August 28, 2017 / 4:01 AM / 2 months ago

Italy - Factors to watch on Aug. 28

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 (*).

For a complete list of diary events in Italy please click on .

ECONOMY

ISTAT releases August consumer and business confidence data (0800 GMT).

DEBT

Treasury sells 1.5-2.0 billion euros CTZ bonds due May 30, 2019. Subscriptions close at 0900 GMT.

Italy’s Treasury said on Friday it would offer up to 7.25 billion euros ($8.61 billion) over three bonds at an auction on Aug. 30.

COMPANIES

TELECOM ITALIA

The government has asked the Council of State and the Attorney General to draw up legal opinions on the alleged failure of Vivendi to meet its obligation to tell Rome of a change of control at Telecom Italia (TIM), Corriere della Sera said on Saturday.

A group of government legal experts consider Vivendi’s acknowledgement it has “direction and coordination” of TIM as something that goes beyond mere control, la Repubblica said on Sunday. TIM’s network being in the hands of Vivendi would be seen by Rome as a problem, the paper said.

The government believes special powers can be applied to telecommunications assets just as they can be to energy and transport and TIM’s Sparkle unit is strategic, Il Sole 24 Ore said on Saturday.

Italy’s market watchdog Consob is getting ready to tell its French counterpart to order Vivendi to consolidate TIM on its balance sheet, including debt, Il Messaggero said on Saturday.

Legal advisers to Italy’s prime minister have no doubts that TIM’s Sparkle and Telsy unit are under Vivendi’s full control, la Repubblica reported on Monday saying the government could force the French group to sell the two companies as they play a key role in the country’s national security.

TIM’s fixed-line network could be worth between 6-13 billion euros, L‘Economia said on Monday, citing infrastructure experts. The range depends on whether only passive infrastructure such as pipes and cables is included in the estimate or also the active parts that refer to the technology used to turn on the network. Meanwhile bankers estimate its value at almost 20 billion euros excluding any debt that would be spun off with the network, the paper added.

ENEL

Enel Chile SA said a plan it privately presented to Enel in July to absorb Enel Green Power Latin America’s non-conventional renewable generation assets in Chile has been conditionally approved by the parent company. Enel Chile said the plan depends on it upping its stake in Enel Generacion Chile SA to 75 percent from 60 percent via a partial takeover bid.

FINCANTIERI

The dispute over Fincantieri’s planned acquisition of a majority stake in French shipyard STX will be resolved by the end of September, several papers said on Saturday citing junior minister Sandro Gozi. The issue will not be discussed at a Monday 4-way summit in Paris but in the Italy-France bilateral scheduled on Sept. 27, Gozi was reported as saying in the papers.

The French government is keen to keep the STX management team in place and is concerned Fincantieri could change it if it took a majority stake in the shipyard, La Stampa said on Sunday.

ENI

Libya’s El Feel oilfield is shut because of a pipeline blockade and the state-run NOC oil company has declared a force majeure on Mellitah crude exports because of the closure, two Libyan oil sources said on Sunday.

A2A

The Milan-based utility expects news on its plans to link up with other smaller utilities in Lombardy in autumn, Il Sole 24 Ore said on Saturday, citing CEO Luca Valerio Camerano.

FERRARI

Sebastian Vettel ended speculation about his immediate Formula One future by signing a three-year contract extension with Ferrari on Saturday.

ATLANTIA

Abertis denied on Friday any pay deals for its directors and top executives linked to the outcome of Atlantia’s takeover bid.

BANKS

The rescue of Monte dei Paschi, the two Veneto banks and the smaller lenders Banca Marche, Etruria, CariFerrara and CariChieti has cost the state 13.2 billion euros and private investors 11.2 billion euros, Il Sole 24 Ore said on Sunday citing estimates done by the newspaper and Milan broker Equita.

The business plans of Italy’s banks indicate overall staff lay offs of around 22,000, Il Messaggero said on Sunday.

INTESA SANPAOLO

The Italian bank has encountered problems syndicating a loan to Glencore and Qatar’s wealth fund to finance their purchase of a stake in the Kremlin-controlled oil major Rosneft because of new U.S. sanctions against Russia.

BIM

Binding offers for Veneto Banca’s private banking unit BIM are due Tuesday, several papers said. The data room closed Friday. Funds Warburg Pincus, Attestor, JC Flowers and Barents RE had access to the room, Il Sole 24 Ore said on Sunday.

Attestor and Warburg are in pole position, La Repubblica said on Sunday, adding the unit’s enterprise value stands at 100-150 million euros.

TOD‘S

The company has opened a factory in Arquata del Tronto, one of the towns hit by a powerful earthquake last year, several papers said, citing TOD’s head Diego Della Valle. The factory will employ around 100 youngsters from the area and will produce the first shoes in December.

ELICA

Board meeting on H1 results, followed by conference call (1300 GMT).

RATTI

Board meeting on H1 results.

Bourse After Hours market closed.

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:...............................

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