January 26, 2018 / 5:04 AM / 7 months ago

Italy - Factors to watch on Jan. 26

The following factors could affect Italian markets on Friday.

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 .

DEBT

Italy’s Treasury said on Thursday it would offer up to 9 billion euros in bonds, including a new 10-year line and a new tranche of a 50-year bond, on Jan. 30.

Treasury offers CTZ and BTPei bonds. Subscriptions close at 1000 GMT.

TELECOM ITALIA

The deputy chairman of Telecom Italia (TIM), Giuseppe Recchi, has given up operational powers, two sources with knowledge of the matter said, the latest sign of turmoil at the phone group that has changed CEOs twice in the past two years. The sources said TIM would file an appeal to Italy’s head of state against the “golden power” decree. (*) Recchi’s powers could be passed on to TIM’s former chairman and current lead independent director Franco Bernabe, Corriere della Sera and Il Sole 24 Ore reported on Friday. Il Sole 24 ore added that if Bernabe picked up the powers, then controlling shareholder Vivendi would have to give up one of its board members in favour of a new independent member. (*) The appeal to Italy’s head of state would freeze a possible sanction, of up to 300 million euros, which the government is considering because TIM did not promptly communicate Vivendi’s increasing role in the company, la Repubblica reported. (*) Credit Suisse on Friday cut the group’s price target to 0.85 euros from 1 euro.

CNH INDUSTRIAL

The truck and tractor maker said its fourth-quarter net income would include an up to $125 million non-cash tax charge based on a preliminary estimate of the impact of the U.S. tax reform and other tax changes.

It will book a $90 million non-cash charge in the period relating to Venezuela after it decided to deconsolidate its local operations from Dec. 31, 2017 given its inability to control them due to the currency regime.

FIAT CHRYSLER

Fiat Chrysler’s shift to sell more trucks and SUVs boosted margins yet again in its North American profit centre, making Chief Executive Sergio Marchionne confident he can hit most of the final targets of his five-year turnaround plan. (*) INTESA SAN PAOLO

Sweden’s Intrum Justitia is working with merchant bank Mediobanca on the dossiers linked to the acquisition of 51 percent of the lender’s debt collection unit and a stock of some 10.8 billion euros in gross bad loans, Il Sole 24 Ore reported.

(*) ATLANTIA

The Spanish cabinet, expected to meet on Friday, could give its green light to Atlantia’s bid on Spanish rival Abertis , Il Sole 24 Ore reported on Friday.

UBI BANCA

European Central Bank supervisors want euro zone lenders to reduce the weight of impaired loans so it falls below 10 percent of total debts fairly quickly, the head of Italy’s fifth-largest bank UBI said on Thursday.

POSTE ITALIANE, ANIMA HOLDING

Italy’s post office said on Thursday it would into the asset manager’s up to 300 million euro new share issue to keep its stake of 10.04 percent.

Poste also said on Thursday it had started a process to create an electronic currency unit within the group.

(*) ENEL

The company’s reorganisation in South America will kick off in mid-February, with Enel Chile’s bid on Enel Generacion Chile, MF reported.

DE LONGHI

The white goods maker said on Thursday revenues grew 8.4 percent last year adding it was confident of a mid-to-high single digit growth in organic sale1s this year.

(*) YOOX NET-A-PORTER

Deutsche Bank on Friday cut the group’s share to ‘Hold’ from ‘Buy’ and raised the group’s target price to 38 euros from 35.

RBC cut on Friday the group’s share to ‘Sector perform’ from ‘Outperform’ and raised its target price for the group to 38 euros from 35 euros.

(*) SNAM

JP Morgan raised on Friday the group’s target price to 4.50 euros from 4.40 euros.

(*) AZIMUT

Deutsche Bank on Friday raised the group’s target price to 20.50 euros from 19.50.

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

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