May 28, 2019 / 4:02 AM / 4 months ago

CORRECTED-Italy - Factors to watch on May 28

(Removes first item from diary section) 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

ISTAT releases April non-EU foreign trade data (0800 GMT).

DEBT

The European Commission is likely to start disciplinary steps against Italy on June 5 over the country’s rising debt and structural deficit levels, which break European Union rules, two euro zone officials said on Monday.

(*) The EU Commission will send Italy a letter on Wednesday requesting information on the country’ excessive public debt and will give Rome only two days - instead of the customary two weeks - to provide an answer listing relevant factors that may exempt Italy from disciplinary measures, la Repubblica reported.

Treasury sells 2.0-2.5 billion euros CTZ bonds due June 29, 2021; 0.75-1.25 billion euros followed two BTPei bonds: 0.10% due May 15, 2023 and 1.30% due May 15, 2028. Subscriptions close at 0900 GMT.

The Treasury said on Monday it would offer up to 6 billion euros over four bonds at auction on May 30.

FIAT CHRYSLER AUTOMOBILES

The Italian-American car maker pitched a finely balanced merger of equals to Renault on Monday to tackle the costs of far-reaching technological and regulatory changes by creating the world’s third-biggest automaker.

Italy’s Deputy Prime Minister Matteo Salvini said on Monday the Rome government should take a stake in a combined Fca-Renault group if necessary, given the importance of the car sector for the domestic economy.

Renault board members will meet informally for work sessions within days with a view to a decision early next week on whether to go ahead with Fiat Chrysler merger talks, two sources with knowledge of the matter said.

(*) The new group could adopt governance rules that give its two main shareholders - the Agnelli’s family holding company EXOR and the French state - beefed-up voting rights, Il Messaggero said on Tuesday.

(*) TELECOM ITALIA, VIVENDI, ENEL

State lender CDP and Italy’s biggest utility Enel value jointly-owned broadband operator Open Fiber at around 4 billion euros, MF said, flagging hurdles over an agreement with Telecom Italia to merge fibre assets and create a single ultra-fast broadband operator.

UBI BANCA

Patto dei Mille, a group of 95 investors, said on Monday it had nearly doubled its stake in the Italian retail bank to 6.94%.

IREN, SNAM

The Italian regional utility is considering selling its 49.1% stake in the country’s second-biggest liquefied natural gas terminal and has been in touch with possible buyers, including gas infrastructure group Snam, sources said.

(*) BANCA POPOLARE DI SONDRIO

The Italian bank said the ECB had authorised it to use internal models to asses corporate and retail credit risks, which will significantly boost its capital ratios and allow it to speed up its bad loan reduction strategy.

(*) SALINI IMPREGILO, ASTALDI

The Italian builder has reached a draft agreement with state lender Cassa Depositi e Prestiti (CDP) on the governance set-up of a national construction champion Salini is looking to create by taking over troubled rival Astaldi and, eventually, other players, Il Sole 24 Ore said on Tuesday. Based on the agreement, CDP will appoint the chairperson and Salini Impregilo the CEO and the general manager of the new group.

CEMENTIR

The cement manufacturer said that the board will submit the shareholders the proposal to transfer the company’s registered office to Amsterdam. The group will continue to be listed on the Italian Stock Exchange and the tax residence will remain in Italy.

(*) BANCA IFIS

The Italian bank will put its acquisition strategy on hold to focus on internal growth and rationalize its business, new CEO Luciano Colombini said in an interview with Il Sole 24 Ore.

POSTE ITALIANE

Annual general meeting (1200 GMT).

KI GROUP

Board meeting on Q1 results.

CLASS EDITORI

Annual general meeting (0730 GMT).

DIARY

Rome, Vodafone Italian unit representatives due to speak before parliamentary committee for security COPASIR (1300 GMT).

Milan, conference on “Businesses and Finance for Sustainable Development. Opportunities to Be Seized and Obstacles to Be Removed” (0730 GMT). Expected attendees include Invitalia CEO Domenico Arcuri, Unipol CEO Carlo Cimbri, Enel Chairwoman Patrizia Grieco, state lender Cassa Depositi e Prestiti CEO Fabrizio Palermo, Pirelli CEO Marco Tronchetti Provera UniCredit Chairman Fabrizio Saccomanni.

Milan, conference on “Finally a New Season to Finance Small- and Medium Sized Companies?” with Banca IFIS CEO Luciano Colombini, Industry Ministry and Mediocredito Italiano Director General Stefano Firpo, Industry Deputy Minister Massimo Garavaglia, Banca Sistema Gianluca Garbi, Banca Generali CEO Gianmaria Mossa, 4AIM Sicaf Chairman Giovanni Natali, state lender Cassa Depositi e Prestiti CEO Fabrizio Palermo, illimity Bank CEO Corrado Passera (0830 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:...............................

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