Italy - Factors to watch on December 10

Tue Dec 10, 2013 2:57am EST

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 (*).

POLITICS

The new head of Italy's centre-left Democratic Party Matteo Renzi said on Monday he would work with Prime Minister Enrico Letta to pass reforms, dismissing suggestions he could seek to provoke a snap election and lead a new government himself.

ECONOMY

ISTAT presents October industrial output data (0900 GMT) and final Q3 GDP (1000 GMT).

DEBT

Treasury offers to buy back CCTs maturing on Dec. 1, 2014; BTPs maturing on March 1, 2015; BTPS maturing on April 15, 2015; CCTs maturing on Sept. 1, 2015; BTPEIs maturing on Sept. 15, 2017.

COMPANIES

MONTE DEI PASCHI DI SIENA

The board of Italy's Monte dei Paschi di Siena is expected to meet later this week to discuss the timing of a three-billion euro capital increase as its top shareholder raises pressure to delay the issue, sources said on Monday.

The proposal by the Monte Paschi Foundation to postpone the capital increase until the second quarter could be included in the agenda for the December shareholder meeting, Il Sole 24 Ore said. Chairman Alessandro Profumo and CEO Fabrizio Viola are ready to resign if the timing of the cash call is pushed out, the paper added.

Il Messaggero said the foundation's proposal for a delay in the cash call will be rejected by the bank's board at a meeting scheduled for Thursday this week.

TELECOM ITALIA

Brazil's antitrust watchdog Cade has not ruled out the possible division of wireless carrier TIM ParticipaƧƵes SA into units to be bought up by local rivals, a government source familiar with the agency's reasoning told Reuters on Monday.

Spanish group Telefonica has not yet decided what to do about a Brazilian competition ruling that it should withdraw from having an indirect interest in Brazilian mobile company TIM Participacoes or seek a new partner for its rival, Telefonica Brasil's Vivo.

FINMECCANICA

Former Defense Minister Giampaolo di Paola has been appointed adviser for international strategy at the firm, Il Sole 24 Ore said, and he may eventually become the company's chairman. CEO of unit Ansaldo STS, Sergio De Luca, should be named director general of Finmeccanica, various papers said. Stefano Siragusa has been proposed as the head of Ansaldo STS, Il Messaggero added.

CARIGE

The economy minister has written to the newly-appointed president of the foundation that owns 46.66 percent of the Genoa-based bank urging it to cut its holding, MF reported citing Sunday's local edition of la Repubblica.

BANCA POPOLARE DI SPOLETO

Two binding offers have been submitted for the lender put under special admnistration by the Bank of Italy, the commissioners running the bank said in a note on Monday. The offers came from Banco Desio e della Brianza and Clitumnus, a consortium of local investors.

ENI

CEO Paolo Scaroni met on Monday with the Congo Republic President Denis Sassou-Nguesso to discuss the Italian oil group's exploration activities in the country.

ALITALIA

The carrier presents its revised industrial plan to trade unions (1700 GMT).

Various papers said the plan could include 1,900 job cuts, and cost savings of 350 million euros. Previously, sources have said Alitalia could cut up to 2,600 staff as it seeks to return to profitability.

The addition of five new long-haul planes to the airline's fleet, planned for 2014, could be postponed, la Repubblica said. Talks with Etihad Airways as a possible new partner for Alitalia are at an advanced stage, the paper added.

The deadline to invest in the yet unsubscribed shares in Alitalia's capital increase expires on Tuesday.

FIAT

The company and the FIOM union will tomorrow sign an agreement on union representation, Il Sole 24 Ore said.

The carmaker plans investments of 9 billion euros in new models as it seeks to relaunch its European businesses and break even by 2016, various papers said.

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