October 29, 2018 / 5:01 AM / 19 days ago

Italy - Factors to watch on Oct. 29

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

Economy Minister Giovanni Tria says current spread between 10-yr Italian/German bonds is damaging and defends ECB President Mario Draghi from criticism. He also says: “Our banks are still solid. They can pass the capitalisation tests, at least almost all of them can. There are no dangers for now.”

In an unsourced report, La Stampa newspaper says on Sunday the government is working on a Plan B for the budget in case the spread balloons further. This would include making the planned pension reform less generous.

Italy’s Deputy Prime Minister Matteo Salvini said in a statement on Sunday: “No bank will be in difficulty.”

ECONOMY (*) If bond yield spread between Italy and Germany rises to “unbearable levels”, the Italian government is ready to support domestic banks with loans, state guarantees and other measures, Corriere della Sera says in an unsourced report on Monday.

Standard & Poor’s on Friday left Italy’s sovereign debt rating unchanged but lowered its outlook to negative from stable, saying the government’s policy plans were weighing on the country’s growth and debt prospects.

A senior Bundesbank official has suggested Italy introduce ‘national solidarity bonds’ which wealthy Italians would be required to buy to dig their government out of debt.

DEBT

Treasury sells 6.0 billion euros 6-month BOT bills. Subscriptions close at 1000 GMT.

COMPANIES (*) ANSALDO STS

Hitachi has reached an agreement to buy the stake held by U.S. fund Elliott in Ansaldo STS and will launch a tender offer for all the shares of the Italian rail-signalling company, the Japanese group said on Monday.

(*) UNIPOL, BPER

Italian lender BPER is one of the possible partners for a tie-up with Unipol Banca, the CEO of Unipol group UNPI.MI Carlo Cimbri told la Repubblica on Monday.

(*) ENI

Equinor and ENI said on Monday they have made a new oil discovery near Arctic Castberg field.

(*) SAFILO

Safilo Group signed a new 150 million euro financing agreement. The financing can be partially sindacated and increased up to 200 million euros.

(*) MASSIMO ZANETTI

Massimo Zanetti agreed to buy business and assest of Australina Bean and Alliance for about 14.9 million euros.

MEDIOBANCA

Mediobanca CEO Alberto Nagel tells annual general meeting that his bank has not received any offers from Edizione, Unicredit or any other fellow shareholders to buy the 3-pct Generali stake it is looking to sell.

Funds now hold 35 percent of the Mediobanca’s capital.

Company presents financial educazione programme “Grow What a Business!” with Manging Director Francesco Saverio Vinci (1030 GMT, Monday).

TELECOM ITALIA

Telecom Italia, eager to sell non-core assets, has “re-activated” efforts to valuate its submarine network business Sparkle, asking Rothschild to complete the analysis. ISquared is in pole position to do the same for its Persidera unit, Il Sole 24 Ore reported on Saturday.

MEDIASET

The trust that holds part of Vivendi’s stake in Mediaset has launched a legal challenge linked to the Italian broadcaster’s decision to prevent it from voting at a June 27, 2018 shareholder meeting, Mediaset said on Friday.

The trust is now asking that two of the decisions taken at the AGM - one related to the establishment of an incentive and retention plan, and another to stock options - be annulled and that Simon Fiduciaria be given the right to fully exercise its voting rights.

LEONARDO

Italy’s Leonardo said on Friday it had signed a framework agreement with China’s Kangde Investment Group to join the project of a new wide-body jet, a move aimed at increasing the presence of the state-controlled defence company in Asia.

SNAM

Prime Minister Giuseppe Conte on Friday gave Italy’s final approval to the Trans Adriatic Pipeline (TAP), a gas transport project which had been strongly contested by the 5-Star Movement, one of the two parties in the ruling coalition.

BANCA MONTE DEI PASCHI DI SIENA

Italian Deputy Prime Minister Matteo Salvini said on Friday he had no objection to the possibility of a merger for state-controlled bank Monte dei Paschi di Siena, and added that no Italian bank will collapse.

RAI WAY

Artemis Investment Management has increased its stake in Rai Way to 10.024 percent from 5.04 percent previously as of Sept. 12, a filing by market regulator Consob showed.

LUXOTTICA

Essilorluxottica starts mandatory exchange offer on all ordinary shares of Luxottica, ends on Nov. 28; news conference presentation at 1300 GMT.

ENI

Italian oil major Eni flagged on Friday the likelihood of a share buyback next year after cash flow in the third quarter jumped and profits rose six-fold to beat expectations.

POPOLARI BANKS

Italy’s top administrative court on Friday extended the freeze on a landmark reform of large mutual banks, pending a ruling by the European Court of Justice (ECJ).

RAMPONI STONES AND STRASS

Chairman and CEO Alfredo Ramponi presents listing project due by the end of this year (1000 GMT).

GIGLIO GROUP

Ordinary and extraordinary shareholders’ meeting (0930 GMT).

Board meetings on Q3 results: CERVED GROUP followed by conference call (1700 GMT), CIR (0900 GMT), COFIDE (1400 GMT), FIERA MILANO followed by conference call (1530 GMT), SARAS followed by conference call (1430 GMT).

Extraordinary shareholders’ meetings: POLIGRAFICI PRINTING (0930 GMT), SAFILO GROUP (1000 GMT).

M&A, ALITALIA

Delta Air Lines Inc DAL.N Chief Executive Edward Bastian declined to comment on Friday on reports that the No. 2 U.S. carrier is interested in acquiring a stake in Italy’s Alitalia, which was put under special administration last year.

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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