January 11, 2016 / 5:04 AM / 2 years ago

Italy - Factors to watch on January 11

9 Min Read

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

Former Italian prime minister Silvio Berlusconi pledged to relaunch his Forza Italia party this year and force out the centre-left government of Matteo Renzi, according to an interview with daily Il Giornale on Saturday.

Economy

OECD releases November composite leading indicator (1100 GMT).

Bank of Italy releases December data on European Central Bank funding to Italian banks.

Debt

Italy's Treasury said on Friday it would sell up to 6.75 billion euros of BTPs at a mid-month auction on Jan. 13.

The European Commission is ready for a "further engagement" with the Italian authorities on its reform of the banking sector that includes a project to set up a bad bank to help its lenders shed non performing loans, Corriere della Sera said on Saturday. In an interview with Corriere on Sunday, European Commission Vice President Valdis Dombrovskis added that the EU was in close contact with Italian authorities to find solutions in line with EU rules.

Companies

Snam

Italian state lender CDP is considering whether to merge Italy's two top gas distributors with joint assets of roughly 8 billion euros as the sector gears up for major reform, four people familiar with the matter said. CDP controls Italy's biggest gas distributor Italgas through gas grid operator Snam.

The gas grid operator appointed former Eni executive Marco Alvera as its new chief operating officer, it said on Friday.

Eni, Saipem

In a phone conversation with Russian President Vladimir Putin, Italian Prime Minister Matteo Renzi has asked for Italy's involvement in the North Stream II pipeline project, Corriere della Sera and Il Sole 24 Ore said on Sunday. This collaboration could involve Italian companies winning contracts to help build the pipeline or taking a stake in the consortium working on the project, the papers said, but added it was early days. Rome did not confirm the news when contacted by Reuters. (*) La Stampa adds on Monday that Russia's Putin asked for Italy's involvement in the project as a way to dissolve controversy over the project with the European Union. The idea could involve an Italian company becoming a shareholder in North Stream and in turn Russia's Rosneft would take a stake in Saipem, the paper added.

In a letter to Renzi, unions warned about the impact on jobs of a potential sale of Eni's chemical business Versalis to U.S. investment firm SK Capital, according to Il Messaggero on Sunday. A meeting between Eni, the unions and the government is scheduled for Tuesday, the paper added.

(*) Unicredit

If CEO Federico Ghizzoni's plan to turn the lender around fails, he may become chairman and the company could get a new CEO, the Financial Times said on Monday, citing a senior banker. The paper names Andrea Orcel, head of investment banking at UBS , and Giampiero Maioli, senior officer at Credit Agricole in Italy, as names of possible successors that are circulating.

Intesa Sanpaolo

The lender said it had raised $1.5 billion on the U.S. market through a subordinated tier 2 benchmark bond issue.

The bond issues attracted demand for 3.5 billion euros, Il Sole 24 Ore said on Sunday, citing the bank's CFO. (*) Former Italian finance ministers Fabrizio Saccomanni and Vittorio Grilli are being considered as replacements for Giovanni Bazoli, chairman of the lender's supervisory board, when the latter steps down in the spring and the bank is expected to move to a single board structure, the Financial Times said on Monday, citing insiders.

CorrierEconomia says that for the sake of continuity, Gian Maria Gros-Pietro seems the strongest candidate to for the chairmanship post after the governance overhaul.

Banca Etruria, Four Rescued Banks

It cannot be excluded that some of the retail bondholders who lost their savings after the rescue of four Italian banks may be reimbursed in full, Claudio De Vincenti, an undersecretary at the prime minister's office, told Corriere della Sera in an interview. He added that more money could be allocated to the compensation fund in future beyond the current 100 million euros.

The prosecutors in Rome are verifying whether market regulator Consob had provided adequate supervision over the sale of subordinated bonds of the four rescued banks, Il Sole 24 Ore said on Saturday.

UBI could be interested in CariFerrara, CorrierEconomia said on Monday.

(*) Fiat Chrysler Automobiles

The carmaker on Monday will take the wraps off its next-generation minivan, betting that a sleeker design and a plug-in hybrid model will appeal to a wave of young Americans having babies and revive a product line that suffered a 30 percent sales slump last year.

(*) Ferrari

The bond the luxury carmaker plans to issue this quarter could be for up to a billion, CorriereEconomia said on Monday, without specifying the currency of the issue.

(*) Generali

Switzerland's Zurich Insurance will soon name Mario Greco, Generali's chief executive, as its next CEO, the SonntagsZeitung paper reported without identifying its sources. Greco has been named in the media before as a likely candidate to succeed Martin Senn, who quit last month. Both Generali and Zurich Insurance declined to comment.

(*) Credem

The lender is not interested in mergers and does not have any open dossiers at the moment, although it remains flexible and reactive, Director General Adolfo Bizzocchi told Affari&Finanza, adding that the company's 2015 result would be higher than the previous year and promising a dividend that would "not be symbolic".

(*) Banca Generali

The company reported net inflows for December of 687 million euros.

Brunello Cucinelli

Board meeting on preliminary FY results.

Enel Green Power

Ordinary and extraordinary shareholders' meeting (0800 GMT).

Enel

Extraordinary shareholders' meeting (1600 GMT).

Telecom Italia

Fastweb plans to use Telecom Italia's network to offer mobile telephone services instead of that of 3 Italia as it seeks to boost its offering, Il Sole 24 Ore said on Saturday.

After non-binding offers from Cellnex-F2i, Ei Towers and American Tower for a 45 percent stake in Telecom Italia's tower unit Inwit, a deal is expected by June, La Stampa said on Saturday.

Tod's

Proxy adviser Glass Lewis recommended that Tod's shareholders vote in favour of a private placement of new shares linked to Roger Vivier purchase.

Italcementi, Italmobiliare

Italcementi will realise a capital gain of 140 million euros from the sale of its non-cemment assets to Italmobiliare, Il Messaggero said on Saturday.

Hera

Board meeting to approve new five-year industrial plan to 2019, followed by conference call presentation (1430 GMT).

Terna

Expected to release December power consumption on Jan. 11 or Jan. 12.

M&a

Britain's Schroders has started talks with Italy's Banca Leonardo regarding a possible "alliance", but it could still take months to agree on a deal, Il Sole 24 Ore said on Sunday. The paper adds that Schroders could buy 70 percent of Banca Leonardo, while the remaining 30 pct would remain in the hands of current shareholders.

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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