June 20, 2017 / 4:00 AM / 4 months ago

Italy - Factors to watch on June 20

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 .

COMPANIES

VENETO BANKS

The government plans to hive off the lender’s impaired loans into a bad bank that would be capitalised using public money and then auction off the two lenders’ healthy assets, Il Sole 24 Ore reported. Intesa is still in pole position as a buyer but also cooperative banking group ICCREA is involved in discussions, the paper said. An info memo prepared by adviser Rothschild has been sent also to UniCredit and foreign banks operating in Italy.

The state could put more than 3 billion euros into the bad bank and asset sales worth up to 500 million euros could be used to reduce the size of the public contribution, la Repubblica siad. The two bank’s equity and 1.2 billion euros from the conversion of junior bonds would also be used to capitalise the bad bank. Intesa will meet on Wednesday to discuss a possible offer.

Several newspapers said a solution would be reached by the weekend.

According to MF the bad bank could be capitalised drawing money from the resolution fund and lenders would be forced to contribute two yearly installments to beef it up.

MEDIASET

The Italian broadcaster said on Monday it had acquired an 11.1 percent stake in its pay-TV unit Mediaset Premium from Spanish telephone group Telefonica.

Spain’s Telefonica will get part of any damages Italian broadcaster Mediaset may receive from Vivendi in an ongoing legal spat in exchange for its stake in pay TV unit Mediaset Premium, a source said.

(*) Vivendi on Monday submitted to Italy’s communications authority a proposal to cap its voting rights in Mediaset at 10 percent in a bid to address the issue of its dominant position in the sector, Il Sole 24 Ore said.

TELECOM ITALIA, ENEL

Italy’s Industry Ministry said it would summon Telecom Italia management to discuss ultra-fast broadband plans. It told Telecom Italia it needs to respect legal commitments and rules set by European Commission for broadband investments in non-economic viable areas.

(*) MONTE DEI PASCHI DI SIENA, POPOLARE EMILIA ROMAGNA

Banking industry bailout fund Atlante is determined to buy the Tuscan bank’s bad loan portfolio, which would require it to invest alone 1.6 billion euros after Fortress and Elliott pulled out of the deal, Il Sole 24 Ore reported. Atlante has already decided not to go ahead with a 450 million euro investment earmarked for the bad loans of the Veneto banks, but it risks having to drop also commitments to buy the bad loans of the four good banks which are being taken over by BPER and Credit Agricole Italia, the paper said.

ENI

A consortium comprising Eni and Citla Energy made the winning bid for the 14th shallow water oil and gas block put up for auction on Monday, Mexico’s oil regulator said.

Libya’s oil output has risen by more than 50,000 barrels per day to 885,000 bpd after the state oil firm agreed to restart production which had been stopped by a dispute with Germany’s Wintershall, a Libyan oil source said.

STMICROELECTRONICS

Annual general meeting.

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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