Italy - Factors to watch on May 2

Fri May 2, 2014 2:55am EDT

Related Topics

The following factors could affect Italian markets on Friday.

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

ECONOMY

Markit/ADACI releases April PMI manufacturing (0745 GMT).

Bank of Italy releases report on financial stability (1300 GMT).

Transport Ministry releases April car sales (1600 GMT).

April state sector borrowing requirement data.

COMPANIES

Milan, Bourse after hours trading closed.

BANCO DI DESIO E DELLA BRIANZA, BANCA POPOLARE DI SPOLETO

Ratings agency Fitch placed several of its ratings of Banco Desio's creditworthiness on negative watch on Wednesday, saying its acquisition of troubled rival Banca Popolare di Spoleto will have a negative impact on Banco Desio's asset quality and capital.

The agency said its decision was also motivated by the risks inherent in the transaction and the fact the bank had no track record in similar integrations.

Banco di Desio expects to report a 2014 net profit of more than the 9.4 million euros reached last year, CEO Tommaso Cartone said, according to a report in Il Sole 24 Ore.

ENI, SAIPEM, GAZPROM, OMV

The South Stream gas pipeline project is not frozen, Italy said on Wednesday, denying an earlier report quoting a government source.

A government source told Reuters earlier on Wednesday that the project, which would carry Russian gas into Europe bypassing Ukraine, had effectively been put on ice.

Gazprom has ditched plans to build a section of its disputed South Stream gas pipeline to Italy, two sources close to the firm said on Wednesday, a day after it announced a deal with OMV to build a branch in Austria.

ROTTAPHARM

Rottapharm Madaus aims to float a 40 percent stake in an initial public offering that values the Italian pharmaceutical group at up to 2.2 billion euros ($3 billion), three sources close to the matter told Reuters on Wednesday.

BANCA POPOLARE DI MILANO

Banca Popolare di Milano said on Wednesday it would price new shares in a capital increase to raise up to 500 million euros ($693.3 million) at 0.43 euros per share, as it moves to comply with a regulatory request to boost capital.

BANCA MONTE DEI PASCHI DI SIENA

The Monte dei Paschi foundation, former controlling investor in Banca Monte dei Paschi di Siena, said on Wednesday it had changed the terms of a pact with Fintech Advisory and BTG Pactual Europe LLP whereby the three investors would subscribe pro-rata to a 5 billion euro rights issue at the Italian bank.

BANCA POPOLARE DELL'EMILIA ROMAGNA

The lender is developing a plan to strengthen its capital that could be announced in the first half of May, MF said on Thursday. The bank could launch a capital increase of more than 500 million euros, which theoretically could be launched between the end of May and early June, the paper added.

VENETO BANCA

The new board of the unlisted Italian lender has decided to proceed with the conversion of a 350 million euro bond into equity to bring its highest quality Common Equity Tier 1 capital above a minimum threshold set by the European Central Bank, the bank said in a statement on Wednesday.

The conversion is expected to take plan on June 30 and will strengthen the bank's Common Equity Tier 1 capital by 1.4 percent, it added.

* BANCA CARIGE

There have been preliminary contacts between the top shareholder foundation and private equity Investindustrial to buy up to 20 percent of the capital that it will place on the market, La Stampa said on Thursday.

GENERALI

Europe's top insurance regulator on Wednesday launched the latest round of stress tests to gauge insurers' ability to withstand shocks such as the recent financial markets crisis.

Big insurers such as Generali are thought to be well prepared for both Solvency II and the stress tests.

FIAT-CHRYSLER

Chrysler Group LLC reported a 14 percent rise in U.S. auto sales for April, which is higher than the expected 9 percent increase for the industry.

The U.S. auto industry in April rebounded sharply from a bitter and extended winter, with four of the top six automakers reporting year-to-year gains in sales on Thursday.

Chrysler Canada said on Thursday that its total vehicle sales climbed 6 percent in April, as a surge in demand for trucks more than offset slumping car sales, and it remained the country's top-selling auto company. * Italian car sale data for April to be released.

TELECOM ITALIA

The phone group is open to alliances with web operators such as Amazon and Facebook, Il Sole 24 Ore said, citing CEO Marco Patuano from his visit to Brussels.

ALITALIA

CEO Gabriele del Torchio and Chairman Roberto Colaninno will fly to Abu Dhabi on Monday to resume talks with Etihad Airways on a possible investment that could rescue the loss-making Italian airline, various papers said on Thursday. On Friday Del Torchio will meet with Alitalia's creditor banks in Milan to discuss the option of them converting half of Alitalia's debt into shares.

Transport Minister Maurizio Lupi is optimistic about ongoing talks between Etihad Airways and Alitalia over a possible investment by the Abu Dhabi-based airline in Italy's troubled carrier, La Stampa reported on Thursday.

Transport Minister Maurizio Lupi said Alitalia would soon respond whether the conditions posed by Etihad are acceptable or not, La Repubblica said on Thursday.

Etihad is asking Alitalia's creditor banks to convert up to 565 million euros of the airline's debt into shares, MF reported on Thursday. This includes old debt of 400 million euros and new credit lines of 165 million, which expire in 2016, the paper added.

AEFFE

Private equity groups have shown interest to take a minority stake in the fashion group, but it is unlikely that an agreement with the Ferretti family can be found, Il Sole 24 Ore said on Thursday, citing sources close to the group. Some initial meetings with potential investors have taken place, but the group saw no intention nor need to find a financial partner, the paper added. It names Emerisque and Change Capital as potentially interested parties, but added that Aeffe could also be interesting to an Asian player given its presence in Japan.

RCS MEDIAGROUP

The board of the Italian publisher will meet again on Sunday, May 4, to decide a candidate to succeed Carlo Pesenti as a board member, with a name to be put forward to shareholders ahead of a general meeting on May 8, Il Sole 24 Ore said on Thursday.

FRATELLI ROSETTI

The three brothers who own Fratelli Rossetti would consider selling part of the Italian luxury shoemaker to fund future expansion, while keeping the business founded by their father firmly under family control.

* TENARIS

Earnings per share in the first quarter were $0.36. Q1 net sales were $2.58 billion, down 4 percent. The company said it expected overall results in 2014 to be in line with 2013.

Conference call on Q1 results (1300 GMT).

* HI REAL

Shares in the company that invests in real estate and hotel projects were suspended on Friday, the Italian stock market said.

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:............................... ($1 = 0.7212 Euros)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.