August 22, 2016 / 4:02 AM / a year ago

Italy - Factors to watch on Aug. 22

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 .

POLITICS

The leaders of Germany, France and Italy will meet on Monday to discuss how to keep the European project together in the second set of talks between the premiers of the euro zone’s three largest economies since Britain’s shock vote to leave the bloc. Italian Prime Minister Matteo Renzi hosts German Chancellor Angela Merkel and French President Francois Hollande on an island off the coast of Naples ahead of September’s EU summit called to discuss reverberations from the Brexit vote.

Italians will vote in new general elections in 2018 no matter how a referendum on constitutional reform turns out later this year, Renzi said on Sunday.

Italy can convince the European Commission to grant it further budget leeway if it presents new spending measures aimed at spurring corporate investments, Industry Minister Carlo Calenda was quoted as saying on Saturday.

Deputy Economy Minister Enrico Morando told Il Messaggero on Monday Italy could include in its next budget tax cuts that could kick in from 2018 adding the best option would be to target welfare contributions paid by companies.

COMPANIES

MEDIASET

The Italian broadcaster said on Friday it had asked a Milan court to enforce the agreed sale of its pay-TV arm to Vivendi , adding it risked losing 1.5 billion euros ($1.7 bln) if the French media group broke the contract.

Holding company Fininvest is expected to unveil by Tuesday a similar move, filing a court request for Vivendi to comply with the contract and pay damages related to the losses suffered by shares in its Mediaset unit, Il Sole 24 Ore reported on Saturday. The paper said the Berlusconi family still aimed for an accord though despite a failed rapprochement at the end of July.

Moves are under way to try and resolve the dispute, La Repubblica said on Sunday without citing sources. Vivendi could buy the whole of Mediaset Premium to then sell 77 percent to investors - including Mediaset itself and, probably, Telefonica - so as to avoid consolidating the loss-making unit in its accounts. Mediobanca is sounding out potential investors, the paper said. It said a telephone player would be a natural choice, citing SFR’s Patrick Drahi, Orange and Vimpelcom’s Mikhail Fridman.

The board meeting of Vivendi set for Thursday could give managers a mandate for new negotiations with Mediaset over the pay TV deal, La Stampa said on Sunday. The paper also added that a strong shareholder could be behind the 5 percent stake Lazard holds in Mediaset.

BANCA MONTE DEI PASCHI DI SIENA

The latest judicial probe into Monte dei Paschi is a procedural necessity but it could still damage Italy’s third-largest bank as it seeks to solve its financial woes, the lender’s chief executive said on Friday.

Italian Prime Minister Matteo Renzi said on Sunday he was not worried about the situation at Italian lender Banca Monte dei Paschi di Siena.

UBI BANCA, BANCA POPOLARE EMILIA ROMAGNA

A tender for the good assets of the four banks that were rescued from bankruptcy in November has been reopened, Il Sole 24 Ore reported on Saturday. UBI is looking at CariFe while BPER is studying the books of Banca Marche and Banca Etruria with a view to presenting possible bids in September.

EXOR

The holding company of the Agnelli family said switching its base to the Netherlands will make it easier to carry out acquisitions and raise funds in the future.

ENERGY

Industry Minister Carlo Calenda told la Repubblica on Saturday the government was working on measures to lower bills for companies in energy-intensive industries and redesign Italy’s energy production. The paper reported separately that the package should be presented by the end of the summer.

ENI

Eni CEO Claudio Descalzi confirmed on Saturday there were “advanced talks” under way to sell a stake in the Zohr gas field in Egypt, Il Sole 24 Ore said on Sunday, citing CEO comments at a conference.

(*) AUTOGRILL

Autogrill said on Monday its HMSHost subsidiary had finalised the $37 million acquisition of 16 restaurants at Los Angeles and Las Vegas airports, with expected annual revenues of $50 million in 2016.

(*) MOLMED

The biotech group said on Monday the European Commission had granted a conditional marketing authorisation to Zalmoxis, the first immunogene therapy for the treatment of adult patients with high risk haematological malignancies.

TELECOM ITALIA

The telecoms group is preparing to ditch an accord with state lender CDP to renovate a building complex in Rome’s EUR neighbourhood that would host Telecom Italia’s new headquarters, Il Messaggero wrote on Saturday. After the city revoked its authorisation for the project, Telecom has until Sept. 30 to pull out and sell its 50 percent stake to CDP, the paper said.

IPOs

U.S. investment firm Fortress is studying with Rothschild a possible stock market listing of DoBank, the bad loan management company it bought last year from UniCredit, which could take place in the second half of 2017, Corriere della Sera reported on Saturday.

Bourse After Hours market closed.

For Italian market data and news, click on codes in brackets:

20 biggest gainers (in percentage)............

20 biggest losers (in percentage).............

FTSE IT allshare index

FTSE Mib index........

FTSE Allstars index...

FTSE Mid Cap index....

Block trades..........

Stories on Italy...... IT-LEN

For pan-European market data and news, click on codes in brackets: European Equities speed guide................... FTSEurofirst 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurofirst 300 sectors................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Reuters survey of world bourse outlook......... Western European IPO diary.......................... European Asset Allocation........................ Reuters News at a Glance: Equities............... Main currency report:............................... ($1 = 0.8834 euros)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below