August 6, 2018 / 4:08 AM / 14 days ago

Italy - Factors to watch on Aug. 6

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 .

MEDIOBANCA

Activist fund Elliott denied a report it has built a stake of around 1 percent in Italian investment house Mediobanca.

BANCA CARIGE

The head of Banca Carige said on Friday the mid-sized Italian bank will have to solve a governance crisis before it can tap markets to rebuild its capital as demanded by supervisors.

BANCO BPM

Italy’s third-largest bank Banco BPM said it had selected three bidders for the sale of at least 3.5 billion euros ($4 billion) in bad debts and, possibly, its debt collection business.

Banco BPM said on Friday it wanted to “massively reduce” its bad loan portfolio.

Banco BPM may shed 5.5-6.0 bln euros of bad loans in Project Ace, the lender said in its post-result presentation.

TOD’S

The CEO of Tod’s TOD.MI said on Friday results for the first half of the year confirmed the new strategy adopted by the Italian luxury group was appropriate and bearing first fruit.

Tod’s CFO said on Friday FY revenue consensus was “absolutely fair”.

SocGen raised its recommendation on the stock to ‘hold’ from ‘sell’ and its price target to 59 euros.

(*) UNICREDIT

The lender said on Monday it had filed a complaint against Caius Capital and the Caius funds in a Milan court seeking compensation of damages for around 90 million euros stemming from their action regarding CASHES.

Board meeting on H1 results (press release on Aug. 7).

ENEL

Italy’s Open Fiber said on Friday banks, state lender CDP and the European Investment Bank had signed off on a 3.5 billion euro project finance package to help fund the ultrafast broadband network it is rolling out across the country.

The upper house approved a government amendment pushing back full liberalisation of the energy retail market by one year to July 2020.

SNAM

The benefits of building the Trans Adriatic Pipeline (TAP) are greater than the costs, La Stampa cited Interior minister Matteo Salvini saying in an interview on Sunday. Salvini said TAP, as well as high-speed train link project TAV, need to be carried out, several news reports said on Sunday. (*) The TAP is indispensable and needs to be realised as it will cut the cost of energy by 10 percent, undersecretary for infrastructure, Armando Siri, told Il Messaggero in an interview on Monday. He added that also TAV was indispensable.

(*) SAIPEM

The company plans to improve its capital structure, to reduce debt, albeit its priority remains taking advantage of opportunities when they arise to remain a protagonist in any future M&A operations, Chief Executive Stefano Cao told La Repubblica’s Affari&Finanza insert in an interview published on Monday. The company is also evaluating what best to do with its drilling operations, which could include the search for a financial or industrial partner, he added.

TERNA

The power grid operator sees 12 billion euros in investments over the next 10 years, Terna CEO Luigi Ferraris said in an interview in Sunday’s Corriere della Sera.

FILA

Fila said on Friday H1 net profit fell to 5.3 million euros from 14 million euros one year ago.

FULLSIX

Orizzonti holding SpA takeover bid on Fullsix shares starts; ends on Sept. 10.

The company said on Friday its board considered “not fair” the share offer promoted by Orizzonti Holding spa. However, the board considered fair the alternative cash offer of Orizzonti Holding spa.

SPAXS

The company said on Monday it had received the OK from the Bank of Italy and the European Central Bank for the acquisition of 99.3 percent of Banca Interprovinciale.

M&A ALITALIA

The government is looking for 1.2 billion euros from state-owned groups CDP, Ferrovie dello Stato and Poste Italiane to help nationalise, with 51 percent, Alitalia, La Stampa said on Saturday, citing government sources. Relaunch of the flagship carrier will require an overall 2-3 billion euros over 5 years, it said. (*) The government is working on a new business plan for Alitalia that will be presented in September or October, undersecretary for infrastructure, Armando Siri, told La Stampa in an interview on Monday. The state is considering an “all-Italian” solution for the struggling carrier, also seeking to safeguard jobs, he added.

GUALA CLOSURES

Debuts on STAR segment.

TOSCANA AEROPORTI

Board meeting on H1 results.

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

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