November 20, 2017 / 7:49 AM / 22 days ago

Italy - Factors to watch on Nov. 20

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 is planning for a national election on March 18 2018, Il Messaggero reported on Sunday without citing sources. This timetable would allow the centre-left to work on building a coalition and give the current legislature extra time to pass a law on living wills, the paper added.

COMPANIES

BANCA CARIGE

The bank secured backing from core shareholders and underwriters for a vital 560 million euro ($661 million) cash call needed to stave off the threat of being wound down.

A group of local investors who are the bank’s core shareholders committed to buy shares representing a total of 29.7 percent of its capital, and Carige said it had “first allocation” agreements with some institutional investors.

Carige said it planned to launch the new share issue on Nov. 22, offering the stock at 1 euro cent each. The offer would run until Dec. 6.

Bondholders are likely to buy up all the 60 million euros worth of shares reserved for them, a source familiar with the matter said on Saturday.

Chief Executive Paolo Fiorentino said in an interview with Il Sole 24 Ore that he expected existing shareholders, new institutional investors and former bondholders to buy shares worth almost 300 million euros. This was broadly in line with previous indications given by the bank.

Malacalza Investimenti, which holds a 17.6 percent stake in Carige, said it had committed to subscribe to the cash call pro quota.

Carige’s second-largest shareholder committed to subscribing the lender’s share issue and raise his stake in the bank to 9.9 percent, a source close to the matter said on Friday.

CREVAL

Italy’s bourse said from Monday it would not accept any orders for Creval shares without price limit.

Moody’s has downgraded Creval’s ratings, saying it saw “material execution risk” in the bank’s planned share issue.

Creval’s director general Mauro Selvetti told La Stampa in an interview on Sunday that the bank was not at risk, and had “solid fundamentals”. Asked whether any depositors had taken out their money, Selvetti said, “Absolutely not, and ... we have more than 3 billion euros of free liquidity, there is no tension.” He added that the bank had net assets of 1.5 billion euros.

Il Sole 24 Ore quoted Selvetti saying on Sunday that the bank was not considering converting subordinated bonds into shares, because “the main road is recapitalisation”.

BANCA MONTE DEI PASCHI DI SIENA

Monte dei Paschi said on Saturday it had set aside 569.4 million euros to pay for civil lawsuits as of end-September, after a group of bondholders this week challenged its state rescue.

(*) ENEL

German utility RWE is looking at ways to cut its 16.8-billion euro stake in retail business Innogy, several banking sources told Reuters, adding this could involve a deal with Italy’s Enel.

MEDIASET

French media group Vivendi has agreed to cut its stake in the broadcaster to 5 percent to comply with a regulator’s demand it reduce its influence in Italian telecommunications firms, La Repubblica reported on Sunday without citing sources.

LEONARDO

News conference to present “i.lab Mathematics” and “2017 Innovation Leonardo Award” ceremony with President Giovanni De Gennaro, CEO Alessandro Profumo in Milan (0930 GMT).

UBI BANCA

Edoardo Mercadante held 5.091 percent of UBI Banca as of Nov. 13, a regulatory filing showed.

EDISON

The company said Eolo Energia had subscribed FRIEL’s offer on Alerion with its entire 22.9 percent stake.

Edison said that Italian market regulator Consob had approved documents for its takeover bid on Frendy Energy and the offer will run from Nov. 22-Dec. 19.

(*) CATTOLICA

The transformation of the insurer into a joint-stock company is neither under discussion in the board nor on the table of the CEO, Chief Executive Alberto Minali told L‘Economia/Corriere della Sera. The insurer aims to reduce its dependence from the car insurance business and increase its welfare business, Minali also said.

(*) BANCA MEDIOLANUM, MEDIOBANCA

The asset manager will keep its stake in Mediobanca, its CEO told La Stampa.

(*) IPO

Italian oil company API will consider the possibility to list on the Milan bourse in the next three years, API Executive Chairman Ugo Brachetti Peretti told L‘Economia/Corriere della Sera on Monday.

Luxury shoe maker Giuseppe Zanotti Group does not exclude to list its shares in the future, founder Giuseppe Zanotti told L‘Economia/Corriere della Sera.

(*) IREN

The regional utility is looking at 20 possible acquisitions that could add around 100 million euros to its core profits,

SAIPEM

The oil services group’s chief executive, Stefano Cao, told Milano Finanza on Saturday the company was ready to adapt to world that demanded less oil, but said he thought petrol consumption would continue to increase, particularly in emerging market countries.

Regarding geopolitics, Cao said, “We don’t expect to feel any impact from the current crises, but if I were to make a wish, it would be that tensions around Iran could be resolved positively.”

He also sought to reassure investors about the company’s prospects, saying “we are going through a period of deep crisis and transformation but we are making the most of this period and looking at it as a big opportunity to re-design the company.”

INNOVATEC

Bond holders’ meeting (1030 GMT).

Trade ex-dividend: ATLANTIA of 0,57 euro per share as 2017 interim dividend; BANCA MEDIOLANUM of 0.20 euro per share as 2017 interim dividend; MEDIOBANCA of 0.37 euro per share; RECORDATI of 0.42 euro per share as 2017 interim dividend; TENARIS of 0.13 U.S. dollars per share as 2017 interim dividend; TERNA of 0,074263 euro per share as 2017 interim dividend.

For Italian market data and news, click on codes in brackets:

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FTSE IT allshare index

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

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