Italy - Factors to watch on March 12
12/03/2018 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 leader of Italy's anti-establishment 5-Star Movement
Luigi Di Maio said on Friday his party was preparing economic
policy proposals for other parties as a way of finding common
ground to form a government after Sunday's inconclusive
election. urn:newsml:reuters.com:*:nL5N1QR17Y
On Saturday Di Maio said a government without the 5-Star
Movement would be an "insult to democracy" and that his party
was open to discuss with others to "carry out what Italians have
been waiting for 30 years", speaking on Facebook.
Italian Prime Minister Paolo Gentiloni said on Friday the
European Union would decide at its next meeting on a common
position in response to U.S. President Donald Trump's decision
to impose tariffs on steel and aluminium imports. urn:newsml:reuters.com:*:nR1N1NM02L
DEBT
Treasury sells 6.5 billion euros 12-month BOT bills.
Subscriptions close at 1000 GMT.
COMPANIES
TELECOM ITALIA (TIM) TLIT.MI
The phone group on Saturday issued the notice to convene an
ordinary shareholders' meeting for April 24. urn:newsml:reuters.com:*:nBIA3fBkC
Activist fund Elliott - which on Tuesday said it had taken a
stake in TIM - denied on Friday it intended to make TIM merge
its Brazilian business with rival Oi OIBR4.SA , adding it did
not have investments in Oi, the Financial Times reported.
Elliott may already hold just above 5 percent of TIM, Il
Sole 24 Ore reported on Saturday while on the same day la
Repubblica said the fund has invested some 800 million euros to
buy 4.9 percent of TIM's ordinary shares and 3 percent of its
savings shares.
Industry minister Carlo Calenda has sent TIM's CEO two
separate letters asking urgent clarifications over the company's
supplier contracts, fearing harsh conditions and the use of
foreign companies, the report added.
Elliott confronted TIM's CEO in London on Friday, contesting
several numbers in the recently presented industrial plan, la
Repubblica reported on Saturday, adding that TIM's controlling
shareholder Vivendi VIV.PA was ready to make some concessions
to Elliott but the fund stuck to its guns.
Deputy chairman Recchi is close to resigning and is
negotiating his severance package with the company, la
Repubblica reported on Saturday citing financial sources but
adding that TIM denied to comment.
In coming days Elliott will request the resignation of five
to seven board members, including chairman Arnaud de Puyfontaine
and CEO Amos Genish, seeking to replace them with Italian
candidates, Il Sole 24 Ore reported on Sunday.
The activist fund can already count on the support of big
funds who own TIM shares, as well as BlackRock's, which holds a
stake of almost 5 percent, reported il Messaggero on Sunday.
Both Il Sole 24 Ore and Il Messaggero said that Vivendi
could decide in mid-April to ask at least eight of its board
members to step down in order for the whole board to fall,
adding that in a new election Vivendi would get at least five
members on the new board given its 23.9 percent shareholding.
FIAT CHRYSLER FCHA.MI
Global automakers and vehicle suppliers are pressing the
Trump administration and U.S. Congress to exempt the European
Union and other allies from new steel and aluminum tariffs set
to take effect later this month, industry officials said on
Friday. A previously unreported letter sent to Trump by the
American Automotive Policy Council, representing General Motors
GM.N , Ford Motor F.N and Fiat Chrysler Automobiles NV
FCHA.MI , warned that the metals tariffs "will add significant
additional costs to the U.S. auto industry each year."
urn:newsml:reuters.com:*:nL2N1QR17U
ENI ENI.MI
Abu Dhabi National Oil Company (ADNOC) said on Sunday it had
signed 40-year agreements with Eni, awarding the Italian company
a 10 percent stake in its Umm Shaif and Nasr offshore oil
concession and a 5 percent stake in Lower Zakum. urn:newsml:reuters.com:*:nL8N1QT0K1
Eni said on Sunday it would sell a 10 percent stake in the
Shorouk concession in the Zohr gas field in Egypt, to Mubadala
Petroleum for $934 million. L8N1QT0QI
Ratings agency Moody's raised on Friday Eni's long-term
credit rating to 'A3' from 'Baa1', with a negative outlook.
urn:newsml:reuters.com:*:nMDY62KmxW
Turkish Cypriots will launch their own exploration for oil
and gas around Cyprus if Greek Cypriots persist with their own
plans, their foreign minister said on Friday. Several Cypriot
offshore blocks have been licensed to multinationals for oil and
gas exploration, but Eni abandoned a scheduled drill last month
because of the presence of Turkish military vessels.
ATLANTIA ATL.MI
If an agreement between the Italian group and Spain's ACS
ACS.MC can be found over their competing bids for Abertis
ABE.MC then it will be reached by March 15, when four months
will have passed since Hochtief - ACS's German arm - filed its
offer with the Spanish market regulator, il Sole 24 Ore reported
on Sunday. It added that a deal could see the two groups
splitting Abertis' assets, mainly in France and South America,
and managing them through a jointly-owned newco or with ACS
selling assets to Atlantia after gaining control of Abertis.
LEONARDO LDOF.MI
Britain agreed on Friday to finalise talks with Saudi Arabia
on a multi-billion pound order for 48 Typhoon aircraft, the
fighter plane's maker BAE Systems BAES.L said. The Eurofighter
Typhoon is a joint project between BAE, France's Airbus AIR.PA
and Leonardo. urn:newsml:reuters.com:*:nL5N1QR4C0
BANCA CARIGE CRGI.MI
The lender this year has the goal of reaching reach a profit
and selling about 1.4 billion euros of "unlikely to pay" and
non-performing loans said Chief Executive Paolo Fiorentino in an
interview to La Stampa reported on Sunday.
BPER BANCA EMII.MI
The lender's main investors - Unipol UNPI.MI , banking
foundations and private stakeholders - are in discussions over
the board's renewal but they are all due to support a single
"majority list" of candidates, and Pietro Ferrari is expected to
be appointed as Chairman, Il Sole 24 Ore reported on Sunday.
ASTALDI AST.MI
The construction group has revised its plan to raise funds
and is working with banks and advisers in order to launch a
bigger than expected 300 million euro capital increase, Il Sole
24 Ore reported on Saturday. The report added that two thirds of
the amount will be needed to cover the devaluation of the
company's Venezuelan assets.
AS ROMA ASR.MI
AS Roma captain Daniele De Rossi was among the scorers as
they beat mid-table Torino 3-0 in Serie A on Friday and boosted
their hopes of qualifying for next season's Champions League.
urn:newsml:reuters.com:*:nL5N1QR5UV
JUVENTUS FC JUVE.MI
Paulo Dybala scored in each half to give Juventus a 2-0 home
win over Udinese and put them top of Serie A on Sunday.
urn:newsml:reuters.com:*:nL3N1QT0AX
UNICREDIT CRDI.MI
Conversion of savings shares into ordinary shares effective
as of today.
SARAS SRS.MI
Board meeting on FY results (also on industrial plan)
followed by conference call (1500 GMT).
ITALGAS IG.MI
Board meeting on FY results followed by conference call
(1530 GMT).
ANIMA ANIM.MI
Annual general meeting (1030 GMT).
ENAV ENAV.MI
Board meeting on FY results.
CAD IT CAD.MI
Quarantacinque takeover bid on CAD IT shares starts; ends on
April 6.
Prelios PCRE.MI
Lavaredo Spa mandatory full takeover offer on Prelios shares
reopens, ends on March 16.
BIESSE BSS.MI
Board meeting on FY results.
CALTAGIRONE EDITORE CED.MI
Board meeting on FY results.
CIR CIRX.MI
Board meeting on FY results (0900 GMT).
COFIDE COFI.MI
Board meeting on FY results (1400 GMT).
FIERA MILANO FIMI.MI
Board meeting on FY results, followed by conference call
(1600 GMT).
GRUPPO MUTUIONLINE MOL.MI
Board meeting on FY results.
LVENTURE GROUP LVEN.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/