March 22, 2017 / 5:02 AM / 6 months ago

Italy - Factors to watch on March 22

The following factors could affect Italian markets on Wednesday.

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

Italian Prime Minister Paolo Gentiloni said on Tuesday that he wants to send a strong message in favour of free trade when he welcomes U.S. President Donald Trump and other world leaders in Italy in May.

COMPANIES

Milan Stock Exchange ‘STAR event’ ends in Milan.

PARMALAT (*) Lactalis said on Wednesday it extended a buyout offer on Parmalat by a further five days, from March 29 to April 4.

The French group failed to reach the 90 percent stake in Parmalat it required to proceed to delist the Italian food company in the last day of a buyout offer, a filing by the Milan bourse showed on Tuesday.

FIAT CHRYSLER

A French prosecutor has opened an investigation into Fiat Chrysler over allegations that the carmaker cheated in diesel emission tests, a judicial source said on Tuesday.

A Fiat spokesman said the company took note of the investigation and reiterated that its diesel vehicles fully comply with emission regulations, as confirmed by the Italian Transport Ministry.

(*) VENETO BANKS

Italy’s plans to bail out two regional banks pose a tough dilemma to European regulators, who are still considering whether Monte dei Paschi qualifies for state aid, three months after giving a preliminary green light.

Banca Popolare di Vicenza and Veneto Banca said on Friday they had requested a so-called precautionary recapitalisation by the state - a mechanism that exploits an exception to European rules meant to prevent the use of taxpayer money to save banks.

Banca Popolare di Vicenza and Veneto Banca are set to extend a settlement offer to shareholders to March 25 or March 27, il Sole 24 reported. It added that take-up had exceeded 63-65 percent.

MONDADORI

The group’s Chief Executive said on Tuesday that with the current debt trend the company is in a position to make new acquisitions.

MEDIASET

A legal dispute between the Italian broadcaster and French media group Vivendi over a soured pay-TV deal escalated on Tuesday as the two groups sued each other for defamation on the opening day of a trial in Milan. (*) A partnership with a telecoms company for the future of the Mediaset’s pay-TV unit Premium is “the most accredited hypothesis”, reported il Sole 24 Ore, without giving any details. The report added that the Italian broadcaster could team up with phone incumbent Telecom Italian to jointly bid for the upcoming broadcasting rights auctions for Champions League and Italian soccer matches.

BANCA CARIGE

The lender said it has not yet received any feedback from European Central Bank (ECB) supervisors on its new business plan but the final assessment of the ECB’s on-site inspection did not request any further loan writedowns.

It added the Italian market watchdog has asked the bank to give an update on the implementation of its industrial plan in its quarterly financial statements, starting from March 31. (*) U.S. fund Apollo has asked a Genoa-based court to freeze the voting rights of top investor Vittorio Malacalza ahead of next week’s sharheolders’ meeting, reported la Repubblica.

(*) ALITALIA

The government is examining the possibility of a 200-million euro loan either by the government or by state lender CDP, reports la Stampa in an unsourced report. The state or CDP would not enter in the carrier’s shareholding, in order to avoid violating rules that would consider the funds state aide.

Susanna Camusso, secretary general of Italy’s biggest union CGIL, said neither a nationalisation nor state intervention should be an option for the carrier, in an interview to la Stampa. But Camusso adds that she doesn’t see why the state cannot intervene, giving some form of guarantee to ensure the transition of the airline. The leader said the company should tell unions their strategy and that discussions should not only be on the cost of labour.

(*) SAIPEM

The group will announce a new company structure, with five separate divisions, on May 2, reported MF. The new stricture is aimed at making partnerships, mergers and acquisitions in the group’s separate business sectors easier, the report added.

(*) UNICREDIT

Italian banking foundation Carimonte has cut its stake in the lender to 0.4 percent from 1.5 percent, il Sole 24 Ore reported.

UBI BANCA

Supervisory Board President Letizia Moratti attends news conference to present ‘Ubi Welfare’ in Milan (1000 GMT).

IL SOLE 24 ORE

CEO Franco Moscetti attends “Best Performance Award” in Milan (1600 GMT).

AS ROMA

“2016 Impact Statement” presentation with Director General Mauro Baldissoni and Chairman James Pallotta (1730 GMT).

ENERTRONICA

Board meeting on FY results and 2017-2019 industrial plan.

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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