May 31, 2017 / 4:02 AM / 4 months ago

Italy - Factors to watch on May 31

The following factors could affect Italian markets on Wednesday.

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

Former Prime Minister Matteo Renzi said on Tuesday that Italy’s largest parties agree on the need for a proportional representation electoral system and that a law to adapt it should be enacted in the first week of July.

Rome, Montenegrin EU Affairs Minister Aleksandar Andrija Pejovic informally speaks before Senate EU Policies Committee (1100 GMT).

ECONOMY

Bank of Italy governor Ignazio Visco gives annual speech.

ISTAT releases April unemployment rate data (0800 GMT) and May flash CPI and HICP data (0900 GMT).

Reuters releases May asset allocation poll (1100 GMT).

COMPANIES

BANKING SECTOR

Italy’s Banca Popolare di Vicenza and Veneto Banca may be wound down if a deal cannot be reached next month on granting the banks state aid, a European Union official said.

Italian banking fund Atlante on Tuesday rejected a request for additional cash by two ailing Veneto-based lenders, saying the conditions were not in place for any further investment in the two banks. (*) The treasury is studying an alternative plan to rescue the two banks under which Popolare di Vicenza would ask for a precautionary recapitalisation alone, while Veneto Banca would be merged with Monte dei Paschi, Il Messaggero said. The newspaper said the treasury is sounding out investors in the Veneto region and private equity firms to inject money in the two lenders.

(*) POSTE ITALIANE

Poste Chairman Maria Bianca Farina told Italian newswire ANSA on Tuesday that she does not exclude to invest more money in Atlante bank fund after Poste insurance division put 260 million euros in the fund last year. Poste Italiane said it was not in a position to confirm the comment.

BANCA CARIGE

The lender said on Tuesday its board approved the sale of a 940 million euro bad loan portfolio, using GACS state guarantee on the senior tranche, and that its top investor Vittorio Malacalza had written a letter criticising the actions of the bank’s CEO and CFO. (*) There is the possibility that CEO Guido Bastianini may voluntarily decide to resign before the board meeting of June 9, which will evaluate whether to revoke the CEO’s powers upon request of top investor and deputy chairman Vittorio Malacalza, La Stampa reported, citing bank’s sources. The newspaper added a special administrator could be appointed to replace the CEO.

TELECOM ITALIA, VIVENDI

French media group Vivendi won EU antitrust approval on Tuesday for its plan to gain control of Telecom Italia after pledging to sell the Italian company’s majority stake in broadcasting services group Persidera. (*) Vivendi’s CEO Arnaud de Puyfontaine will likely replace Giuseppe Recchi as Chairman of Telecom Italia as soon as the next board meeting, on Thursday, after EU antitrust ruling, Il Sole 24 Ore and Repubblica reported. Il Sole 24 Ore also said Vivendi’s voting rights in Italian broadcaster Mediaset exceeding a 10 percent threshold would be frozen as the two media groups restart talks to solve a dispute between them.

(*) ITALGAS

Italy’s biggest gas distributor promised to raise its dividend on Wednesday as it earmarked 5 billion euros ($5.6 billion) to fund growth over the next seven years.

(*) MEDIASET

Premium, the pay-TV of the Italian broadcaster, has launched a 142 million euro capital increase to cover its losses, Il Sole 24 Ore reported. (*) UNICREDIT

The lender is thinking of exiting two infrastructure funds controlled by F2i and has already started negotiations with private equity firm Ardian to sell its shares, reported la Repubblica, citing market sources. The bank has declines to comment, the report added.

(*) FINCANTIERI

The ship-builder will sign a letter of intent with China State Shipbuilding Corporation to create a ship yard in the country, Il Sole 24 Ore reported.

(*) MONTE DEI PASCHI

The bank’s Chairman is “very optimistic” about the outcome of talks with the EU Commission over state aid for the bank, Il Sole 24 Ore said.

GENERALI, INTESA SANPAOLO

Italy’s biggest insurer said on Tuesday it sold 3.04 percent of a stake in Intesa Sanpaolo it had bought back in January to fend off a possible hostile takeover from the country’s top retail bank.

ENI

Nigeria’s upper chamber of parliament voted on Tuesday to halt a concession agreement with the local division of the Italian oil company to repair, operate and maintain Port Harcourt refinery, saying the deal lacked transparency.

PRADA

Annual general meeting (1000 GMT).

PRELIOS

Annual general meeting (1230 GMT).

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:...............................

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