July 6, 2020 / 4:01 AM / a month ago

Italy - Factors to watch on July 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 .

POLITICS

The government will start working on a comprehensive tax reform shortly, Prime Minister Giuseppe Conte said on Saturday, adding that a decree to spur investments and make the country more business friendly could be approved early this week.

Italy is considering fiscal measures to spur investments in the auto and tourism industries, two of the sectors that have been hit hardest by the coronavirus pandemic, Conte said.

ECONOMY

There will be no stigma attached to accessing the new credit lines of the European Recovery Fund, the secretary general of the European Stability Mechanism Nicola Giammarioli told Monday’s la Repubblica in an interview. He added that given the negative interest rates, were Italy to access the fund, it would have to repay less than what it borrowed and, at current rates, it would save some 500 million euros a year compared to issuing a bond for the same amount.

DEBT

Treasury starts offer of new ‘BTP Futura’ bond due July 14, 2030; ends on July 10.

UBI BANCA, INTESA SANPAOLO

Intesa Sanpaolo starts its full voluntary takeover bid on UBI Banca ordinary shares; ends on July 28.

UBI Banca on Friday rejected a takeover bid by rival Intesa Sanpaolo as inadequate and risky for its shareholders, while pledging to boost dividends despite cutting profit forecasts.

Intesa CEO Carlo Messina said on Friday the decision was in the hands of UBI shareholders, adding that some of them were already supporting a merger that would benefit the local economy.

(*) The value and the synergies of the takeover bid by Intesa Sanpaolo for UBI Banca are higher than those estimated by UBI’s board, Intesa said on Monday.

(*) A group of UBI investors know as the ‘Patto Bresciano’, which owns almost 8% of the Italian bank, is expected to take a decision in a week on Intesa’s offer, La Stampa reported.

FIAT CHRYSLER (FCA)

The Italian-American group and PSA said on Friday they were sticking to the merger plan signed last year after a newspaper said the carmakers were looking at spinning off assets to cut a planned 5.5 billion euro ($6.2 billion) cash payout to FCA shareholders.

The Italian Parliament gave the green light on Friday to a package of incentives to encourage sales of state-of-the-art combustion engine cars as well as electric and hybrid vehicles, two lawmakers told Reuters.

TELECOM ITALIA

Fastweb, the Italian phone unit of Swisscom, is set to invest in the last-mile network Telecom Italia is looking to develop with U.S. infrastructure fund KKR, two sources familiar with the matter said on Friday.

MEDIASET, TELECOM ITALIA

French media group Vivendi has asked an Italian regional court to suspend two notices from Italy’s communication watchdog which confirmed the authority stance over Vivendi’s excessive concentration of power in the Italian media sector given its twin stakes in Mediaset and Telecom Italia, the Italian broadcaster said on Friday.

Separately, the EU Court of Justice will decide on Sept. 3 whether an Italian law, that forced Vivendi to forfeit two-thirds of its stake in Italian broadcaster Mediaset, violates the bloc’s rules, a legal source said.

ATLANTIA

Italy’s Constitutional Court will decide on Wednesday on the appeal filed by the Italian infrastructure group’s Autostrade per l’Italia (ASPI) unit against the decree that prevented it from taking part in the rebuilding of the collapsed Morandi bridge in Genoa, which it ran.

Sunday’s la Repubblica reported that “many people in the government” hoped the Court would accept ASPI’s claims and pave the way for a settlement between the company and the ruling coalition.

MONCLER

The luxury group signed a deal with Intesa Sanpaolo for a revolving credit line of up to 400 million euros.

(*) SAIPEM

The Italian oil services group won a $325 million contract for the Búzios pre-salt field in Brazil.

EXOR, GEDI

Exor’s Giano Holding said on Friday it had reached 92.03% of capital in its bid on Gedi allowing it to delist the publisher.

(*) ITALIAN EXHIBITION GROUP

The trade fair organiser could merge with rival Bologna Fiere by 2021, la Repubblica A&F reported.

HERA

Trades ex-dividend of 0.10 euro per share.

BPER BANCA

Ordinary and extraordinary shareholders’ meetings (0700 GMT)

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:............................... ($1 = 0.8859 euros)

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