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Italy - Factors to watch on May 31

The following factors could affect Italian markets on Friday.

Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).

POLITICS

European Council President Herman Van Rompuy visits Italy on Friday and meets President Giorgio Napolitano, Prime Minister Enrico Letta (1130 GMT) and Senate Speaker Pietro Grasso.

ECONOMICS

Bank of Italy holds annual meeting; Governor Ignazio Visco presents annual report (0830 GMT).

Statistics body ISTAT releases April and Q1 unemployment (0800 GMT). It also releases May flash CPI and HICP (0900 GMT).

TELECOM ITALILA

Telecom Italia took a first step to spin off its domestic fixed-line access network on Thursday, a move that could allow the debt-laden Italian telecoms group to raise cash to fund investments. * Newspapers said Spanish shareholder Telefonica abstained from the vote while independent board member Luigi Zingales voted against, confirming what a source told Reuters on Thursday.

FIAT

Industry Minister Flavio Zanonato is scheduled to meet Fiat CEO Sergio Marchionne on Friday. * Exor will support a Fiat-Chrysler merger, papers said. It does mot intend to dilute its stake in Fiat after any eventual recapitalisation of Fiat-Chrysler following a merger, papers cited Exor and Fiat chairman John Elkann as saying.

ENI

Italian oil and gas group Eni plans to sell a stake in Galp Energia worth around 690 million euros at market prices, as it presses ahead with plans to exit the Portuguese energy company.

The oil major said on Thursday it had approved the possible issue of bonds for a value of up to 3 billion euros or its equivalent in other currencies.

RCS MEDIAGROUP

Shareholders of RCS MediaGroup on Thursday voted in favour of a rights issue of up to 600 million euros needed to keep the money-losing publisher in business.

PARMALAT

Italian dairy firm Parmalat said on Thursday it reached an agreement to cut the purchase price of sister company Lactalis American Group by $130 million.

BANCO POPOLARE

Italian cooperative lender Banco Popolare said on Thursday that a buyback on securities issued by the bank would boost its Core Tier 1 capital ratio by 7 basis points.

UBI BANCA

UBI Banca will fully repay its 2013 convertible bond when it matures next month, the bank said on Thursday.

For Italian market data and news, click on codes in brackets:

20 biggest gainers (in percentage)............

20 biggest losers (in percentage).............

FTSE IT allshare index

FTSE Mib index........

FTSE Allstars index...

FTSE Mid Cap index....

Block trades..........

Stories on Italy...... <IT-LEN>

For pan-European market data and news, click on codes in brackets: European Equities speed guide................... FTSEurofirst 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurofirst 300 sectors................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Reuters survey of world bourse outlook......... Western European IPO diary.......................... European Asset Allocation........................ Reuters News at a Glance: Equities............... Main currency report:...............................