October 8, 2018 / 4:00 AM / a month ago

Italy - Factors to watch on Oct. 8

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

Rome, Deputy Prime Minister and Interior Minister Matteo Salvini and French far-right politician Marine Le Pen attend conference on “Economic Growth and Social Prospects in a Europe of Nations” (0830 GMT).

Germany on Sunday denied an Italian newspaper report that it planned to fly migrants back to Italy, after the allegation drew a threat from Italy’s Interior Minister to refuse landing permission to unauthorised planes carrying asylum seekers.

Prime Minister Giuseppe Conte will meet with Economy Minister Giovanni Tria and deputy PMs Luigi di Maio and Matteo Salvini on Tuesday to further discuss the budget plans, Il Messaggero said on Monday.

ECONOMY

OECD releases August composite leading indicator (1000 GMT).

The European Commission will not interfere in Italy’s budget planning and assess the budget without bias but propose changes if necessary, European Union Commission President Jean-Claude Juncker told Austrian newspapers.

The European Commission has told Italy it is concerned at its budget deficit plans for the next three years since they breach what the EU asked the country to do in July, but Rome insisted on Saturday it would “not retreat” from its spending plans.

Deputy Prime Minister and 5-Star leader Luigi Di Maio reiterated on Sunday that the government would not go back on its budget plans, that there was no plan B and that no minister reshuffle was planned, according to an interview with Corriere della Sera.

DEBT

Treasury announces sale of BTP bonds, with relative amounts to be auctioned on Oct. 11.

MEDIASET, EI TOWERS

Italian broadcaster Mediaset and infrastructure fund F2i successfully took over Italian masts group EI Towers as investors tendered shares equivalent to 97.45 percent of its capital, preliminary data published by the Milan bourse showed.

Mediaset will reap a capital gain of over 510 million euros from the deal, several papers said on Saturday.

TELECOM ITALIA, VIVENDI

Top shareholder Vivendi reaffirmed its support for Telecom Italia’s (TIM) Chief Executive Amos Genish, while accusing activist fund Elliott of running a “rumour campaign” to discredit him.

TIM CEO Amos Genish said tensions between the company’s management, its board and shareholders were counterproductive, but said he was committed to staying, according to an excerpt of an interview with La Repubblica. Genish told the paper “greater alignment between shareholders, management and the board were needed” to support the company’s growth.

The executive added that TIM is studying various options for its operations in Brazil, but no final decision on potential acquisitions has been taken. “We are examining potential targets,” he said.

Separately, a source familiar with the matter told Reuters TIM had mandated Enrico Laghi, a business professor in Rome and one of three administrators looking after struggling airline Alitalia, to review the valuation of the phone group’s assets.

Such review could result in a writedown of some of TIM’s infrastructure, including its copper and fiber networks, that could weigh on its profits, La Repubblica said on Saturday.

MEDIASET, VIVENDI

Vivendi’s lawyers have contacted Mediaset seeking a compromise to the companies’ drawn-out legal dispute, La Repubblica said on Saturday, reiterating rumours that have been circulating this week. On Wednesday a Mediaset spokesman told Reuters there had bee no contact between the two companies in recent months, not even at lawyer level.

Mediaset is working with Chiomenti law firm on a project to create a pan-European content group, also including Germany’s ProsiebenSat1 and France’s Tf1, il Fatto Quotidiano said on Sunday. The Dutch holding would allow the companies that join the pan-European vehicle to maintain their operational autonomy, the report added. Mediaset declined to comment on the article.

BANKS

Italy has no intention to put banks in difficulty and will avoid measures that could worsen an already fragile situation, Deputy Economy Minister Massimo Garavaglia told MF in an interview published on Saturday.

ATLANTIA

Already between 2001 and 2003 Atlantia’s unit Autostrade per l’Italia was thinking about demolishing the Genoa bridge that collapsed in August and had tasked a company to provide an estimate for the cost and work necessary to do so, la Repubblica said on Sunday.

Autostrade said on Sunday that any plans to demolish the bridge back in 2001 were not related to any safety risks but were discussed as part of the so-called Gronda project, meant to strengthen and develop the motorway infrastructure around the city of Genoa.

The government will anticipate the compensation to be paid to the evacuees from the Genoa bridge disaster but will then ask Autostrade to pay it back, Transport Minister Danilo Toninelli told La Stampa in an interview on Sunday.

(*) ENEL

Credit Suisse cut its target price on the stock to 6 euros from 6.40 euros.

(*) LEONARDO, FINCANTIERI, ENAV

Italy and investment banks are looking at the so-called Capricorn project, under which stakes in state-owned companies, including Leonardo and ENAV, could be put under state-lender CDP, Corriere della Sera’s L’Economia insert said on Monday. The project could also see the creation of a ‘defense pool’ under CDP, including stakes in Leonardo and ship builder Fincantieri, the paper said.

ENI

Algeria’s state-owned oil and gas company Sonatrach will launch offshore drilling with France’s Total and Italy’s ENI on two sites in the east and west of Algeria at the start of 2019, its chief executive said on Sunday.

BANCA MONTE DEI PASCHI DI SIENA

The lender has launched a process to sell a real estate portfolio worth 500 million euros, Il Sole 24 Ore said on Saturday. By Oct. 12 the bank’s advisor PwC is also expecting non-binding offers for a non-performing loan portfolio with a nominal value of 2.4 billion euros, the paper added.

The bank has also launched a project, being advised by KPMG, to shed 1.1 billion euros worth of unlikely-to-pay loans, in which the likes of Bain Capital Credit and Cerberus are interested, Il Sole said. Another portfolio of 420 million euros of unlikely-to-pay loans has attracted offers in recent days from Bain Capital Credit, Cerberus, Fortress and a consortium made up of Aurora Recovery Capital and U.S. investor Farallon, it added.

(*) AMPLIFON

The company said on Monday it had signed a definitive agreement for the acquisition of GAES Group from the Gasso family and other minority shareholder. The equity value to be paid in cash amounts to 528 million euros, it added.

FIAT CHRYSLER

Fiat Chrysler’s Cassino plant in Italy will stop production of Giulietta model for the day of Oct. 8, labour union FIOM said on Friday in a press release.

ASTALDI

The Italian government is keeping an eye on the Astaldi case, Deputy Transport Minister Edoardo Rixi was quoted as saying by La Stampa on Saturday.

The builder’s rescue plan could total 1.5 billion euros, including a 400 million-euro capital increase, half of which through a bond conversion, Il Sole 24 Ore said on Saturday.

LUXOTTICA

The Italian antitrust authority said on Friday it had opened a probe into Luxottica’s acquisition of sun lens maker Barberini.

UNIPOL, UNIPOLSAI

Insurer Unipol held 79.30 percent of UnipolSai as of Sept. 28, a filing published by Italy’s market watchdog showed on Friday.

FULLSIX

Fullsix said on Friday it sold 100 percent in Fullsystem to Telemetrica for 125,000 euros.

M&A, ALITALIA

Italy is working on an extension of as much as six months to a Dec. 15 deadline for Alitalia to repay a 900 million euro ($1 billion) loan meant to keep the airline afloat while it searches for a buyer, a government source said on Saturday.

Italy is working on an Alitalia rescue plan that would see the state taking a stake of around 15 percent in the carrier along with separate investments by state-owned firms such as Ferrovie dello Stato and a foreign player, Il Sole 24 Ore said on Sunday.

A spokesman for the Industry Ministry said on Sunday it was premature to discuss details of government plans for Alitalia, adding more might be known the following week.

IPO, ILLY

The company plans to create by June next year a sub-holding for its wine, tea and chocolate products, controlled by the group, Corriere della Sera’s L’Economia insert said on Monday, adding a financial partner for the project will be sought before it is listed on the stock market.

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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