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 .
Contents
ECONOMICS
The Italian government should be able to double its economic growth target for next year to 2 percent, thanks to an expected massive injection of private investment, European Affairs Minister Paolo Savona wrote in a newspaper editorial published on Saturday on Il Sole 24 Ore. (*) Foreign funds are now unhappy of investing in Italy, where regulation is uncertain and there has been market turbulence over summer, and are worried the budget drafted by the government might widen the BTP spread, la Repubblica’s Affari&Finanza reported on Monday.
Members of Italy’s Development ministry will travel to China with Italy’s finance minister at the end of August, with the aim of finding investors for Italy’s state bonds and “common business initiatives”, undersecretary Michele Geraci told Corriere della Sera in an interview on Sunday. He added he would look for investments aimed at boosting companies’ capital rather than acquisitions and said that the Chinese are looking into investing in the port of the city of Trieste.
POLITICS
Rimini, annual international “Meeting of Friendship Among Peoples” forum continues; ends on Aug. 25. Expected attendees include Cabinet Undersecretary Giancarlo Giorgetti. (*) Milan, Interior Minister Matteo Salvini visits charity organisation Opera Cardinal Ferrari Onlus (1000 GMT).
COMPANIES
Bourse After Hours market closed.
ATLANTIA
Italy’s populist ruling coalition on Friday formally launched the procedure to revoke concessions held by Autostrade per l’Italia, a unit of Atlantia, to operate toll highways after the collapse of a bridge in Genoa.
Italy’s market regulator Consob has been closely monitoring activity on Atlantia shares since the afternoon of Aug. 14, the day of the collapse of the motorway bridge in the city of Genoa, a routine job the regulator carries out when there are large share movements, a spokesperson told Reuters on Friday.
Asked whether the government would consider stopping the procedure against Autostrade if investigators found the group had no responsibilities in the collapse, Giancarlo Giorgetti, undersecretary in the prime minister’s office, did not answer, in an interview with daily Il Messaggero on Sunday. Autostrade pledged on Saturday it would rebuild the bridge that collapsed in Genoa last week, but its chief executive stopped short of apologising for the disaster.
The group said it would set aside around 500 million euros ($572 million) for disaster recovery, including funds for the new bridge, for the victims’ families as well as for those who will have to leave their homes close to the viaduct for the reconstruction, CEO Giovanni Castellucci said on Saturday in the company’s first public appearance since the disaster.
Castellucci said Autostrade has always operated correctly in its role of toll-road operator.
Autostrade’s Chairman Fabio Cerchiai said on Saturday the CEO would stay in his position. But La Stampa on Sunday reported that the group could consider tendering the CEO’s resignation in the near future to smooth things out with the government.
The government is examining three options for the management of the 3,000 km of roads operated by Autostrade should the procedure to revoke its concession succeed, Il Sole 24 Ore reported. These include the creation of a public new company, the transfer of the concession to state-controlled Anas and the use of a state-appointed special administrator, the report added. (*) The government is ready to issue a decree or a law, to be approved by Parliament, to directly cancel the concession given to Autostrade, technically modifying the original laws that introduced the concession between the state and the company, la Repubblica reported on Monday. It would then hand over the management of Autostrade’s network to state-controlled Anas, which however lacks the funds to do so, the report added. (*) The tie-rods of the bridge were damaged, with their strength reduced by 20 percent, and the situation was well-known to both Autostrade and the technicians of the Transport Ministry, weekly l’Espresso reported, citing documents from a technical committee held in February which approved works for so-called retrofitting works on the bridge, to be started in October. The report added that Autostrade granted that there was no danger unless the strength of the tie-rods went down by 50 percent. (*) Asked whether revoking the concession to Autostrade would be more of a cost or a benefit for the State, Transport Minister Danilo Toninelli said it would be “convenient” as the state would pocket revenues from tolls, in an interview with Corriere della Sera on Monday. Toninelli reiterated that it would be appropriate for Autostrade’s management to step down after the disaster, and said that it was Autostrade’s duty to re-build the bridge and until the procedure is completed the group would continue to manage its network of roads. (*) The regional governor of Liguria, Giovanni Toti, said the procedure and the investigations are all legitimate, but Genoa should not pay the consequences of a battle between the government and Autostrade, in an interview with La Stampa on Monday.
UNICREDIT
The lender said on Friday it would suspend all outstanding mortgages and loan payments, for up to 12 months, for all the people, families and businesses affected by the collapse of the motorway bridge in Genoa.
PIRELLI
As of Aug. 8 China National Chemical Corporation (ChemChina) held 45.52 percent of Pirelli through Marco Polo International Italy, Italian entrepreneur Marco Tronchetti Provera held 11.35 percent in the tyre-maker and Sergey Sudarikov had a stake of 6.24 in the company through LTI Italy , a filing published by Italy’s market regulator Consob showed on Friday. The stakes are a result of the non-proportional breakup of the Marco Polo International, as envisaged by the agreements reached ahead Pirelli’s.
RECORDATI
Fund Fidelity investments held just over 3 percent in the group as of August 7, a filing published by Italy’s market regulator Consob showed on Friday.
GUALA CLOSURES
As of Aug. 6 Peninsula Capital held 8.812 percent stake in the group, entrepreneur Leonardo Del Vecchio had a 3.99 percent stake in the company and Marco Giovannini a 24.28 percent holding, a filing published by Italy’s market regulator Consob showed on Friday.
MEDIASET
The private broadcaster turned down a documentary film on the city of Florence by former prime minister Matteo Renzi as the price – between two and three million euros – was considered too high, La Stampa reported on Saturday, citing sources close to the deal. The report added that Chairman Pier Silvio Berlusconi would be willing to close a deal at a lower price.
(*) DIASORIN
Berenberg raised on Monday the target price to 96 euros from 86 euros.
(*) SALINI IMPREGILO
The group said on Monday it signed a $672.9 million contract, through its U.S. unit Lane Construction, to construct and design the I-10 COrridor Contract 1 Express Lanes in California. Lane’s share of the contract is valued at $404 million, the statement said.
The constructor also said on Monday it signed a contract for the sale of its “Plants & paving” division to Eurovia Sas for $555 million.
JUVENTUS FC
The club came from behind to snatch a dramatic 3-2 win at Chievo as Cristiano Ronaldo made his debut for the Italian champions on Saturday, although the Portuguese was not among the scorers in his first Serie A match.
Juventus coach Massimiliano Allegri said he was impressed with Cristiano Ronaldo’s debut for the Serie A champions against Chievo on Saturday and that the only thing missing was a goal.
S.S. LAZIO
Napoli, last year’s runners-up, came from behind to win 2-1 at Lazio in the other match on Saturday, the opening day of the new season.
(*) AS ROMA
AS Roma striker Edin Dzeko scored with a memorable volleyed goal following a mazy run by debutant Justin Kluivert to give his side a 1-0 win at Torino in their opening Serie A game on Sunday.
ZEPHYRO
Fenice SpA takeover bid on Zephyro shares starts; ends on Oct. 1.
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