Italy - Factors to watch on May 9

Thu May 9, 2013 2:37am EDT

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The following factors could affect Italian markets on Thursday

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

ITALIAN POLITICS

A Milan appeals court confirmed the sentencing of former Italian Prime Minister Silvio Berlusconi to 4 years in jail on Wednesday for tax fraud in connection with the purchase of broadcasting rights by his television network Mediaset.

ENI, SNAM

Italy's oil major said on Wednesday it had launched the sale of an 11.69 percent stake in Snam as the group presses ahead with plans to exit the gas transport company.

* TELECOM ITALIA

The Italian phone company holds a conference call on Q1 results on Thursday at 1000 GMT.

On Wednesday it approved its first-quarter quarter results which showed a drop in net profit to 364 million euros compared to 605 million euros a year earlier, missing a Thomson Reuters I/B/E/S consensus of 565 million euros.

Telecom Italia decided on Wednesday to delay a decision on whether to seek a merger deal with Hutchison Whampoa, buying more time to win over its divided shareholders.

In a related move it also said the board agreed to meet again on May 23 to decide on the possible separation of its politically sensitive fixed line network, which analysts reckon could be worth 12-15 billion euros.

Corriere della Sera reported on Thursday that Italian state-owned investment fund CdP could take 40 percent of the network company, which would be worth an estimated 16 billion euros and have 8-9 billion euros debt.

BOARD MEETINGS

On Thursday fashion company Brunello Cucinelli, insurer Generali, asset manager Mediolanum, holding company Premafin and cable company Prysmian hold board meeting on Q1 results.

Investment house Mediobanca holds board meeting on Q3 results followed by conference call at 1400 GMT.

FONDIARIA-SAI

The italian insurer, slated to merge with peer Unipol , said on Wednesday its net profit more than tripled in the first quarter, boosted by non-life business.

BANCO POPOLARE

Credit Agricole and Banco Popolare have agreed to inject 450 million euros ($593 million) into their consumer credit joint venture Agos Ducato, which is struggling under a mountain of bad debt in crisis-hit Italy.

IMPREGILO

The Italian general contractor, together with U.S. builder Parsons Corporation, has won a contract worth $254 million to build the Anacostia river tunnel in the area of Washington DC.

*POP MILANO

The bank's management is likely to delay plans to transform it into a joint stock company because of resistance from labor unions, Il Sole-24 Ore reports on Thursday. The plan will be examined at board meetings on Friday.

Labour unions complained on Wednesday against what they called pressures from the management of the cooperative lender on shareholders to approve a transformation of the bank in a joint-stock company. The management has launched a campaign to explain the transformation plan to shareholders ahead an assembly due to take place on June 22 to approve it along with a capital increase.

LOTTOMATICA

Italy's gaming company said on Wednesday its net profit rose by 30 percent in the first quarter of the year to 74.7 million euros ($98 million) boosted by its video lottery business in Canada.

YOOX

The Italian online fashion retailer expects revenues and profits to grow in 2013 as it continues to reap benefits from its new logistics platform and new contracts with brands.

*PRELIOS

Shareholders of the Italian property manager approved full year accounts, a capital increase and a one for ten reverse share split on Wednesday, finalizing the company's restructuring plan. Shares rose as much as 11 percent. Its 70 million euro capital increase reserved for a new shareholder group and a 115 million euro capital increase for all shareholders will start by the end of June and will be completed by the end of July or early August, said chairman Marco Tronchetti Provera at the meeting. It was his last meeting as chairman, since the company has also approved new management.

BANK OF ITALY

Bank of Italy releases on Thursday March data on bank deposits and March statistics on Italian government bond holdings at Italy-based banks.

EU COMMISSION

European Commission Deputy President Antonio Tajani and employers' association Confindustria President Giorgio Squinzi attend conference at Bocconi University at 1500 GMT.

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