August 27, 2018 / 4:03 AM / 3 months ago

Italy - Factors to watch on Aug. 27

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 .

ECONOMY (*) Italy’s trip to China, starting on Monday, aims at increasing Italy’s role in China’s so-called ‘Belt and Road initiative’ infrastructure plan and widen the opportunities for Italian companies in the Chinese market, Il Sole 24 Ore reported on Sunday. Economy minister Giovanni Tria will be traveling with state lender CDP Chief Executive Fabrizio Palermo, the deputy chairman of Bank of Italy Fabio Panetta and top managers of Snam and Finacantieri, the report said, adding that the head of the Treasury’s Public Debt Directorate Davide Iacovoni is not part of the delegation. (*) Cabinet undersecretary Giancarlo Giorgetti told Corriere della Sera on Monday that the upcoming budget would respect European budgetary constraints but that “flexibility” was needed to launch a big plan for the maintenance of public infrastructure in the country, for both security and economic reasons.

POLITICS

Rome, Infrastructure and Transport Minister Danilo Toninelli speaks before the Chamber of Deputies and the Senate Environment committees on the Genoa bridge disaster (1300 GMT).

Alzano Lombardo, Chamber of Deputies and Senate Budget Committee President Claudio Borghi and Infrastructure Ministry Undersecretary Armando Siri attend the League’s annual meeting ‘Bèrghem Fest’. (*) Italy on Sunday disembarked all 150 migrants from a rescue ship that had been docked for five days in a Sicilian port, ending the migrants’ ordeal and a bitter stand-off between Rome’s anti-establishment government and its European Union partners. (*) Interior Minister Mateo Salvini, who has led a popular crackdown against immigration since the government took office in June, also announced that he had been placed under investigation by a Sicilian prosecutor for abuse of office, kidnapping and illegal arrest. (*) Prime Minister Giuseppe Conte attacked the EU for its lack of support and said Italy may refuse to back the bloc’s multiyear budget currently under discussion. (*) Deputy Prime Minister Luigi Di Maio reiterated that “if Europe will not listen to us (over immigration policies) we will put our veto on the budget and all possible dossiers,” in an interview with La Stampa on Monday. He also repeated that Salvini should not resign as the investigation is a procedure that had to be carried out. (*) Salvini told Il Messaggero on Monday that the government should reform the justice system “not because of the investigation on me, but because of all the backlog in the system, which is one of problems stopping investments in Italy, and in order to cut the times of trials.”

DEBT

Treasury announces sale of BTP and CCTeu bonds, with relative amounts to be auctioned on Aug. 30.

Italy’s Treasury said on Friday it would offer 6 billion euros ($6.86 billion) in 6-month BOT bills at auction on Aug. 29. (*) Italy’s visit in China is not aimed at finding buyers for its state bonds, Economy Minister Tria was quoted as saying by Corriere della Sera on Sunday, reassuring there “aren’t problems with bond auctions, nor will there be in the future”.

COMPANIES

Bourse After Hours market closed.

BANCA CARIGE

The lender said on Friday it published two lists of candidates for the renewal of its board, one presented by majority investor Malacalza Investimenti, with a 23.96 percent stake, and one jointly presented on Friday by Coop Liguria and Talea Societa’ di Gestione Immobiliare, respectively with a share of 0.44 percent and 1.36 percent in the bank. (*) One of the bank’s investors, financier Raffaele Mincione, said on Sunday he had deposited his slate of candidates for the upcoming board renewal, with his name as candidate for the chairmanship and CEO Paolo Fiorentino fro the post of Chief Executive. Mincione said that he had signed a shareholders’ agreement with two other investors, Gabriele Volpi and Aldo Spinelli, who have committed to vote the list deposited. He added that the Bank needed to merge with another lender “in the shortest time possible”. (*) Mincione is said to have increased his stake from just above 5 percent to 9 percent, Corriere della Sera reported on Sunday.

ITALIAN BANKS

Falling foreign demand for Italian government bonds is pressuring domestic banks to step into the breach, as they did back in 2011-2012. Yet they may find it harder to come to the rescue of the country’s debt this time around.

ENI

State-owned Abu Dhabi National Oil Co (ADNOC) is in advanced talks with more than one potential buyer, including Italy’s ENI, as it prepares to sell minority stakes in its refining business, two sources familiar with the matter said.

(*) ATLANTIA

The possibility of state lender CDP buying a stake in the infrastructure group is still being examined and would be based on the fact that CDP is one of the biggest creditors of Atlantia, holding 5 percent of its consolidated debt, and its unit Autostrade, la Repubblica reported on Sunday. The investment in Atlantia would grant certain, long-term returns for CDP, the report added. (*) ATLANTIA, FINCANTIERI

The bridge that collapsed in Genoa must be rebuilt by a state company and Autostrade, a unit of the Atlantia group, must only make funding available, Deputy Prime Minsiter Luigi Di Maio was quoted as saying in Corriere della Sera on Monday, opening up to the possibility that ship builder Fincantieri could work at the reconstruction of the viaduct. The report added that the Regional Governor of Liguria Giovanni Toti has asked Autostrade to present a plan with all its initiatives for the city of Genoa by Thursday.

Cabinet undersecretary Giancarlo Giorgetti told Corriere della Sera on Monday it didn’t really matter who built the bridge as long as it was done “well and quick.”

(*) TELECOM ITALIA

The group is re-organising its structure in Brazil, where marketing, sales and customer service will report directly to the new CEO, Corriere della Sera reported on Sunday. Former COO Pietro Labriola will stay in Tim Participacoes until Sept. 30, it added.

(*) FIAT CHRYSLER (FCA)

The decision on whether to sell unit Magneti Marelli rather than list it is a strategic one, as a sale would mean the company pocketing billions of euros but admitting that the group will not need a components business in the future, while a listing would allow FCA to maintain control on a strategic business, la Repubblica reported on Sunday. The report added that Davide Mele, close to the outgoing FCA head of Europe, Middle East and Africa business Alfredo Altavilla, could substitute the manager. Other possible candidates for the post could be the head of Latin America Antonio Filosa, the head of FCA Italy Gianluca Italia or the head of the group’s European institutional relations Daniele Chiari, la Repubblica added.

EI Towers

2i Towers SpA takeover bid on EI Towers shares starts; ends on Oct. 5. (*) The aim of the offer is to delist the company in order to allow it to grow “more quickly and with greater flexibility” and its growth can also be through cash-funded acquisitions, the CEO of F2i fund Renato Ravanelli told Il Sole 24 Ore on Saturday. Ravanelli added that there are growth prospects both in Italy and abroad, confirming that the market needs a wave of consolidation. He did not exclude a possible combination in the future with tower company Raiway, which is state-controlled. (*) EI Towers, Mediaset

F2i fund CEO Renato Ravanelli told Il Sole 24 Ore on Saturday that private broadcaster Mediaset, which currently holds 40 percent in EI Towers, will dilute its stake in the group, while F2i will invest 700 million euros in equity in the company.

Mediaset expects a capital gain of more than half a billion euros from the operation, which conveniently comes at a time when the company is pressing ahead with a turnaround. (*) MONCLER

Chairman and CEO Remo Ruffini told la Repubblica’s Affari&Finanza that he was offered several times to invest in different Italian brands but he always declined the opportunity beacuse “there are still many things to do in Moncler”.

(*) FERRARI

Ferrari’s Sebastian Vettel sped clear of first corner carnage to celebrate a commanding Belgian Grand Prix victory on Sunday and trim Lewis Hamilton’s Formula One lead to 17 points with eight races remaining.

JUVENTUS FC

Coach Massimiliano Allegri said on Friday he would not hesitate to leave Cristiano Ronaldo on the bench if he felt the Portugal forward needed to save energy.

JUVENTUS FC, S.S. LAZIO

Cristiano Ronaldo, making his home debut for Juventus, missed an open goal but inadvertently provided an assist for Mario Mandzukic to score as the Serie A titleholders beat Lazio 2-0 in Serie A on Saturday.

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