May 24, 2016 / 4:02 AM / a year ago

Italy - Factors to watch on May 24

The following factors could affect Italian markets on Tuesday.

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 .

DEBT

Treasury announces sale of 6-month BOT bills, with relative amounts to be auctioned on May 27.

COMPANIES

UNICREDIT

The Italian bank is set to formally start the search for a new chief executive on Tuesday in a move expected to lead to a broader shake-up and possibly a multi-billion euro capital increase, several sources said.

The bank’s extraordinary board meeting starts at 1400 GMT.

(*) BofA Merrill Lynch’s Italy chief Marco Morelli is the front-runner to replace Federico Ghizzoni at the helm of Unicredit, la Repubblica reported. The banker has the support of shareholders Cariverona banking foundation and businessman Francesco Gaetano Caltagirone, it said.

POSTE ITALIANE

The Italian treasury is considering handing over a sizeable stake in the country’s post office to state lender Cassa Depositi e Prestiti (CDP), two sources close to the matter said on Monday.

(*) A CDP board meeting on Wednesday could propose a reserved capital increase that Italy’s Treasury would subscribe to by handing the state agency a 30-35 percent stake in Poste, Il Messaggero reported. The Treasury would then sell on the market its remaining 30-35 percent stake in Poste though it would retain the power to appoint its top management, it said.

(*) The Treasury’s decision to sell a further stake hinges on market conditions but a smaller public holding means greater market control over Poste in a positive development for institutional investors, Poste Italiane Chairman Luisa Todini told Il Sole 24 Ore in an interview. She said possible acquisitions or partnerships would target sectors such as asset management, digital payments and logistics.

Annual general meeting (1200 GMT).

ENI

The operations of the Italian oil and gas major in Egypt have suffered no impact from the killing of Italian researcher Giulio Regeni earlier this year, Eni CEO Claudio Descalzi said.

Italian gas prices will increase if the Nord Stream 2 pipeline is built to double the amount of gas Russia pumps to Germany, the CEO of Italian oil and gas major Eni ENI.MI said on Monday.

SAIPEM

Moody’s said on Monday it had cut and converted the provisional (P)Baa3 long-term rating of Saipem into a definitive ‘Ba1’ rating. The downgrade reflects expectation that adjusted leverage will remain above 3.5x for the next few years as a result of the severe stress in the oil and gas industry.

(*) FIAT CHRYSLER AUTOMOBILES

The European Commission said that it was up to member states to discuss among themselves, and not with car producers, whether certain car models met emission rules, Corriere della Sera reported, following a spat between Fiat Chrysler Automobiles and Germany’s transport department over Fiat 500x Suv models.

BANCA POPOLARE DI MILANO, BANCO POPOLARE

The boards of the banks meet on their planned merger.

DIGITAL BROS

Digital Bros said on Monday it had assigned via its unit 505 Games exclusive rights to iDreamSky Technology Limited DSKY.O to launch the mobile version (Android, iOS and Windows) of Terraria in Greater China.

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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