Italy - Factors to watch on Nov 21

Wed Nov 21, 2012 2:40am EST

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The following factors could affect Italian markets on Wednesday.

Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).

*EURO ZONE CRISIS

Greece's international lenders failed for the second week running to agree how to get the country's debt down to a sustainable level and will have a third go at resolving their most intractable problem in six days' time.

After nearly 12 hours of talks through the night during which myriad options were discussed, euro zone finance ministers, the International Monetary Fund and the European Central Bank failed to reach a consensus, without which emergency aid cannot be disbursed to Athens.

ITALY-SWISS TAX AGREEMENT

Any tax agreement between Italy and Switzerland should not take the form of an amnesty, Italian Economy Minister Vittorio Grilli said on Tuesday.

INTESA SANPAOLO, UNICREDIT

Nervous Italian shareholders are toying with the idea of a tie-up between the country's two biggest banks, Intesa Sanpaolo and UniCredit, to fend off the threat of a foreign takeover, sources close to the situation say. 

Intesa Sanpaolo banking foundation shareholders have never talked about a possible merger between Italy's largest retail bank and peer UniCredit, the chairman of the Carisbo foundation said on Tuesday.

*PIRELLI, CAMFIN

Two Italian private equity funds confirmed on Tuesday they are in exclusive talks over a possible partnership with a holding company that indirectly controls tyremaker Pirelli until Dec. 15.

Meanwhile an argument between Pirelli Chairman Marco Tronchetti Provera and the Malacalza family, the second-largest investor in GPI, another holding that controls Pirelli, escalated on Tuesday. The Malacalzas accuse Tronchetti of not having respected the conditions of a shareholders' agreement governing their investment. It is unclear how this dispute will impact Tronchetti's talks with the two Italian private equity funds, Investindustrial and Clessidra.

FINMECCANICA, AVIO

Bankers are preparing up to 2 billion euros of debt to back a buyout of Avio as private equity owner Cinven presses ahead with its sale of the airplane parts supplier, banking sources said on Tuesday.

*RCS MEDIAGROUP

The publisher's board members are meeting on Sunday Nov. 25 to review progress in a turnaround plan, Il Sole-24 Ore reported.

*ATLANTIA

The highways operator may decide to close the offering on its retail bond sooner than Dec. 7 deadline, said a person familiar with the situation. The offer could close by Friday or Monday, the person said.

IMPREGILO

Two investors in Italy's biggest builder have been put under investigation on allegations of market-rigging for their role in a change of control at the company, a judicial source said on Tuesday.

MEDIOBANCA

The investment bank's board started on Tuesday to define its industrial plan expected by next summer and which will focus on stricter risk control and international growth, according to sources close to the board.

At the meeting, the board did not discuss assets but focused on the banking business, the sources said.

Il Messaggero reported on Wednesday that the bank's CEO Alberto Nagel made a presentation that stressed cost cutting in the new industrial plan, with the goal of building on the bank's strengths in capital markets and financing.

SEA IPO

The initial share offering of the Milan airport operator is attracting strong interest from institutional investors, SEA chairman Giuseppe Bonomi said on Tuesday.

RISANAMENTO

Risanamento said on Tuesday it had renegotiated financing for around 36 million euros with Banca Nazionale del Lavoro.

ANTICHI PELLETTIERI

The company said on Tuesday it had reached a restructuring deal with creditor banks including a capital increase reserved to its lenders.  

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