March 12, 2018 / 5:01 AM / 2 years ago

Italy - Factors to watch on March 12

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 .


The leader of Italy’s anti-establishment 5-Star Movement Luigi Di Maio said on Friday his party was preparing economic policy proposals for other parties as a way of finding common ground to form a government after Sunday’s inconclusive election.

On Saturday Di Maio said a government without the 5-Star Movement would be an “insult to democracy” and that his party was open to discuss with others to “carry out what Italians have been waiting for 30 years”, speaking on Facebook.

Italian Prime Minister Paolo Gentiloni said on Friday the European Union would decide at its next meeting on a common position in response to U.S. President Donald Trump’s decision to impose tariffs on steel and aluminium imports.

(*) Forza Italia (FI) leader Silvio Berlusconi told La Stampa in an interview on Monday he was against changing the electoral law and urged the centre-left Democratic Party to support a centre-right government. He also said he was certain FI’s ally the League would never agree to a government with the Five Star Movement.


Treasury sells 6.5 billion euros 12-month BOT bills. Subscriptions close at 1000 GMT.


The phone group on Saturday issued the notice to convene an ordinary shareholders’ meeting for April 24.

Activist fund Elliott - which on Tuesday said it had taken a stake in TIM - denied on Friday it intended to make TIM merge its Brazilian business with rival Oi, adding it did not have investments in Oi, the Financial Times reported.

Elliott may already hold just above 5 percent of TIM, Il Sole 24 Ore reported on Saturday while on the same day la Repubblica said the fund has invested some 800 million euros to buy 4.9 percent of TIM’s ordinary shares and 3 percent of its savings shares.

Industry minister Carlo Calenda has sent TIM’s CEO two separate letters asking urgent clarifications over the company’s supplier contracts, fearing harsh conditions and the use of foreign companies, the report added.

Elliott confronted TIM’s CEO in London on Friday, contesting several numbers in the recently presented industrial plan, la Repubblica reported on Saturday, adding that TIM’s controlling shareholder Vivendi was ready to make some concessions to Elliott but the fund stuck to its guns.

Deputy chairman Recchi is close to resigning and is negotiating his severance package with the company, la Repubblica reported on Saturday citing financial sources but adding that TIM denied to comment.

In coming days Elliott will request the resignation of five to seven board members, including chairman Arnaud de Puyfontaine and CEO Amos Genish, seeking to replace them with Italian candidates, Il Sole 24 Ore reported on Sunday.

The activist fund can already count on the support of big funds who own TIM shares, as well as BlackRock’s, which holds a stake of almost 5 percent, reported il Messaggero on Sunday.

Both Il Sole 24 Ore and Il Messaggero said that Vivendi could decide in mid-April to ask at least eight of its board members to step down in order for the whole board to fall, adding that in a new election Vivendi would get at least five members on the new board given its 23.9 percent shareholding.

(*) ENEL

Enel Open Fiber CEO Elisabetta Ripa said in an interview with la Repubblica Affari&Finanza on Monday the idea of a single company for the network infrastructure “was not exciting.”

She also said the terms of a 3.5 billion euro financing package would be announced soon, quashing rumours of alleged difficulties in finalising the deal for the fibre-optic company controlled by Enel and state lender CDP.


Global automakers and vehicle suppliers are pressing the Trump administration and U.S. Congress to exempt the European Union and other allies from new steel and aluminum tariffs set to take effect later this month, industry officials said on Friday. A previously unreported letter sent to Trump by the American Automotive Policy Council, representing General Motors , Ford Motor and Fiat Chrysler Automobiles NV , warned that the metals tariffs “will add significant additional costs to the U.S. auto industry each year.”


Abu Dhabi National Oil Company (ADNOC) said on Sunday it had signed 40-year agreements with Eni, awarding the Italian company a 10 percent stake in its Umm Shaif and Nasr offshore oil concession and a 5 percent stake in Lower Zakum.

Eni said on Sunday it would sell a 10 percent stake in the Shorouk concession in the Zohr gas field in Egypt, to Mubadala Petroleum for $934 million.

Ratings agency Moody’s raised on Friday Eni’s long-term credit rating to ‘A3’ from ‘Baa1’, with a negative outlook.

Turkish Cypriots will launch their own exploration for oil and gas around Cyprus if Greek Cypriots persist with their own plans, their foreign minister said on Friday. Several Cypriot offshore blocks have been licensed to multinationals for oil and gas exploration, but Eni abandoned a scheduled drill last month because of the presence of Turkish military vessels.


(*) ACS and Italy’s Atlantia ATL.MI are considering a joint takeover of Abertis and run it without breaking it up and an agreement could come as soon as this week, El Mundo said on Monday, citing unnamed sources close to the talks.

Spain’s CNMV on Monday approved Hochtief’s takeover bid for Abertis.

If an agreement between the Italian group and Spain’s ACS can be found over their competing bids for Abertis then it will be reached by March 15, when four months will have passed since Hochtief - ACS’s German arm - filed its offer with the Spanish market regulator, il Sole 24 Ore reported on Sunday. It added that a deal could see the two groups splitting Abertis’ assets, mainly in France and South America, and managing them through a jointly-owned newco or with ACS selling assets to Atlantia after gaining control of Abertis.


Britain agreed on Friday to finalise talks with Saudi Arabia on a multi-billion pound order for 48 Typhoon aircraft, the fighter plane’s maker BAE Systems said. The Eurofighter Typhoon is a joint project between BAE, France’s Airbus and Leonardo.


CEO Paolo Fiorentino told La Stampa in an interview on Sunday new Carige investor Raffaele Mincione had told him he backed the bank’s current business plan. “It seems to me different shareholders all want the same thing: maybe if they talked to one another they may get along.”

The CEO confirmed Carige’s goal of turning in a profit this year and of selling about 1.4 billion euros in soured loans this year.


The construction group has revised its plan to raise funds and is working with banks and advisers in order to launch a bigger-than-expected 300 million euro capital increase, Il Sole 24 Ore reported on Saturday. Two thirds of the amount will be needed to cover the devaluation of the company’s Venezuelan assets, the paper said.


Fastweb CEO Alberto Calcagno denied in an interview with Monday’s La Stampa that the fibre optic company which is part of Swisscom had any talks ongoing with Tiscali.


The lender’s main investors - Unipol, banking foundations and private stakeholders - are in discussions over the board’s renewal but they are all due to support a single “majority list” of candidates, and Pietro Ferrari is expected to be appointed as chairman, Il Sole 24 Ore reported on Sunday.


The engineering group said a joint-venture 65-percent owned by its Tecnimont Philippines unit had won a contract worth around $180 million.


CEO Alberto Minali told la Repubblica Affari&Finanza on Monday the insurer would propose governance changes at the April’s general meeting so as to offer a board seat to institutional investors holding a stake in the group. Cattolica, whose shareholders include Warren Buffett, will also cut the number of board members from 23 at present and ditch a two-board system.


AS Roma captain Daniele De Rossi was among the scorers as they beat mid-table Torino 3-0 in Serie A on Friday and boosted their hopes of qualifying for next season’s Champions League.


Paulo Dybala scored in each half to give Juventus a 2-0 home win over Udinese and put them top of Serie A on Sunday.


Conversion of savings shares into ordinary shares effective as of today.


Board meeting on FY results (also on industrial plan) followed by conference call (1500 GMT).


Board meeting on FY results followed by conference call (1530 GMT).


Annual general meeting (1030 GMT).


Board meeting on FY results.


Quarantacinque takeover bid on CAD IT shares starts; ends on April 6.


Lavaredo Spa mandatory full takeover offer on Prelios shares reopens, ends on March 16.


Board meeting on FY results.


Board meeting on FY results.


Board meeting on FY results (0900 GMT).


Board meeting on FY results (1400 GMT).


Board meeting on FY results, followed by conference call (1600 GMT).


Board meeting on FY results.


Board meeting on FY 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

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:...............................

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