May 19, 2020 / 4:03 AM / 6 days ago

CORRECTED-Italy - Factors to watch on May 19

(Corrects Telecom Italia item to show company made no reference to 2020 core earnings guidance) 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 (*).

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

DEBT

Treasury continues offer of new five-year BTP Italia bond reserved to small investors, ends on May 20.

Italy sold 4.02 billion euros ($4.4 billion) of its latest ‘BTP Italia’ inflation-linked bond due in May 2025 to retail investors on Monday, the first day of its offering.

Italian government bond yields fell to their lowest level in over a month after France and Germany on Monday proposed a 500 billion euro ($543 billion) recovery fund offering grants to regions hit hardest by the coronavirus crisis.

FIAT CHRYSLER AUTOMOBILES

Car maker Fiat Chrysler must strengthen investments in Italy and avoid moving factories outside of the country to apply for a state backed loan, Economy Minister Roberto Gualtieri said on Monday.

The Detroit Three automakers and their suppliers began restarting assembly lines on Monday after a two-month coronavirus lockdown in a slow revival of a sector that employs nearly 1 million people in the United States.

European passenger car sales slumped in April as the first full month with restrictions imposed to contain the coronavirus pandemic across the continent dragged sales to a record drop, data showed on Tuesday.

The auto industry represents a significant share of Italy’s economy and it’s right to support those who create jobs in the country, Deputy Economy Minister Laura Castelli said when asked about Fiat Chrysler’s FCHA.MI request for state-backed loans.

TELECOM ITALIA (TIM)

Telecom Italia (TIM) on Monday reported a drop in first-quarter core earnings after cost cuts failed to fully offset a slump in domestic revenue caused by the COVID-19 pandemic.

Elliott has further trimmed its potential stake in TIM to 4.998% with voting rights limited to 0.136% of capital, a regulatory filing showed on Monday.

Conference call on Q1 results (1200 GMT).

PIRELLI

Avdeev Roman has increased his stake in the tyre maker held through SOVA Capital to 6.24%, a regulatory filing showed on Monday.

SOVA Capital does not intend to further increase its stake nor to seek to gain control over Pirelli nor to influence its management decisions, a regulatory disclosure filing showed.

ATLANTIA

The Italian infrastracture group has restarted an auction process to sell a minority stake, from 40 to 49%, of its toll-road payment business Telepass, Il Sole 24 Ore reported.

The 2.9 billion-euro settlement proposal, which Atlantia filed to the government on March 5, is still valid, subsidiary Autostrade per l’Italia (ASPI) CEO Roberto Tomasi told Il Sole 24 Ore. Tomasi added that ASPI expects a 1 billion euro drop in revenues this year and to be in red for 300 million euros in 2021 due to the coronavirus outbreak.

AUTOGRILL

The Italian caterer is among the companies that could apply for a state-backed loan, in addition to Atlantia’s motorway unit Aspi and fashion retailer OVS, Mf said.

INTESA SANPAOLO, UBI BANCA

Italian market watchdog Consob is examining top retail bank Intesa Sanpaolo’s unsolicited bid for smaller rival UBI Banca, Il Sole 24 Ore reported. The daily added that UBI lawyers had asked Consob to stop the offer because some impeding conditions had materialised.

MEDIOBANCA, UNICREDIT

Mediobanca said on Tuesday it had agreed to amend its usufruct agreement with UniCredit. UniCredit now has the option to pay quarterly amounts on cashes even without payment conditions linked to the profits and dividend distribution from UniCredit, Mediobanca said in a statement.

BANKS

Italy will be able to guarantee bonds issued by domestic banks for an overall amount of up to 19 billion euros ($21 billion) to preserve financial stability, a draft government decree showed on Monday.

TERNA

The board of the power grid group has appointed Stefano Antonio Donnarumma as chief executive Officer and general manager.

MAIRE TECNIMONT, FINCANTIERI

Thyssenkrupp said on Monday it was looking for partners for its steel and warship divisions, singling out just three lines of businesses that will stay within the struggling German industrial icon.

DIARY

Rome, Prime Minister Giuseppe Conte speaks before Chamber of Deputies (1200 GMT) and Senate (1430 GMT) on measures for a new phase relating to the coronavirus emergency.

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

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