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Italy - Factors to watch on July 22
Italy - Factors to watch on July 22
About this update from Saipem S.p.a.
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 .DEBTThe Treasury said on Monday it would sell up to 4.25 billion euros in short-term and inflation linked BTP bonds at an auction on Thursday. COMPANIES (*) UNICREDIT MIL:UCGChief Executive Andrea Orcel is set to brief the board on Tuesday, called to approve results, with regards to the bank's offer for Banco BPM MIL:BAMI, several Italian newspapers reported on Tuesday. The bid, which expires on Wednesday, may be left to expire before a new proposal will be made. According to Corriere della Sera and la Repubblica, Orcel could hold off on a revised offer until September, while MF said it could be done "in a matter of days".In a separate report, Il Messaggero said that market regulator Consob is scheduled to meet on Tuesday and Wednesday to assess a new potential suspension of the current offer.UniCredit may "soon" convert into shares its remaining 8% position in derivatives in Commerzbank, a move that would bring the Italian lender closer to the threshold triggering a buyout offer, MF reported on Tuesday.POSTE ITALIANE MIL:PST(*) The State-controlled financial conglomerate is weighing a reorganisation that would place its financial and insurance operations under Bancoposta, enabling the use of the so-called Danish Ccmpromise, MF daily reported on Tuesday.Releases H1 results, followed by conference call (1300 GMT).(*) BPER BANCA MIL:BPEJPMorgan NYSE:JPM, which holds a potential 10.06% stake in BPER, could be acting on behalf of an Italian bank, MF reported, citing speculation indicating that the lender is UniCredit. In a separate report, Corriere della Sera, however, said Italy's second-largest lender is not involved.BPER BANCA, BANCA POPOLARE DI SONDRIO MIL:BPSOBPER Banca full voluntary takeover bid on Banca Popolare di Sondrio shares continues; ends on July 25.BANCA POPOLARE DI SONDRIO The lender said on Monday that S&P Global Ratings upgraded its long-term issuer rating, raising it to 'BBB' from 'BBB-', and its outlook to 'stable' from 'positive'. (*)ENI MIL:ENINorwegian oil firm Vaar Energi OSL:VAR, which is majority owned by the Italian energy group, on Tuesday reported a lower-than-expected operating profit for the s...