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Italy - Factors to watch on Nov. 21
November 21, 2017 / 5:00 AM / 24 days ago

Italy - Factors to watch on Nov. 21

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 .

POLITICS

Rome, inauguration ceremony of 2017/2018 academic year of tax police, with Prime Minister Paolo Gentiloni, Economy Minister Pier Carlo Padoan (0900 GMT).

ECONOMY

Rome, market regulator Consob Director General Angelo Apponi speaks before Bank Inquiry Parliamentary Committee on Banca Monte dei Paschi di Siena (0900 GMT). (*) Amsterdam and Paris won the right to host two EU agencies that must leave London because of Brexit after an extraordinary ministerial meeting in Brussels that left both results decided by drawing lots from a fishbowl.

COMPANIES

TELECOM ITALIA

The second meeting between the Italian government and Telecom Italia went well and another meeting is scheduled for next month, Industry minister Carlo Calenda said after meeting TIM CEO Amos Genish. “A relationship is developing in great and positive discontinuity with the past,” he said. (*) Lawyers for the group are working to appeal the government’s decision on golden power to the country’s head of state, although a final decision on this has not been taken, la Repubblica reported. Under the law, TIM has until mid-February to do so, the report added. (*) The group will present the guidelines of its new strategic plan to its board on Dec. 5, il Corriere della Sera reported . (*) The phone group has started talks with Sky to discuss the possibility of buying content to show on its broadband services.

ENI

BP and Eni are among companies that have expressed an interest in developing the giant Majnoon oilfield which Royal Dutch Shell plans to leave next year, Iraqi oil officials said on Monday.

(*) ENEL

Italy’s biggest utility said in its new plan it was shifting its focus to more mature markets like Italy, Spain and the U.S., stepping up a pledge to make its networks more digital.

(*) BANCA MONTE DEI PASCHI

The lender said on Tuesday that, according to preliminary data, 83.5 percent of total shares from the Upper tier II 2008-2018 subordinated bond conversion have been tendered in the offer.

As a result, the share held by the Italian Treasury in the bank is due to rise to 68 percent from the current 52 percent, both la Repubblica and il Sole 24 Ore reported. The Treasury will fill 10 of the 13 seats of the lender’s board, up for renewal on Dec. 18, il Sole 24 Ore added.

French insurer Axa has no intention of selling out of Monte dei Paschi after Italian competitor Generali has strengthened its shareholding in the Siena-based lender, MF reported, citing the head of Axa’s Italian unit Patrick Cohen.

(*) BANCA CARIGE

As a results of its share issue, the bank will have new shareholders including Davide Serra’s Algebris fund, Credito Fondiario, and hedge funds Tosca and Marshall Wace, il Sole 24 Ore reported.

Offers received for a 1.2 billion euro bad loan portfolio are all above the price foreseen in the bank’s industrial plan and should help the lender recoup some additional capital, CEO Paolo Fiorentino told Class-CNBC in an interview published in MF.

(*) CREVAL

Cerberus Capital Management is interested in subscribing part of the lender’s capital increase, Il Messaggero reported.

FINCANTIERI

The group’s top management is expected to informally speak before the Senate’s Industry Committee (1330 GMT).

FRENDY ENERGY, EDISON

The board of Frendy Energy decided the price of 0.340 euros per share Edison is offering to pay in its bid on the company is fair.

RENO DE MEDICI

    Reno de Medici has agreed to buy the 66.67 percent of Pac Service it did not already own for 10 million euros (*) FERROVIE DELLO STATO (IPO-FERRO.MI)

    Chief Executive Renato Mazzoncini said the group has put aside 2.3 bln euros for investments in the underground sector in an interview with La Stampa.

    (*) BANKING SECTOR

    After surviving the worst of a bad loans crisis, Italian banks face another daunting mission: modernising centuries-old businesses and finding new ways to make money.

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

    20 biggest gainers (in percentage)............

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    FTSE IT allshare index

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    FTSE Mid Cap index....

    Block trades..........

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

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