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Italy - Factors to watch on Oct. 18
October 18, 2016 / 4:03 AM / 9 months ago

Italy - Factors to watch on Oct. 18

6 Min Read

The following factors could affect Italian markets on Friday.

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 .

General

Milan, annual conference "Luxury 4.0" (0730 GMT). Expected attendees include Class Editori CEO Paolo Panerai, Economic Development Minister Carlo Calenda, Tod's Chairman Diego Della Valle, Prada CEO Patrizio Bertelli, Brunello Cucinelli Chairman and CEO Brunello Cucinelli, Alibaba Group Country Manager Italy Spain and Greece Rodrigo Cipriani Foresio, Zalando Country Manager Giuseppe Tamola, Maserati Managing Director Europe Giulio Pastore, H-Farm board member Stefano Rosso.

Economy

Milan, conference on pensions; round table discussion with welfare institute INPS President Tito Boeri, head of Debt Management Office Maria Cannata (1230 GMT).

Debt

Treasury continues offer of new 'BTP Italia' bond due October 2024 reserved for small investors; ends on Oct. 19 subject to early closure. Offer for institutional investors due on Oct.20.

On Monday, the first day of the new offer, the bond drew orders for just over 1.2 billion euros ($1.3 billion).

Companies

Monte Dei Paschi Di Siena

The bank's board meets to examine an alternative rescue plan presented by former industry minister Corrado Passera. (*) The lender's board is willing to consider Passera's proposal, Il Sole 24 Ore said, adding it could opt for a combination of that and the turnaround plan, including a 5 billion euro cash call, it is currently preparing.

The paper also said Passera's proposal includes a letter of intent from some institutional investors, including private equity fund Atlas, that may be willing to inject cash into Monte dei Paschi after a due diligence.

Corriere della Sera also said that no decision on Passera's plan is expected today, but the board could ask him for more information to decide if and how some parts of it could be incorporated into the current rescue plan.

Both papers add that if parts of Passera's plan were adopted, the move could see the former industry minister become the bank's new chairman.

Il Messaggero said Monte dei Paschi CEO was sceptical about the possibility of combining the two plans.

Various papers added that the rescue plan currently pursued by the bank could result in 3,000 job cuts.

(*) Unicredit

A potential sale of UniCredit's Polish unit Bank Pekao could reduce the need for a capital increase at the Italian bank to between 6-8 billion euros, Corriere della Sera said.

(*) Poste, Unicredit, Anima

Deutsche Bank and Morgan Stanley are organising a financing for a consortium led by Poste Italiane to fund the acquisition of UniCredit's asset manager Pioneer, Il Messaggero reported, adding Poste could match a 4 billion euro bid presented by Amundi. (*) AUTOGRIL

The company said it had signed an agreement to extend its concession at the Charlotte-Douglas airport in North Carolina for another 10 years until 2030.

Pininfarina

The company said its board had approved a capital increase for up to 26.5 million euros to help restore the group to health.

(*) Snam, Italgas

Snam hopes to list its domestic distribution unit Italgas on Nov. 7, Snam CEO Marco Alvera told Il Sole 24 Ore in an interview.

(*) Alitalia, Unicredit, Intesa Sanpaolo, Lufthansa

There are preliminary talks between Eithad and Lufthansa to possible involve the German carrier in a new recapitalisation of Italy's Alitalia for up to 400 million euros, Il Messaggero said. The deal could see Air Berlin, currently controlled by Etihad, moving to under Lufthansa in exchange for the latter's becoming a shareholder in Alitalia, the paper added.

(*) Leonardo Finmeccanica

The defence group is pressing ahead with the sale of a 25 percent stake in Mdba, despite the opposition of the Italian government, MF reported.

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

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FTSE IT allshare index

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

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