MILAN, April 21 (Reuters) - 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 (*).
FIAT (FIA.MI)
The Canadian Auto Workers said on Monday it would not agree
to cut its members' wages and benefits by the C$19 an hour that
automaker Chrysler wants, refusing to bow to mounting pressure
as concession talks resumed ahead of a deadline to form an
alliance with Fiat. [ID:nN20420741]
* Two of Chrysler's creditors, JP Morgan and Citigroup, have
made a counteroffer in their talks with the U.S. car maker and
Fiat, asking for more than 15 cents on every dollar owed to
them, Il Messaggero said; if Chrysler goes bankrupt, they want
50 cents on every dollar.
The U.S. government will make about $500 million available
to Chrysler LLC through the end of this month as the U.S. car
maker seeks to close a deal to form an alliance with Fiat.
[ID:nN20430590]
Standard & Poor's debt analyst Barbara Castellano reiterated
to Il Sole 24 Ore the group's rating could come under pressure
if its debt rises and it does not have the funds to deal with
it.
Italian regulators have fined Fiat 150,000 euros for unfair
advertising practices in a TV commercial aired between December
2007 and March 2008, said la Repubblica, citing the regulator.
ENEL (ENEI.MI)
The power utility intends to sell 20-30 percent of its
renewable energy unit Enel Greenpower, its chief executive,
Fulvio Conti, said on Monday, adding the stake was worth more
than 2.8 billion euros.
* UBS adds Enel to its least preferred picks.
[ID:nWNAB525]
SAIPEM (SPMI.MI)
Top oil exporter Saudi Aramco has delayed the development of
its Moneefa offshore oilfield project by at least six months,
industry sources close to the project said.
Saipem, the major contractor in the project, said earlier
this month it had proposed to Aramco that it shift its 1.44
billion euro contract from a lump-sum price to one that gives it
a margin above costs. It also called for the contract to be
delayed. [ID:nLK259670]
* LUXOTTICA (LUX.MI), SAFILO (SFLG.MI)
The Del Vecchio family shareholders at Luxottica are
promoting a plan to take a stake in its rival eyewear maker
Safilo, which is looking for a partner and additional funds,
Finanza & Mercati said, citing sources at both companies.
* GENERALI (GASI.MI)
Activist fund investor Algebris has sold its 0.51 percent
stake in Italy's largest insurer, MF said.
INTESA SANPAOLO (ISP.MI)
The bank's dual-board governance structure has worked well
and shareholders are only being asked at their annual meeting to
fine-tune certain aspects of it, the bank said in a letter to
its shareholders cited in Corriere della Sera.
* TOD'S (TOD.MI)
At the annual shareholders meeting, Chairman Diego Della
Valle said 2008 had ended positively and the upcoming months
would perform even better, according to Il Sole 24 Ore; Della
Valle did not elaborate, but he said the worst of the crisis had
passed.
SMALL- AND MEDIUEM CAPS
PIRELLI RE (PCRE.MI)
The real estate group posted a 14.7 million euro
first-quarter operating loss as the economic crisis kept hitting
real estate markets. [ID:nLK314411]
CAMFIN (CAMI.MI), PIRELLI & C (PECI.MI)
Creditor banks of Pirelli shareholder Camfin have yet to
find an agreement on a 100 million euro capital increase for
Camfin, Corriere della Sera said, adding that adviser Mediobanca
was also working on a debt restructuring.
SNAI (SNAI.MI)
The gaming company saw "good growth" in business in the
first quarter, except for horse racing, where it is market
leader, SNAI Chairman Maurizio Ughi said on Monday.
[ID:nLK295767]
CIR (CIRX.MI)
The holding company's energy unit and largest asset,
Sorgenia, posted a 23 percent fall in first-quarter core
earnings due mainly to lower gas sales and higher supply costs.
[ID:nLK215278]
BANCA ITALEASE (BIL.MI)
The leasing company's board has approved the proposed
buy-out of its shares by its main shareholder, Banco Popolare
(BAPO.MI), according to a statement released late on Monday;
Popolare, which owns 31 percent, will pay 1.50 euros a share for
the remaining shares.
COMPANY RESULTS, ANNUAL MEETINGS
The following companies will report quarterly results:
PIRELLI & C. (PECI.MI)
The following companies hold annual shareholder meetings:
AUTOGRILL (AGL.MI), PIRELLI & C (PECI.MI), MILANO
ASSICURAZIONI (ADMI.MI), BENI STABILI (BNSI.MI), CEMENTIR
(CEMI.MI), ERG RENEW (ENRT.MI)
