Italy - Factors to watch on Nov. 27
The following factors could affect Italian markets on Wednesday.
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 IT/DIA.
POLITICS/ECONOMICS
The EU Commission said on Tuesday that the fiscal plans of 20 countries, including Italy, met EU requirements and "set out a credible fiscal path to ensure fiscal sustainability over the medium term".
The Commission also said it had given a positive, preliminary assessment to Italy's latest request for aid payments from the European Union, seen as key to boosting the sluggish performance of the euro zone's third largest economy.
DEBT
Treasury sells 7.5 billion euros 6-month BOT bills. Subscriptions close at 1000 GMT.
COMPANIES
BANCO BPM BAMI.MI, UNICREDIT CRDI.MI
Italy's Banco BPM on Tuesday rebuffed a 10 billion euro ($10.5 billion) unsolicited takeover offer by rival UniCredit, saying it undervalued the bank, tied its hands in strategic deals and created new risks for shareholders.
Foreign Minister Antonio Tajani said on Tuesday that politicians should avoid getting involved in the bid by Unicredit for smaller peer Banco BPM.
(*) The 900 million euros in synergies estimated by UniCredit would translate into 6,000-7,000 layoffs in the merged group according to unions, newspaper la Repubblica reported on Wednesday.
(*) Banco BPM lawyers are working on how to find a way around a 'passivity rule' that prevents managers of a takeover target from doing anything to thwart the bid without calling a shareholder meeting to win approval, daily La Stampa reported.
(*) An extraordinary shareholders meeting of Banco BPM could approve defensive moves, including a merger with another bank, such as Monte dei Paschi BMPS.MI or BPER Banca EMII.MI, or a share buyback to raise the stock price, il Corriere della Sera reported.
(*) Banco BPM's top investor Credit Agricole CAGR.PA holds a 1.3% stake in UniCredit through Amundi-held AMUN.PA funds, according to Il Sole 24 Ore. In the event of a merger between Banco BPM and UniCredit, the French bank's holding would fall to 2.4% of the new group from 1.3% without the Amundi funds.
(*) BANCO BPM, ANIMA HOLDING ANIM.MI
The lender said on Tuesday it had filed the offer document for its takeover bid for the asset manager to Italian watchdog Consob.
STELLANTIS STLAM.MI, FERRARI RACE.MI
Italian tax police have searched the offices of some legal firms as part of an investigation into alleged tax fraud involving five people, including Stellantis and Ferrari Chair John Elkann, prosecutors said on Tuesday.
STELLANTIS
The carmaker plans to shut its Vauxhall van factory in southern England, putting more than 1,000 jobs at risk as it joins rival automakers in scaling back operations in a difficult trading environment.
SAIPEM SPMI.MI
The Italian energy contractor said on Tuesday it had won a $1.2 billion offshore contract in Indonesia. Saipem is part of a consortium of which the company share is around $1 billion.
RECORDATI RECI.MI
The main shareholder of the Italian pharmaceutical group is in contact with other Italian drugmakers over a possible sale, the chief executive of rival Dompe Farmaceutica told Reuters on Tuesday.
DIARY
Rome, Prime Minister Giorgia Meloni and Foreign Minister Antonio Tajani deliver closing addresses at ISPI 10th edition "Mediterranean Dialogues" (1115 GMT).
Rome, association for the development of industry in southern Italy (SVIMEZ) presents annual report with Italian Bishops' Conference (CEI) President Cardinal Matteo Maria Zuppi; EU Commission Vice President-designate Raffaele Fitto expected to deliver closing video-recorded address (0815 GMT).
Rome, small companies association Confartigianato holds annual meeting; expected attendees include President Sergio Mattarella, Industry Minister Adolfo Urso, Labour Minister Maria Calderone, University and Research Minister Anna Maria Bernini, fashion house Dolce&Gabbana CEO Alfonso Dolce (1000 GMT).
For Italian market data and news, click on codes in
brackets:
20 biggest gainers (in percentage).............PG.MI
20 biggest losers (in percentage)..............PL.MI
FTSE IT allshare index .FTITLMS
FTSE Mib index........ .FTMIB
FTSE Allstars index... .FTSTAR
FTSE Mid Cap index.... .FTITMC
Block trades.......... .BLK.MI
Stories on Italy...... IT-LEN
For pan-European market data and news, click on codes in
brackets:
European Equities speed guide...................EUR/EQUITY
FTSEurofirst 300 index...............................FTEU3
DJ STOXX index.......................................STOXX
Top 10 STOXX sectors............................PGL.STOXXS
Top 10 EUROSTOXX sectors.......................PGL.STOXXES
Top 10 Eurofirst 300 sectors....................PGL.FTEU3S
Top 25 European pct gainers........................PG.PEUR
Top 25 European pct losers.........................PL.PEUR
Main stock markets:
Dow Jones................DJI Wall Street report ......N
Nikkei 225..............N225 Tokyo report.............T
FTSE 100................FTSE London report............L
Xetra DAX..............GDAXI Frankfurt market stories.F
CAC-40..................FCHI Paris market stories....PA
World Indices.....................................0#.INDEX
Reuters survey of world bourse outlook.........EQUITYPOLL1
Western European IPO diary..........................WEUIPO
European Asset Allocation........................EUR/ASSET
Reuters News at a Glance: Equities...............TOP/EQE
Main currency report:...............................FRX/
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