November 18, 2019 / 5:04 AM / 24 days ago

Italy - Factors to watch on Nov. 18

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 .

DEBT (*) Ratings agency DBRS on Friday confirmed Italy’s sovereign credit rating at BBB (high), with a stable trend.

European Central Bank Governing Council member Ignazio Visco said on Friday he was in favour of reforming the euro zone’s bailout fund but that some proposals carried risks that needed to be carefully considered.

(*) ECONOMY

ArcelorMittal is drafting a plan to re-commit to the 2018 deal, under which it bought the troubled Ilva steel plant in southern Italy, on three conditions, Il Messaggero daily reported on Monday. (*) Italy’s government is planning to meet Ernst&Young to consider Rome’s alternatives with regards to the Ilva plant, Corriere della Sera reported on Monday, adding that one of the options could be a Chinese stakeholder such as Jingye Group.

MEDIASET

The Italian broadcaster has offered to buy around 20% of its shares owned by French media group Vivendi at a price of 2.77 euros per share, Il Corriere della Sera and Il Sole 24 Ore reported on Saturday, adding no deal had been reached so far.

Investment fund Peninsula could take part of Mediaset’s stake from Vivendi, Il Sole 24 Ore said, adding Czech tycoon Daniel Kretinsky was also interested in buying shares in the TV group.

LEONARDO

The Italian defence group and Falcon Aviation Services are presenting a rotorcraft-dedicated terminal concept at the Dubai Air Show, Leonardo said on Sunday. One of these terminals will be established in Dubai next year near the area where Expo 2020 will take place, the group said, adding several rotorcraft terminals may be established in other geographies.

UNICREDIT, FINECOBANK

The Italian bank said on Friday it would use notes from a 7.75 billion euro securitisation of corporate loans to replace Italian government bonds it had pledged to post as collateral for Fineco following the sale of the former online banking unit to mitigate its large exposure to UniCredit. (*) Unicredit said on Monday it sold a Bulgarian portfolio of non-performing credits with a legal claim value of about 50 million euros.

TELECOM ITALIA

Italy’s biggest phone group is asking infrastructure funds to come up with bids next week for the assets of smaller broadband rival Open Fiber that will include its own last-mile network, sources said. (*) If TIM decides to pay a dividend at the end of 2021, its first one since 2013, as many analysts expect, that could be an incentive to convince holders of saving shares to convert them into ordinary ones, la Repubblica - Affari & Finanza said.

(*) FIAT CHRYSLER, EXOR

Fiat Chrysler (FCA) could use PSA’s platforms to build new Punto and Tipo car models, if it completes a merger with French rival, Il Corriere della Sera said in its weekly economic supplement.

State lender CDP might consider investing in FCA’s robot unit Comau - which the automaker is supposed to spin-off as part of a possible merger with PSA - especially if a Chinese buyer would target it, Il Corriere della Sera said in a separate report.

(*) SALINI IMPREGILO

Italy needs to call for a national state of emergency in order to make procedures to approve infrastructure project faster, the CEO of the building group told daily la Repubblica in an interview on Monday. Pietro Salini said its group was not a candidate to complete the building of a barrier at sea to defend Venice, known as Mose. He added that Italy needed to change the procedure to approve contracts.

IREN

The municipalities of Turin, Genoa and Reggio Emilia — which are Iren’s shareholders — are ready to support the group in its M&A activity, including the potential acquisitions of rivals Sorgenia and Compagnia Valdostana delle Acque (CVA), Il Sole 24 Ore reported on Sunday citing a statement of the municipalities.

CATTOLICA

The insurer on Saturday denied media speculation saying Managing Director Carlo Ferraresi would leave his job.

TREVI FINANZIARIA

Trevi on Friday said that an Italian court rejected the approval of the restructuring agreement reached with creditors presented by the company. Trevi believes that the decision of the court is totally wrong and added it would appeal the decision.

RECORDATI

The pharma group on Friday said the Committee for Medicinal Products for Human Use had recommended the granting of a marketing authorisation for Isturisa, a drug for which Recordati had recently acquired worldwide rights from Novartis.

UBI BANCA

Fitch on Friday confirmed the Italian bank’s ‘BBB-‘ rating with a negative outlook citing UBI’s “improving asset quality, feeble profitability, acceptable capitalisation.”

GAROFALO HEALTH CARE

The Italian healthcare group posted on Friday a 19% rise in nine-month revenue boosted by M&A and said the adjusted operating EBITDA margin was higher when including acquisitions in the period.

PIAGGIO AEROSPACE

Italy’s industry ministry on Friday gave its formal approval to a plan to relaunch the group and find a buyer. Temporary administrator Vincenzo Nicastro said the goal was to sell the company in its entirety and conclude the process by the autumn of 2020.

Trade ex-dividend: BANCA MEDIOLANUM of 0.21 euro per share as interim 2019 dividend; DANIELI of 0.15 euro per ordinary share and of 0.1707 euro per saving share; MEDIOBANCA of 0.47 euro per share; RECORDATI of 0.48 euro per share as interim 2019 dividend; POSTE ITALIANE of 0.154 euro per share as interim 2019 dividend; TERNA 0.0842 euro per share as interim 2019 dividend.

DIARY

Rome, state lender Cassa Depositi e Prestiti (CDP) holds 170th anniversary celebrations with President Giovanni Gorno Tempini, CEO Fabrizio Palermo, Italian President Sergio Mattarella, Economy Minister Roberto Gualtieri (1000 GMT)

Milan, insurance conference starts (1330 GMT), ends on Nov. 19. Expected attendees include Italian Insurance Chief Supervisor Stefano De Polis, Assicurazioni Generali Chairman Gabriele Galateri di Genola, Unipol Group CEO Carlo Cimbri (via video conference), UnipolSai Director General Matteo Laterza.

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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