July 7, 2020 / 5:10 AM / a month ago

Italy - Factors to watch on July 7

The following factors could affect Italian markets on Tuesday.

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

The Italian government approved a package of measures on Tuesday aimed at cutting the complicated red tape that has long been blamed for crimping growth in the euro zone’s third-largest economy. The “simplification decree”, which runs to 174 pages in a draft seen by Reuters, covers a raft of sectors such as public tenders, digitalisation, rules for corporate capital increases and the criminal responsibility of public officials.

ISTAT releases May retail sales data (0800 GMT) and monthly bulletin on the state of the economy in May and June (0900 GMT).

Bank of Italy releases June data on Target 2 liabilities and European Central Bank funding to Italian banks.

DEBT

The Italian Treasury’s head of debt management said on Monday that the issuance of the “BTP Futura” bond for retail investors was going better than the Treasury had anticipated.

Orders for the bond, whose proceeds will fund spending related to Italy’s coronavirus crisis, reached 2.37 billion euros on the first day of the offering, which will run until Friday, bourse data showed.

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

Treasury announces sale of 12-month BOT bills, with relative amounts to be auctioned on July 10.

ENI

Italian energy group Eni said it would write off around 3.5 billion euros ($4 billion) from the value of its assets after revising down its long-term outlook for oil and gas prices due to economic fallout from the COVID-19 crisis.

INTESA SANPAOLO, UBI BANCA

Italy’s second-biggest bank Intesa Sanpaolo defended its takeover bid for UBI Banca which kicked off on Monday, saying its target had underestimated advantages for investors in rejecting it.

Investors tendered UBI shares representing 0.171% of the total targeted by Intesa Sanpaolo’s takeover bid on the first day of the exchange offer, bourse data showed.

GENERALI

Foreign investors bought 87% of a new 600 million euro Tier2 green bond that Generali sold on Monday, the Italian insurer said.

(*) TELECOM ITALIA, ENEL Broadband operator Open Fiber, jointly owned by state lender CDP and Enel, signed a deal with FRench operator Iliad to offer fiber-to-the home data services in Italy.

(*) FIAT CHRYSLER

A U.S. appeals court on Monday denied General Motors Co’s petition to remove a lower court judge from its racketeering lawsuit against Fiat Chrysler Automobiles (FCA), but said the companies’ heads need not meet to settle the issue.

(*) ATLANTIA

Italy’s audit court has sent a second warning to the government, asking it to speed up the renewal of motorway concessions in Italy and to define, if necessary with a law, new rules forcing concessionaires to make investments and carry out maintenance work on the road netowrk, La Stampa said, quoting parts of the document.

(*) ENEL

The comapny said on Tuesday it had increased its shareholding in its Chilean subsidiary Enel Chile by an additional 3%, to 64.9%, in line with its announced objective to increase its stake in the group’s companies in South America. The total price paid for the shares and just under 11,500,000 Enel CHile American depositary shares was as about $174 million and was funded through internal cash flow generation, the company said.

(*) DIASORIN

The diagnostics group has CE marked its new Simplexatm flu test, executable in combination with Simplexa ™ COVID-19 direct test.

(*) M&A

Italy’s government said on Tuesday it would apply special “golden powers” Rome has to protect assets deemed of strategic national interest on a number of deals, including Centurion’s acquisition of Engineering, BANCA FARMAFACTORING’s purchase of Banca Depositaria Italiana and AGC’s takeover bid for MOLMED.

In the case of Engineering, which is being acquired by investment firm Bain, the use of golden powers will entail a series of obligations, a cabinet’s statement said without elaborating.

DIARY

Rome, Italian Prime Minister Giuseppe Conte presents measures aimed at cutting red tap in order to boost economy.

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

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