June 6, 2019 / 4:02 AM / a month ago

Italy - Factors to watch on June 6

The following factors could affect Italian markets on Thursday.

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 .

POLITICS

Italy needs a big deficit correction for this year and next to avert a European disciplinary procedure over its deteriorating public finances, European Commission Vice President Valdis Dombrovskis told La Repubblica daily on Thursday.

Italian Prime Minister Giuseppe Conte’s office said on Wednesday the government wanted constructive talks with Brussels to reach a deal over 2019 budget targets, after the European Commission issued a warning over Rome’s finances.

The European Commission said on Wednesday that Italy’s growing debt broke EU rules, giving it the option of opening a disciplinary procedure that could lead to a prolonged dispute with Rome.

FIAT CHRYSLER, RENAULT,

The Italian-American automaker withdrew its $35 billion merger offer for Renault, blaming French politics for scuttling what would have been a landmark deal to create the world’s third-biggest automaker. A source close to the French carmaker’s board said FCA made the move after France sought to delay a decision on the deal in order to win the support of Nissan Motor, Renault’s Japanese alliance partner. (*) The French government met only three out of its four conditions to back Fiat Chrysler’s merger with Renault, having failed to win the support of Renault’s partner Nissan, Finance Minister Bruno Le Maire said on Thursday. (*) French Budget Minister Darmanin said on Thursday talks on a FCA/Renault deal could resume some time in the future.

FCA’s U.S. sales chief Reid Bigland sued the automaker claiming the company opted to withhold 90% of his 2018 compensation because he has cooperated with a probe by the U.S. Securities and Exchange Commission, court documents filed on Wednesday show.

PRYSMIAN

Prysmian will cut its debt to around one time its core earnings before embarking in new acquisitions, the chief executive of the world’s largest cable maker said on Wednesday.

The dividend which will be paid on 2019 results could rise a little, the chief executive of Prysmian Valerio Battista said.

MEDIASET

German broadcaster ProSiebenSat.1 and the local unit of RTL Group said on Wednesday they were setting up a joint venture to enable buyers of adverts to target audiences more accurately. The joint venture reflects the preference of German-centric media companies to seek salvation through cooperation, and not through mergers. Last week Mediaset bought a 9.6% stake in ProSieben.

ATLANTIA, ALITALIA (unlisted)

The infrastructure group is not willing to join a rescue plan for the ailing carrier led by state railway group Ferrovie, MF said. The report added Ferrovie’s board will meet on June 12 or on June 13 to assess the situation and consider alternatives, including the possible involvement in the rescue plan of businessman and Lazio soccer team owner Claudio Lotito.

(*) UNICREDIT

The bank said it agreed with Pimco, GWM and Aurora Recovery Capital to expand the “Sandokan” bad loan securitisation programme.

MONTE DEI PASCHI DI SIENA

Fortress, Bain, Cerberus and Illimity might bid for a 500 million euro portfolio of ‘unlikely-to-pay’ credits being sold by the Italian bank, daily MF said.

BANCO BPM

The third-largest Italian bank completed last phase of ACE project with creation of platform for the recovery of the non performing loans. The platform is a joint-venture between Credito Fondiario and Banco BPM, with stakes of 70% and 30%, respectively.

BANCA CARIGE (shares suspended from trading)

Italian government will present an amendment to extend to year-end faculty for troubled bank Carige to request state guaranteed on its debt issues, a ruling party source told Reuters on Wednesday.

The head of Italy’s fifth-largest bank UBI Banca said on Wednesday he expected soon news on the progress of rescue efforts for troubled rival.

NEXI, BANCA GENERALI

Shares of the Italian payments group Nexi will replace those of Banca Generali in the Milan Bourse blue chip index FTSE MIB as of June 24, FTSE Russel said on Wednesday.

BANCA POPOLARE DI SONDRIO

Fitch Ratings has downgraded the Italian lender Long-Term Issuer Default Rating (IDR) to ‘BB+’ from ‘BBB-‘ with a stable outlook.

SALINI IMPREGILO, ASTALDI

The Italian builder and state lender CDP are close to a preliminary agreement on the governance of a new national construction operator, which would include troubled Astaldi, daily Il Sole 24 Ore said. Former Salini and CDP Chairman Claudio Costamangna might become the new group’s chairman, the report added.

STEFANEL

The Italian company said on Wednesday it would declare insolvency and start the procedure to seek for special administration.

DIARY

Rome, trade association Confcommercio holds annual assembly with Deputy Prime Minister and Interior Minister Matteo Salvini; Deputy Prime Minister and Industry Minister Luigi Di Maio delivers closing address (0830 GMT).

Milan, “CFO Summit” ends (1230 GMT); Expected attendees include Enel CFO Alberto De Paoli, Leonardo CFO Alessandra Genco, European Commission Director Mario Nava, Elica CFO Alessandro Carloni, Falck Renewables CFO Paolo Rundeddu.

Milan, opera house Teatro alla Scala holds news conference with Telecom Italia (TIM) Chairman Fulvio Conti (0930 GMT).

Milan, “People Who Have Something to Say” conference starts (0800 GMT); ends on June 7. Expected attendees include El.En. CEO Paolo Salvadeo, Agriculture Minister Gian Marco Centinaio.

Milan, conference “Cerved Next: Break the Frontiers. Be Next” with Cerved Group CEO Andrea Mignanelli and Chairman Gianandrea De Bernardis (0600 GMT).

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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