April 9, 2018 / 4:02 AM / 3 months ago

Italy - Factors to watch on April 9

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

The 5-Star Movement, which emerged as Italy’s biggest party after last month’s vote, will propose an economic plan which will keep the budget deficit near the level forecast for this year by the outgoing centre-left government, its leader said.

As part of its economic plan, the 5-Star is looking into issuing bonds using public real estate as guarantees in a bid to cut public debt, Il Sole 24 Ore said on Sunday.

Italy’s three main rightist parties on Sunday vowed to present a united front in a fresh round of talks on forming a new government next week, defying attempts by the anti-establishment 5-Star Movement to divide them in coalition negotiations.

ECONOMY

Bank of Italy releases March data on Target 2 liabilities and European Central Bank funding to Italian banks.

DEBT

Treasury announces sale of BTP bonds, with relative amounts to be auctioned on April 12.

TELECOM ITALIA

Proxy adviser Glass Lewis has recommended Telecom Italia investors back a proposal by activist fund Elliott to replace six board members and shake up the way top shareholder Vivendi runs the phone group, a document showed.

Board meeting to decide whether to take action after statutory auditors accepted Elliott’s additions for the agenda of the April 24 board meeting.

Deadline to submit slates for board candidates ahead of vote at May 4 shareholder meeting.

Some lawyers believe that an outgoing board could not take any extraordinary actions like the one being considered by the directors at the meeting on Monday, Il Messaggero said on Saturday.

CEO Amos Genish is due to meet with investors in New York and London over the coming two weeks to convince them that if he cannot count on majority backing in the future board for the business plan he presented in March, the phone group will have to look for another CEO, La Stampa said on Saturday.

Genish has given advisers UniCredit, Goldman Sachs and Credit Suisse a mandate to amend the industrial plan presented in March to incorporate some of Elliott’s feedback and he hopes to present that updated plan to foreign investors during the planned roadshow, Il Messaggero said on Saturday.

Market regulator Consob is looking into whether there were any irregularities in the Telecom Italia share dealings after the news of CDP’s plan to invest in the phone group came out, Il Sole 24 Ore said on Saturday.

Apart from the six board candidates already proposed for a vote in April, Elliott’s slate for TIM’s board will include the names of Fiat Chrysler’s Europe boss Alfredo Altavilla, former Facebook and Vodafone manager Paola Bonomo, Lucia Morselli and Marina Brogi, La Repubblica said on Sunday.

Industry Minister Carlo Calenda said in a tweet on Saturday CDP’s entry in TIM did not mean the state lender was taking control of the company. Calenda added CDP’s investment was meant to protect an asset of strategic interest - the network - and support a project to create a public company.

Telecom Italia is planning to ask Deputy Chairman Franco Bernabe to put forward a motion at the April 24 meeting, calling the proposals advanced by Elliott inadmissible, several papers said over the weekend. The legal reasoning behind this motion is that should Elliott’s proposal be backed, it would result in a board that wasn’t chosen from slates proposed by shareholders and would therefore be illegitimate, the papers added.

Funds association Assogestioni will meet on Monday at 1600 GMT to decide whether to present a slate of board candidates for the shareholder meeting on May 4, La Repubblica said on Sunday.

Elliott has filed a petition with market regulator Consob questioning a plan by TIM’s board to discuss whether to challenge the auditors’ decision regarding the April 24 meeting, Il Sole 24 Ore said on Sunday. Another petition presented to Consob regards the mass-resignations from the Vivendi-nominated board directors, especially given that most of those directors reappeared on Vivendi’s slate ahead of the vote on May 4.

(*) MEDIASET

The European antitrust may have a say on the deal between Mediaset and the Italian unit of Sky, L’Economia/Corriere della Sera said on Monday.

(*) BANCA POPOLARE DI SONDRIO

Institutional investors Amber and Oceanwood are pressing the cooperative bank to become a joint-stock company, Affari&Finanza/La Repubblica said on Monday.

(*) BANCA INTERMOBILIARE

The lender said it had received the authorization for selling the controlling stake to Attestor.

BANCO BPM

The lender is focused on completing the integration of the merger plan that led to the creation of Italy’s third-biggest bank and does not plan to take part in further consolidation until the end of 2019, Chief Executive Giuseppe Castagna reiterated on Saturday.

The executive also repeated he expects good results this year in terms of profits and bad loan disposals, which would allow the bank to consider paying a dividend.

Enpam has raised its stake in Banco BPM to 1.3 percent, it said on Saturday. The CrT foundation holds a stake of around 1 percent, sources close to the matter said.

FERRARI

Ferrari’s Sebastian Vettel held on by the skin of his teeth to win a tense Bahrain Formula One Grand Prix in his 200th race start on Sunday.

FIAT CHRYSLER

The Trump administration is considering ways to require imported automobiles to meet stricter environmental standards in order to protect U.S. carmakers, according to two sources familiar with the administration’s thinking.

SAIPEM

The company said on Sunday market regulator Consob had launched an administrative procedure against its board, CFO at the time over alleged irregularities in its 2016 cash call prospectus.

ASSICURAZIONI GENERALI

CEO Philippe Donnet and CFO Luigi Lubelli attend lecture to inaugurate a new academic post, the Generali Chair in Insurance and Risk Management in Milan (1300 GMT).

The holding company of Italy’s Benetton family owns 3.05 percent in Generali and has completed its stake building in the country’s biggest insurer, Edizione holding said on Friday. (*) Entrepreneur Francesco Gaetano Caltagirone aims to increase its stake in the insurer to 6 percent, L’Economia/Corriere della Sera said on Monday.

UBI BANCA

The lender is studying potential merger options as the sector consolidates, but its chairman said he would quit rather than agree to a linkup with Monte dei Paschi di Siena.

ERG

The energy group has signed an agreement with Dutch Impax New Energy Holding Cooperatief for the acquisition of two wind farms and a development company, with a pipeline of 750 MW, in France. The group said on Friday the transaction had a value of 57 million euros in terms of enterprise value.

BANCA IFIS

The bank plans to buy gross bad loans worth between 10 and 15 billion euros in the period between 2017 and 2019 and has already completed the acquisition of 5 billion euros, CEO Giovanni Bossi told journalists on Friday.

BANCA FARMAFACTORING

Trades ex-dividend of 0.492 euro per ordinary share.

CERVED INFORMATION SOLUTIONS

Annual and extraordinary shareholders’ meetings (1230 GMT).

CONAFI PRESTITO

Board meeting on FY results.

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

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