June 2, 2020 / 4:02 AM / a month ago

Italy - Factors to watch on June 2

The following factors could affect Italian markets on Tuesday.

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 .

CORONAVIRUS

Deaths from the COVID-19 epidemic in Italy climbed by 60 on Monday, against 75 the day before, the Civil Protection Agency said, while the daily tally of new cases fell to just 178 from 355 on Sunday.

DEBT

Italy posted a state sector budget deficit of 25.5 billion euros ($28 billion) in May, up compared to 0.949 billion euros in the same month last year, the Treasury said on Monday.

ASSICURAZIONI GENERALI, MEDIOBANCA

Eyewear billionaire Leonardo Del Vecchio has requested clearance from the European Central Bank to double his stake in Mediobanca, raising the prospect of far-reaching changes in Italy’s financial world.

(*) Del Vecchio is unlikely to present his own slate of candidates for the upcoming renewal of Mediobanca’s board, while he could seek an accord with CEO Alberto Nagel in order to have two representatives on the list presented by the Mediobanca board, Il Sole 24 Ore reported.

(*) Italy’s government is not planning to use special powers it has to protect companies deemed of strategic interest for the country in relation to Mediobanca but, as soon as Del Vecchio starts increasing his stake, will demand that the Italian identity of Mediobanca and Generali as well as the quality of their top executives be guaranteed, la Repubblica reported.

(*) Generali investor Francesco Gaetano Caltagirone could increase his stake to 8-10% from 5.1% at present to be able to have a say in appointing the insurer’s new board in two years’ time, La Stampa reported.

FIAT CHRYSLER

New car registrations in Italy fell for the fifth straight month in May, down 49.61% from the previous year, the transport ministry said on Monday. Reuters calculations showed FCA’s sales fell 57%.

(*) ATLANTIA

Macquarie is interested in investing in Autostrade only in tandem with state lender CDP and as long as the Benetton family becomes a minority investor, la Repubblica reported adding that a deal would become more complicated if a preliminary accord is not reached by the end of June.

BANCA FARMAFACTORING

BFF Luxembourg has cut its stake in Banca Farmafactoring to 11.9% from 21.9% by selling 17 million shares at 5.2 euros each through an accelerated bookbuilding procedure, raising 88.4 million euros. BFF Lux, which is being advised by Rothschild, agreed to a 60-day lockup period following the sale. Jefferies managed the transaction.

(*) CATTOLICA ASSICURAZIONI

Issuing a Tier1 bond to boost capital, as the board had considered doing, in addition to a new share issue may have become too expensive, Il Sole 24 Ore reported.

Cattolica will have to submit to IVASS measures to boost its solvency by mid-July, MF reported.

(*) ENI

The oil and gas group is close to completing a reorganisation of its business into two large divisions with Chief Upstream Officer Alessandro Puliti in charge of the oil business, including both upstream and midstream activities, and CFO Massimo Mondazzi in charge of the remaining businesses, Il Sole 24 Ore reported.

(*) UNICREDIT

The bank’s board recently hired head hunter Spencer Stuart as the governance committee starts works for the renewal of the board of directors, MF reported.

SAFILO GROUP

The Italian eyewear manufacturer said on Monday it had closed the acquisition of a 70% stake in California-based Blenders Eyewear.

REPLY

Top shareholder Alika said on Monday it had completed the placement of a 5.35% stake in the digital services firm through an accelerated bookbuilding procedure at a price of 72 euros per share.

JUVENTUS, LAZIO, AS ROMA

Serie A teams will face two-games a week for the rest of the season once the league restarts following the novel coronavirus stoppage, according to the fixture list published on Monday.

(*) ALITALIA

The EU Commission has rejected a proposal by Alitalia’s temporary administrator Giuseppe Leogrande to rent out to a newly created company the carrier’s flight and maintenance businesses, saying that Alitalia needs to be sold and downsized in order to have a state-funded new company, Il Sole 24 Ore reported citing sources.

Bourse After Hours market closed.

TENARIS

Annual general meeting (1300 GMT).

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Stories on Italy...... IT-LEN

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