November 25, 2019 / 5:00 AM / 21 days ago

Italy - Factors to watch on Nov. 25

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 .

POLITICS

Italy should use ongoing talks over the reform of the euro zone bailout fund, the ESM, to secure something for itself such as the appointment of an Italian to head the fund, Bank of Italy Deputy governor Fabio Panetta said on Saturday.

A proposed reform of the ESM will not involve automatic debt restructuring for struggling countries, Germany’s Finance Minister Olaf Scholz told daily newspaper la Repubblica in an interview published on Saturday.

ECONOMY

Risks to financial stability have declined in Italy following the fall in sovereign bond yields but a weak growth outlook and high public debt makes the country vulnerable to any market tensions, the Bank of Italy said on Friday.

DEBT

Treasury announces sale of BTP and CCTeu bonds, with relative amounts to be auctioned on Nov. 28.

Treasury said on Friday it would offer 6.5 billion euros of 6-month bills at auction on Nov. 27.

SIAS, ASTM

A motorway bridge collapsed on Sunday in Italy’s northwestern region of Liguria near the coastal city of Savona, following a massive landslide caused by recent heavy rain but no casualties had been reported to date, SIAS, the company which operates the toll-highway, said in a statement.

UNICREDIT

Italy’s biggest lender has struck a deal to reduce its exposure to Turkey’s Yapi Kredi, three sources told Reuters, a move seen as a first step towards the Italian bank’s full exit from the recession-hit country.

(*) Koc Holding said on Monday its board has not yet decided on the shareholder structure of Yapi Kredi Bank.

(*) UniCredit confirmed on Monday it was in talks with Koc Holding over their joint venture Koc Financial Services in Turkey.

(*) Unicredit has sold only a few non-core assets in Italy but within its core business the bank’s commitment to the country is central, the two co-heads of Commercial banking in Western Europe said in an interview with l’Economia.

(*) UNICREDIT, MEDIOBANCA

Leonardo Del Vecchio aims to sell his stake of under 2% in UniCredit when its value increases and increase his investment in Mediobanca, Affari & Finanza reported, adding that the eyewear tycoon will make these moves without rush and only if the conditions are favourable. Del Vecchio will ask the ECB to authorize his stake hike above the 10% threshold in Mediobanca, again if and when conditions are favourable, the weekly added.

BANKS

The Bank of Italy said on Friday that stress tests it conducted this year among small Italian banks showed that six lenders would have insufficient capital under an adverse scenario.

ASSICURAZIONI GENERALI

Italy’s largest insurer is ready to present by year-end a formal offer to buy the European activities of U.S. rival MetLife, Bloomberg said on Friday. It added Generali’s proposal would value the assets around 3 billion euros.

FIAT CHRYSLER

French carmaker PSA plans to sign a $50 billion merger deal with the Italian American rival this year, a source with direct knowledge of PSA’s thinking said on Friday, brushing off concerns over a shock lawsuit filed last week.

MEDIASET

French media giant Vivendi is in talks to sell back to Mediaset two-thirds of its 29% stake in the Italian broadcaster at 2.77 euros per shares plus a compensation as a part of an agreement to settle a three year old legal dispute, two sources close to the matter said. They added Mediaset wanted to include in any agreement a standstill clause barring Vivendi from buying shares of MFE - the Dutch holding into which it plans to merge its Spanish and Italian businesses - for a certain period.

The two groups are in talks to reach a total price of at least 3.1 per share, daily Il Sole 24 Ore said on Saturday.

The sale of Vivendi’s shares in Mediaset could be split over time in two tranches, allowing the French group to receive an extraordinary dividend as part of Mediaset’s plan to merge its Spanish and Italian businesses, daily Il Corriere della Sera said on Saturday. (*) Czech businessman Daniel Kretinsky said in an interview with L’Economia he is happy with his stake in ProSiebenSat and it is not time to take any decisions. He added that he wants to work with every shareholder of the German broadcaster, in which Mediaset has 15%, but generally believes that consolidation in the free-to-air broadcasting industry would give limited benefits, he added.

ATLANTIA

The infrastructure group offered the government to cut motorway tolls by 5% a year until 2038, as part of its effort to avoid the risk of having its motorway concession revoked as a consequence of the collapse of Genoa bridge last year, daily Il Corriere della Sera said on Sunday.

Toll road operator unit Autostrade said on Friday Deputy Chairman Giancarlo Guenzi resigned from its board due to “growing commitments” connected to his job of general manager in parent company Atlantia.

ALITALIA (unlisted)

Italy’s Industry ministry might appoint a new commissioner with a 6 to 12 month mandate to restructure the ailing carrier, daily La Repubblica said on Sunday, adding a candidate was Michael Kraus, the former head of Air Dolomiti, a Lufthansa unit . As part of this plan Alitalia would be split in three parts - flight, maintenance and ground operations - to eventually become more attractive for Lufthansa or Delta , the report added.

Economy Minister Roberto Gualtieri said on Saturday the government would wait for some time to understand whether a consortium for Alitalia’s rescue might form again after infrastructure group Atlantia left it and whether Delta and Lufthansa would compete to become the carrier’s global partner.

Losses for Alitalia will amount to almost 600 million euros this year, 100 million euros more than in 2018, daily Il Sole 24 Ore said on Saturday quoting sources. Full year revenues will amount to just over 3 billion euros, the report added.

PRYSMIAN

The world’s largest cable maker said on Saturday the Western Link project was taken over by the client, National Grid Electricity Transmission and Scottishpower Transmission.

(*) A2A

Czech group Eph will present, together with the Italian utility, a “very serious” offer for Italian energy group Sorgenia that foresees that the power plants go to Eph and the customers to A2A, Eph chairman Daniel Kretinsky said in an interview with L’Economia.

JUVENTUS

A late double from Gonzalo Higuain helped Juventus come from behind to beat Atalanta 3-1 in Bergamo on Saturday and keep Serie A top position.

AS ROMA

Defender Chris Smalling scored and then provided two assists as AS Roma thumped bottom-of-the-table Brescia 3-0 in Serie A on Sunday.

LAZIO

Substitute Felipe Caicedo scored a stoppage-time goal as Lazio claimed a fifth successive win in Italian soccer league by beating lowly Sassuolo 2-1 away on Sunday.

CEMENTIR

The concrete maker plans to bring its debt to zero in 2022 thanks to cash flows, Chairman and Chief Executive Francesco Caltagiorne Jr told Milano Finanza in an interview published on Saturday.

BANCA INTERMOBILIARE

Shareholders approved the board’s proposal to issue new shares for up to 100 million euros in five years, as part of the bank’s plan.

DIARY

Rome, market regulator Consob President Paolo Savona gives speech on “The challenge from technological innovations to the current institutional set-up of monetary and financial markets: some thoughts” (0900 GMT).

Melfi, auto industry association ANFIA holds public assembly with President Paolo Scudieri, FCA EMEA COO Pietro Gorlier (from 0900 GMT); Prime Minister Giuseppe Conte delivers closing address (1030 GMT).

Milan, Italian President Sergio Mattarella attends Bocconi University opening ceremony of new campus (1000 GMT) and inauguration ceremony of new academic year (1030 GMT).

Padua, conference on banking foundations with ACRI President Francesco Profumo (1530 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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