Italy - Factors to watch on October 7
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 IT/DIA.
ECONOMY
Italy plans to raise taxes on large companies such as e-commerce groups as it looks for ways to collect additional cash for state finances, a Treasury official said on Friday.
(*) The European Central Bank will probably cut interest rates on Oct 17 as economic growth is weak and this raises the risk that inflation will undershoot its 2% target, French Central Bank Chief Francois Villeroy de Galhau told la Repubblica in an interview published on Monday.
Bank of Italy releases September data on Target 2 liabilities and European Central Bank funding to Italian banks.
DEBT
Treasury announces sale of 12-month BOT bills, with relative amounts to be auctioned on Oct. 10.
COMPANIES
ITALGAS IG.MI
Italy's biggest gas distributor said on Saturday it had agreed to buy smaller rival 2i Rete Gas in a 5.3 billion euro deal, including debt.
(*) Italgas will invest 15.6 billion euros ($17.11 billion) over the next seven years to acquire smaller rival 2iRete Gas, develop gas distribution in Italy and Greece and strengthen its presence in the water sector.
UNICREDIT CRDI.MI
(*) Commerzbank and UniCredit did not discuss a merger at a recent meeting, the German lender's CEO Bettina Orlopp told a local German newspaper, saying any tie-up with its Italian peer would result in the loss of customers.
(*) The decision on a possible merger between the two banks should not be a political or nationalistic decision, ECB member Francois Villeroy told la Repubblica in an interview published on Monday, adding that it is for the ECB alone to decide.
Cost cuts at Commerzbank CBKG.DE if the Italian bank were to buy its German rival would mostly affect its head office not its branch network, UniCredit CEO Andrea Orcel was quoted as saying on Friday.
Unipol UNPI.MI CEO Cimbri is rooting for UniCredit head Andrea Orcel over a potential acquisition of Commerzbank by the Italian lender, ANSA reported on Saturday.
If a market transaction such as UniCredit's deal on Commerzbank were to be thwarted by national policymakers, the autonomy of the European Central Bank would be called into question, Italian Banking Association Head Antonio Patuelli was quoted as saying by ANSA.
UNICREDIT CRDI.MI, NEXI NEXII.MI
The two companies have agreed to extend their existing payments partnership in Italy, Austria and Germany until 2036, Corriere della Sera reported on Sunday.
ENI ENI.MI
The Italian energy company said on Sunday it had signed with state-backed Japan Organization for Metals and Energy Security (JOGMEC) a preliminary agreement to cooperate on LNG procurement.
STELLANTIS STLAM.MI
The Jeep parent is taking 'drastic measures' to conserve cash, the Wall Street Journal said on Friday.
LEONARDO LDOF.MI
Italian prosecutors accused seven people and two sub-contractors of crimes including fraud and breaching airplane safety rules following an investigation into suspected flawed parts produced by an Italian company for Boeing BA.N.
The prosecutors launched their investigation in late 2021 after Boeing said some parts for its 787 Dreamliner plane supplied by a company working for the Italian aerospace group had been improperly manufactured.
MONTE DEI PASCHI DI SIENA BMPS.MI
Rome aims to sell up to around 15% of the lender in an upcoming share placement, with the government's stake in the bailed-out bank falling to as low as 12%, two sources close to the matter told Reuters on Friday.
A deal with Monte dei Paschi is not part of Unipol's UNPI.MI strategy, Unipol UNPI.MI CEO Carlo Cimbri was quoted as saying by ANSA on Saturday. Cimbri added the insurance group might consider investing in a stake in the Tuscan bank if it were linked to the acquisition of a sales network for its insurance products.
TELECOM ITALIA (TIM) TLIT.MI
The Italian phone group said on Friday it entered exclusive talks with Italy's Treasury and its partner Asterion to negotiate a binding offer for the telecoms group's subsea cable unit Sparkle by Nov. 30.
POSTE ITALIANE PST.MI
The Treasury said on Friday it had hired Intesa Sanpaolo, Mediobanca, UniCredit, Citi, Deutsche Bank and JPMorgan as global coordinators for the sale of around 14% stake in postal service. Barclays, BNP Paribas, Morgan Stanley, Société Generale and UBS will act as bookrunners, it added.
(*) The placement of shares will start on Oct. 21 and should end on Oct. 24, Il Sole 24 Ore and La Stampa reported. The 35% of the sale will be reservedto savers, including a portion allocated to Poste employees. The remaining 65% will be reserved to institutional investors, La Stampa wrote, citing a ministery source close to the dossier.
JUVENTUS FC JUVE.MI
French soccer player Paul Pogba's doping suspension has been cut to 18 months from an initial four years, the Court of Arbitration for Sport (CAS) said on Friday. "The suspension is now 18 months, starting Sept. 11, 2023," CAS director general Matthieu Reeb told Reuters.
Juventus conceded their first Serie A goal this season as a late Razvan Marin penalty snatched a 1-1 draw for visitors Cagliari on Sunday.
SS LAZIO LAZI.MI
The club beat Empoli 2-1 at home on Sunday
RELATECH RLT.MI
Gemini BidCo Srl starts full mandatory takeover bid on Relatech ordinary shares; ends on Oct. 25.
SALCEF GROUP SCFG.MI
Saldib SpA starts full mandatory takeover bid on Salcef Group ordinary shares; ends on Nov. 8.
DIARY
Economy Minister Giancarlo Giorgetti attends Eurogroup meeting in Luxembourg.
Rome, representatives from Bank of Italy (1400 GMT), state auditor (1445 GMT); ISTAT (1530 GMT); Parliamentary Budget Office (UPB) (1615 GMT) address Senate and Chamber of Deputies Budget committees on the budget plan.
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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