July 1, 2019 / 4:01 AM / 4 months ago

Italy - Factors to watch on July 1

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 .

POLITICS

Premier Giuseppe Conte said on Saturday at the G20 Italy’s public finances were in order and he was sure the preconditions were there to reach an agreement with the EU to avoid disciplinary action for excessive debt and deficit. Economy minister Giovanni Tria at the same event said he was optimistic on a positive judgement by Brussels.

The Italian cabinet meets to set a new 2019 budget deficit target in the hope of resolving a tussle with the European Commission over Rome’s public finances. The government is expected to cut the deficit goal from 2.4% of gross domestic product to 2.1% or lower.

ECONOMY

HIS Markit releases June manufacturing PMI (0745 GMT).

ISTAT releases May employment rate data (0800 GMT).

Transport Ministry releases June car sales data (1600 GMT).

June state sector borrowing requirement data.

(*) UNICREDIT

The Italian biggest lender will stick to organic growth in its new business plan, Chief Executive Jean Pierre Mustier said in an interview published in La Stampa newspaper on Monday, saying European mergers were difficult.

ATLANTIA

Italy’s ruling 5-Star party believes the government has a legal opinion that would justify terminating a national motorway concession that accounts for a third of core profits of infrastructure group Atlantia, a source said.

A committee set up by the Transport Ministry to give the technical support to allow the government to revoke the motorway concession of Atlantia’s Autostrade has serious doubts on how to proceed, Il Messaggero said on Saturday. Indeed it sees it as basically impossible, or very difficult, to give all the legal input the 5 Star Movement’s leader Luigi Di Maio is expecting to provide a clear-cut verdict, it said.

Cabinet Undersecretary Giancarlo Giorgetti said on Saturday criminal and administrative procedures were under way and when one or the other was over the verdict had to be respected. “Taking decisions before doesn’t make much sense,” he said.

In relation to comments by Deputy Premier Luigi Di Maio, Autostrade per l’Italia on Saturday said any suggestion a 2003 feasibility study on the demolition of the Ponte Morandi in Genova was linked to problems of the bridge or that the decision not to proceed was dictated by economic reasons was “phantasy and specious”.

ENEL

The state-controlled utility is studying a possible sale of its Romanian assets, Il Sole 24 Ore said, adding no process had yet been started. It said Australian fund Macquarie, Singapore’s GIC and Kuwait infrastructure fund Wren House were among those interested. Enel declined to comment, the paper said.

TELECOM ITALIA (TIM), LEONARDO

Italy’s top administrative court has upheld a ruling by a lower court that last November voided a tender that awarded a 161 million euro transport ministry contract to a consortium comprising Telecom Italia, Leonardo and Engineering Ingegneria Informatica, the text of the court’s decision showed on Friday.

(*) FINECOBANK

The Italian online broker will maintain a generous dividend policy and reiterates it is not interested in external growth, Chief Executive Alessandro Foti said on Monday in a interview published in La Stampa.

PRYSMIAN

The Benetton family holding Edizione has almost 3% of Prysmian, Il Sole 24 Ore said on Saturday, adding it was also getting ready to change the share structure of Connect, the vehicle that holds 29.9% of Spain’s Cellnex. Abu Dhabi Investment Authority and GIC will raise their stakes in Cellnex in line with a shareholder agreement, it said.

BANCA CARIGE (shares suspended from trading)

Members of the 5-Star Movement are increasingly opposed to involving a public investor in the rescue of Carige and the FITD banking fund is trying to drum up support from the bank’s leading shareholders, Il Messaggero reported on Sunday. FITD Chairman Salvatore Maccarone will meet top investor Malacalza on Monday, the paper said, while Apollo’s adviser Equita will meet Monday or Tuesday Rothschild, the Malacalza family’s adviser, the paper said.

BANCA MONTE DEI PASCHI DI SIENA

The Tuscan bank said on Sunday it had been forced to end early a 10-year bad loan management contract so that it could have more freedom in selling off bad debts in a worsening economic environment.

INWIT

A 5-year loan of 2.5-3.0 billion euros is being worked out to support the creation of the new Inwit, the partnership between TIM and Vodafone, Il Messaggero said on Saturday.

(*) SAFILO GROUP

The Italian eyewear maker announced on Monday the closing of the transaction to sell its U.S. retail chain Solstice to Fairway and confirmed that the license agreement for the Dior and Dior Homme collections of sunglasses and optical frames will end at its expiry date of December 31, 2020.

ITALIAONLINE

Italiaonline said Libero Acquisition and Sunrise Investment gave notice of intention to a VTO on all of the Co’s shares. -

BANCA POPOLARE DI BARI

The Italian lender said on Friday that it had postponed its AGM, called to approve 2018 results, by a week to July 20-21. The bank said it needed time to assess new strategic options after the government introduced new rules about conversion of deferred tax assets for M&A deals in southern Italy.

ALITALIA

Colombian entrepreneur German Efromovich told Il Sole 24 Ore on Sunday he had written to the Italian railways and to adviser Mediobanca saying he wanted to take part in the rescue of Alitalia and was ready to buy up to 30 percent of the new company as long as he could have a say in running it.

(*) U.S. carrier Delta Air Lines considers Italian infrastructure company Toto Holding the favorite ally in the rescue of Alitalia and does not have any intention to negotiate with Efromovich, La Repubblica wrote on Monday.

(*) The Italian government could postpone the deadline to present a binding rescue bid for Alitalia by two weeks to July 30, Il Messaggero wrote on Monday.

M&A

A court is set to approve the sale of troubled Italian fashion group Roberto Cavalli to Dubai developer Damac, two sources close to the matter told Reuters on Friday.

AXELERO

Extraordinary shareholders’ meeting (1000 GMT).

LA DORIA

Trades ex-dividend of 0.18 euro per share.

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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