December 2, 2019 / 5:00 AM / 5 days ago

Italy - Factors to watch on Dec. 2

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 head of Italy’s ruling 5-Star Movement said on Saturday the government should not sign off on a reform of the euro zone’s bailout fund until plans for a wider banking union became clearer.

Italy’s government will seek a vote in parliament on Dec.11 to decide on the reform of the European union bail out fund, as divisions within the ruling coalition deepen.

“Any decision over the ESM will become definitive only after the Parliament resolutions that will be approved on Dec. 11,” a source at the Prime Minister’s office said late on Sunday.

ECONOMY (*) The CEO of Am InvestCo and two top executives of ArcelorMittal will meet with top officials at Italy’s industry ministry on Monday to negotiate a draft deal for the Ilva steel plant, Il Messaggero reported on Monday.

HIS Markit releases November manufacturing PMI (0845 GMT).

Transport Ministry releases November car sales data (1700 GMT).

November state sector borrowing requirement data.

COMPANIES (*) MEDIOBANCA, BANCA GENERALI

The investment bank could try to buy asset manager Banca Generali, A&F/la Repubblica wrote, adding Mediobanca could sell its 3% stake in Generali to fund the acquisition. As an alternative Mediobanca could look at a company controlled by Saxo bank.

Italian steel-maker Acciaierie Valbruna has sold almost entirely its 0.7% stake in Mediobanca, A&F/La Repubblica wrote, citing the group’s balance sheet.

(*) ALITALIA

The government is expected to give its green light to an additional 450 million euro loan for loss-making airline Alitalia in coming days, several newspapers reported on Monday.

UNICREDIT

UniCredit said on Saturday it had reached a deal with Turkey’s Koc Holding to cut its stake in Yapi Kredi Bank to below 32% as part of moves to simplify its shareholding structure and bolster capital.

GEDI, CIR, EXOR

(*) Italy’s Bourse said on Monday that shares in Gedi were temporarily suspended pending statement from the company.

CIR is in talks with EXOR that could lead to the Agnelli family’s holding company gaining control of Italian publisher GEDI, CIR said on Friday. The board of CIR - the De Benedetti family holding company and main GEDI shareholder - will meet on Monday to discuss the deal.

CIR is set to accept EXOR’s offer which will be followed by a buyout offer on all of GEDI shares aimed possibly at delisting the group while no break-up is on the cards, a source familiar with the matter said on Sunday confirming newspaper reports.

ENEL

The utility said on Saturday it had been awarded 11.8 gigawatts out of a total of approximately 43.4 GW assigned in Italy’s second capacity market auction. Specifically, Enel was awarded 9.9 GW of existing capacity for 2023 and 1.9 GW of new capacity starting from 2023.

FIAT CHRYSLER

Fiat Chrysler Automobiles (FCA) and the United Auto Workers union on Saturday announced a tentative agreement for a four-year labour contract, a boost for the automaker as it works to merge with PSA Peugeot.

PSA Peugeot CEO Carlos Tavares told Automotive News he recognised his company had not achieved very much in China but added the planned tie up with FCA could give the new group a lever to get things done there. “The fact that we would be together would, perhaps, open other doors or different doors than the ones we could open alone,” he said.

BANCA GENERALI, UNIPOLSAI

Italian asset manager Banca Generali could rejoin the Milan Bourse’s blue-chip index, just months after losing its place, two traders said on Friday. A quarterly review of the companies included in Italy’ FTSE MIB is due on Wednesday, with traders seeing insurance company UnipolSai as a possible candidate to leave the index.

MEDIASET

An Italian judge will decide on Vivendi’s request to block Mediaset’s pan-European television project after the two groups failed to settle their long-running dispute.

German broadcaster ProSiebenSat.1 sees no merit in a potential merger with top shareholder, its chief executive told a newspaper. “I’m very sceptical with regard to a structural merger of our companies,” Max Conze told Sueddeutsche Zeitung in an interview. “It wouldn’t be impossible but the modest synergies would not justify a merger.”

ATLANTIA

Fitch Ratings has placed the ‘BBB’ senior unsecured rating on Atlantia’s 10 billion euro medium-term note programme on ‘Rating Watch Negative’ (RWN). The long-term ratings of BBB+ of its units ASPI and AdR have also been placed on RWN.

The rating actions reflect increased pressure on the company as a result of the recent statement by Italy’s Prime Minister on the possible early termination of the ASPI motorway concession, Fitch said.

Italy’s Benetton family, in a letter to media, said it had played no role in running a motorway bridge that collapsed last year killing 43 people, and asked politicians such as 5-Star leader Luigi Di Maio to halt their “hate campaign.”

BANCA IFIS

The Italian lender said on Friday it had signed a deal to sell a building in Milan to Merope Asset Management for 50.5 million euros and would close the transaction in 2020.

Delays in achieving some synergies as well as the booking in 2020 of the capital gain from the Milan building sale mean full year net profit would be 110-130 million euros, below a previous estimate.

MONTE DEI PASCHI DI SIENA, BANCA CARIGE

Italian state-owned bad loan manager AMCO said on Friday it would raise 1 billion euros ($1.1 billion) in fresh capital by the end of the year as it prepared to take on more soured bank loans.

Brussels says Italy’s plans to use AMCO to take on Monte dei Paschi impaired loans would breach state aid rules, La Repubblica said on Saturday, citing two sources. It says a straight sale could now be considered, adding Varde and Fortress are interested.

For now, only Blackstone has sent a binding offer within the Nov. 18 deadline for the real estate assets Monte dei Paschi is selling, Il Sole 24 Ore said on Saturday.

(*) AS ROMA

Roma moved up to fourth spot in Serie A with a 3-1 win at Verona on Sunday.

JUVENTUS FC (*) Cristiano Ronaldo scored his first Juventus goal since October to rescue a 2-2 draw against Sassuolo in Turin on Sunday as the Italian champions surrendered first place in Serie A to Inter Milan.

Starts capital increase; ends on Dec. 18.

(*) SS LAZIO

Lazio won 3-0 against Udinese on Sunday.

DIARY

Rome, Prime Minister Giuseppe Conte speaks on ESM (1200 GMT).

Rome, Cabinet meeting (1400 GMT).

Rome, Assofondi Pensione, association of retirement pension funds, holds annual assembly with state lender Cassa Depositi e Prestiti CEO Fabrizio Palermo, Economy Ministry Undersecretary Pierpaolo Baretta, Labour Minister Nunzia Catalfo (0800 GMT).

Monza, Industry Deputy Minister Stefano Buffagni attends roundtable discussion on Monza and Brianza area (1600 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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