April 23, 2012 / 4:00 AM / 5 years ago

Italy - Factors to watch on April 23

7 Min Read

The following factors could affect Italian markets on Monday.

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

Italian Economy

Italy is looking for a return to moderate economic growth in the third quarter of this year as the depressionary impact of austerity measures ease, Italian deputy finance minister Vittorio Grilli said on Saturday.

State-owned financial company Cassa Depositi e Prestiti will use 15-16 billion euros to boost the economy this year, its chairman Franco Bassanini said in an interview with Il Messaggero on Sunday.

Unipol, Fondiaria, Premafin

Talks over a planned Unipol rescue deal of troubled peer Fondiaria continued over the weekend and board meetings are expected on Monday and Tuesday, as the four companies involved in the operation seek agreement on the size of stakes they will hold in the new insurance group, Il Corriere said on Sunday.

The newspaper said negotations also concern a possible conversion of 368 million euros of debt held by UniCredit , Mediobanca and other five lenders into a 3-5 percent stake in the new group. Such a debt cut could make it easier to win regulatory approval, it said.

On Friday, Milano Assicurazioni, a unit of Fondiaria involved in the operation, said it saw no obstacles to continue merger talks, adding a decision would depend on agreeing a swap ratio that is adequate for minority shareholders.

Generali

Chairman Gabriele Galateri said he would not run again for his role on two bank boards after Italy banned executives from holding simultaneous board seats at rival financial companies.

Banco Popolare

Chief Executive Pier Francesco Saviotti said the cooperative bank needs 170 more basis points to meet the EBA requirement of a 9 percent Core Tier 1 capital adequacy ratio at end-June. Quoted by Corriere on Sunday, he said the gap will be filled through "internal capital generation, the optimisation of risk-weighted assets and the adoption of advanced models of risk asessment". La Stampa on Sunday quoted him as saying the bank will review its targets in May as rates have become very low.

Impregilo

Rival Salini, which aims to take over the builder, presents a long-awaited business plan on Monday. Il Sole 24 Ore said on Saturday the family-owned group had raised its Impregilo stake to 29 percent, almost matching the holding held by the controlling Gavio family.

Impregilo said in a statement last Friday it would present its own 2012-2016 strategic plan on Thursday, adding it had called a shareholder meeting on May 28 to vote on a proposal to boost minorities board representation. In a statement, Impregilo said it would call an ordinary shareholder meeting to discuss a Salini request to renew the entire board, but it did not give a time frame. Milano Finanza on Saturday said this meeting could be held in July.

* Intesa Sanpaolo

The head of the bank's management board Andrea Beltratti said Intesa Sanpaolo's capitalisation levels were adequate, according to an interview published in CorrierEconomia on Monday.

a2a

The regional utility company will not need a capital increase, its outgoing chairman Giuseppe Sala said in an interview on Saunday with la Repubblica.

Acea, Snam

Marco Staderini, chief executive of Rome's utility Acea is in talks with Italgas, distribution unit of Italy's gas grid group Snam, to set up two joint ventures in gas and power distribution in Rome, a source close to the matter said on Friday. Both Acea and Snam declined to comment.

Prysmian

The cables company expects 2012 revenue growth of 4-5 percent and aims to increases its EBITDA margin to above 9 percent in 2015 from 7.5 percent in 2011, Il Sole 24 Ore reported on Sunday. Synergies from the Draka marger are targeted at 45 million euros this yeat and at 150 million euros in 2015.

Finmeccanica

Hitachi Rail will wait until after the outcome of a Finmeccanica shareholder meeting on May 16 to decide on a possible purchase of stakes in the state-owned Italian defence group's rail units AnsaldoBreda and Ansaldo STS, Il Sole 24 Ore reported on Saturday.

Benetton

Luciano Benetton will hand over the helm of the Italian fashion clothing company he helped found 47 years ago to his son this week, he said in an interview published on Sunday.

ECONOMIC INDICATOR Date GMT City Event --------------------------------------------------------------- 23/04 0800 ROME ISTAT, consumer confidence - April. 23/04 0900 ROME ISTAT, flash trade balance non-EU - March. GOVERNMENT DEBT SUPPLY Date GMT City Event --------------------------------------------------------------- 23/04 ROME Treasury announces sale of BTPs (fixed rate

bonds) and CCTeu (Euribor-linked floating rate

bonds) to be auctioned on April 27.

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Stories on Italy...... IT-LEN

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