAU.N
FCA does not expect its diesel problems in the United States
to have an impact on its short-term business targets to 2018,
Chief Executive Sergio Marchionne said on Friday. urn:newsml:reuters.com:*:nL8N1JD2N3
U.S. regulators told Fiat Chrysler Automobiles in November
2015 that they suspected some of the automaker's vehicles were
equipped with secret software allowing them to violate emission
control standards, according to emails disclosed on
Friday. urn:newsml:reuters.com:*:nL1N1JD1CU
(*) Fiat Chrysler denied it had decided to pull the plug on the
Chrysler brand in Japan, after local media reported it was
planning to stop selling the U.S. cars in the country as early
as next year following years of poor sales. urn:newsml:reuters.com:*:nL3N1JG1NE
BANCA CARIGE CRGI.MI
The Italian bank said on Friday it had transferred gross bad
loans worth 938 million euros to a vehicle that would sell them
on to investors repackaged as securities. urn:newsml:reuters.com:*:nL8N1JD4Y2
The bank is likely to name former UniCredit top executive
Paolo Fiorentino as its next CEO, Il Messaggero reported on
Saturday.
(*) The bank will appoint a new chief executive "within days"
and definitely before the end of the month, Carige's Chairman
Giuseppe Tesauro was quoted on Monday as saying by la Repubblica
Affari & Finanza.
MEDIASET MS.MI
The broadcaster would be able to buy up to 10 percent of its
own capital without triggering a mandatory bid by top
shareholder Fininvest if shareholders representing at least 10
percent of Mediaset's floating share capital attend a June 28
general meeting and at least half of them vote in favour of the
treasury share buyback, Il Sole 24 Ore reported on Saturday.
Vivendi will present on Monday to Italy's telecommunications
authority its plan to fix its dominant position in the country's
telecoms sector, Il Sole said.
(*) SALVATORE FERRAGAMO SFER.MI
The Ferragamo family will unveil by autumn an agreement that
sets rules such as the maximum number of family members that can
work in the company.
(*) CREDITO EMILIANO EMBI.MI
General Manager Nazzareno Gregori told la Repubblica Affari
& Finanza on Monday that Credem would be ready to consider an
acquisition but added there were very few interesting assets on
the market.
ATLANTIA ATL.MI
La Stampa on Saturday quoted a Spanish government source as
saying the Atlantia-Abertis deal should be different from Enel's
takeover of Endesa which handed control of a strategic group to
an Italian company that did not invest further in Spain. The
paper said Atlantia would be ready to keep the group's
headquarters in Barcelona.
INTESA SANPAOLO ISP.MI
The bank's board will meet over the new business plan on
Tuesday and the plan will "almost certainly" be approved in
January, Il Messaggero reported on Saturday.
CATTOLICA ASSICURAZIONI CASS.MI
The Italian insurer said on Friday police searched the
company and made a seizure in relation to a judicial case
involving at least one executive and one contractor.
urn:newsml:reuters.com:*:nI6N1J600H
UNICREDIT CRDI.MI
Mediobanca's MB Credit Solution said on Friday it bought 450
million euros in bad loans from Italy's top bank UniCredit.
urn:newsml:reuters.com:*:nI6N1J600D
((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/
Keywords: ITALY FACTORS/JUNE 19