Italy - Factors to watch on Nov. 1

Thu Nov 1, 2012 3:40am EDT

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The following factors could affect Italian markets on Thursday. Afterhours trading will be closed for the day due to the November 1 national holiday.

Reuters has not verified the newspaper reports, and cannot vouch for their accuracy.

ITALY OVERHAULS BUDGET

Italian Prime Minister Mario Monti's government agreed on Wednesday to overhaul next year's budget plans by replacing a planned income tax cut with a reduction in payroll costs, lawmakers said on Wednesday.

ITALY'S PROVINCES REDUCED

The Italian government approved a law on Wednesday that will almost halve the number of provinces as part of a drive to cut the heavy cost of regional administrations.

The decree, which will cut the number of provinces to 51 from 86 at present, is part of a broader effort to attack the bloated cost of Italy's local and regional governments.

*FIAT

The Melfi plant will be the first to be re-tooled for new models in the Italian carmaker' s plan to fix its struggling European business, and work may begin within weeks, Fiat CEO Sergio Marchionne said in a newspaper interview.

FIAT INDUSTRIAL ; CNH

Italy's truck and tractor maker Chairman Sergio Marchionne said on Wednesday he sees an all-paper share swap merger with its CNH as being more expensive than planned.

*RCS MEDIAGROUP

Financier Alessandro Proto told the Financial Times on Thursday his "ultimate goal is to take over control of RCS and Corriere." Proto holds a 3.4 percent stake in the company on behalf of a group of shareholders and has offered to acquire a 5.1 percent stake held by the Benetton family for more than double the market price.

Italian market watchdog Consob said on Wednesday that Proto had not complied with requests for information on the group of shareholders he claims now controls 3.4 percent of the publisher. Proto Organization said later on Wednesday it would continue with plans regarding RCS regardless of Consob's view.

CAMFIN

Italy's Malacalza Investimenti said on Wednesday it had asked holding company GPI to obtain a 13 percent stake in Camfin in execution of a framework deal with Marco Tronchetti Provera, in a further sign of disagreement between the two partners.

EI TOWERS

The Italian TV and radio infrastructure company said on Wednesday it would beat its core profit target for 2012 after nine-month net profit rose 140 percent to 20.9 million euros ($27.08 million).

POP MILANO

The Italian lender said on Wednesday was forced to halt negotiations with labour unions on job cuts.

ACEA

Standard & Poor's has lowered on Wednesday the long- and short-term corporate credit ratings on the Italian multi-utility to 'BBB-/A-3' from 'BBB+/A2'. The outlook for the ratings is negative.

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

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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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