Italy – Factors to watch on June 26 – Reuters

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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 .

ECONOMY

ISTAT releases Q1 deficit-to-GDP ratio data (0800 GMT) and June consumer and business confidence data (0900 GMT).

POLITICS

Italy is preparing to amend its economic recovery decree boosting special powers the government has to shield strategic companies such as the Milan bourse to include changes in their parents’ shareholding structure, according to a report in Il Sole 24 Ore newspaper on Friday.

DEBT

Treasury sells 7.0 billion euros new six-month BOT bills. Subscriptions close at 0900 GMT.

Italy’s Treasury said on Thursday it would offer up to 7.75 billion euros over four bonds at auction on June 30.

The Treasury said on Thursday it planned to issue new 5- and 7-year nominal BTP bonds in the third quarter as well as a new zero-coupon bond.

INTESA SANPAOLO, UBI

Italian market regulator Consob has cleared the publication of the investor document detailing Intesa’s offer to buy rival UBI Banca. The bid will launch on July 6 and end on July 28, barring extensions, Italy’s biggest retail bank said on Thursday.

(*) A capital injection by Generali in rival Cattolica may have implications for Intesa’s bid, Il Sole 24 Ore reported, adding Cattolica – which holds 1% of UBI and is part of a group of shareholders who oppose the offer – had been informed that Generali’s top investor Mediobanca backed the deal. Mediobanca is also Intesa’s lead financial adviser on the bid.

(*) Il Sole 24 Ore also reported that lawyer Mario Cera, one of the most vocal opponents of Intesa’s offer inside the CAR shareholder pact, acted as Cattolica’s adviser on the deal with Generali next to KPMG.

SALVATORE FERRAGAMO

The luxury goods group will release only its half-year sales on July 28, postponing instead to Sept. 15 publication of the remaining financial data for the January-June period and a conference call with analysts.

FIAT CHRYSLER AUTOMOBILES

Annual shareholders’ meeting (1300 GMT)

PSA CEO Carlos Tavares told PSA’s annual shareholder meeting on Thursday he was confident a $50 billion merger of the maker of Peugeot vehicles with Fiat Chrysler would proceed as planned and deliver synergies of at least 3.7 billion euros.

(*) ATLANTIA

The government is divided over a possible solution to the impasse on the infrastructure group’s motorway concession, Il Messaggero reported, adding that to avoid exacerbating tensions Prime Minister Giuseppe Conte has decided to postpone any solution with a goal to finding a compromise before July 22 when the new Genoa bridge will be inaugurated.

(*) TELECOM ITALIA, ENEL

Trying to create a single network operator in Italy could delay investments and Rome should instead focus on bringing broadband into every home to bridge the digital gap with Europe, the chief of Open Fiber Elisabetta Ripa told Il Messaggero in an interview.

(*) BANCA POPOLARE DI SONDRIO

The cooperative bank is working on a bad loan securitisation together with another 10-15 small banks, Il Sole 24 Ore reported.

LEONARDO

The aerospace and defence company has decided to establish a General Management structure that will be led by Lucio Valerio Cioffi, current head of the Aircraft Division.

CATTOLICA ASSICURAZIONI, ASSICURAZIONI GENERALI

Shares in the Italian insurer closed up 38% on Thursday after rival Generali said it would invest 300 million euros to buy a 24.4% stake.

(*) Representatives for leading Generali shareholders Francesco Gaetano Caltagirone and Leonardo Del Vecchio did not take part in the board meeting that approved the Cattolica deal, Il Sole 24 Ore reported.

(*) Cattolica had been looking for an investor since May and adviser KPMG had sounded out rivals such as Vittoria Assicurazioni, UnipolSai, Allianz and AXA , Il Sole 24 Ore and Corriere della Sera reported.

MEDIASET

Annual shareholders’ meeting (0800 GMT)

DIARY

Telecom Italia (TIM) CEO Luigi Gubitosi attends conference on digitalisation (1000 GMT).

For Italian market data and news, click on codes in brackets:

20 biggest gainers (in percentage)…………

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FTSE IT allshare index

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Stories on Italy…… IT-LEN

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