Italy is contemplating the sale of a part of its stake in power large Eni SpA and its holding in air-traffic controller Enav SpA in a bid to boost about 2 billion euros ($2.three billion) by the tip of this 12 months to cut back debt, in accordance with individuals aware of the matter.
The Italian Treasury might promote to state-owned lender Cassa Depositi e Prestiti SpA (CDP) about half of its four.three% holding within the oil firm — a stake now valued at about 1 billion euros — and its 53% stake in Enav, stated the individuals, who requested to not be recognized as a result of the discussions are personal.
A call on the disposals hasn’t been finalized, the individuals stated. A spokesman for Finance Minister Pier Carlo Padoan declined to touch upon the plan. A consultant for CDP declined to remark. CDP, about 83% owned by the Italian Treasury, is a joint inventory firm that operates outdoors the perimeter of the nation’s public administration. An Eni spokesman declined to remark.
Italy is concentrating on income from state asset gross sales at about zero.2% of gross home product, or three.four billion euros, Italian Finance Minister Pier Carlo Padoan advised parliament’s joint funds committees in Rome final month. Padoan declined to determine the property.
This 12 months the federal government led by Prime Minister Paolo Gentiloni has twice revised downward its goal for income from privatizations. The aim, initially zero.four% of GDP, was first reduce to zero.three% in April’s budget-planning doc after which to zero.2% in September.
CDP’s investments in state-owned firms embrace 25.eight% of Eni and 35% of postal and monetary providers agency Poste Italiane SpA. The CDP group owns a complete 410 billion euros in property. About two years in the past Eni agreed to promote a stake in oil-services firm Saipem SpA to a fund managed by CDP.
Italy final 12 months failed to satisfy privatization targets that it stated had been key to decreasing public debt that stands at 2.28 trillion euros, or greater than 130% of the nation’s GDP. It postponed a plan to promote a stake within the nationwide railways firm Ferrovie dello Stato in addition to extra shares of Poste Italiane.
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Italian information company Ansa reported Oct. 17 that the Treasury might cede its stake in Enav to CDP.
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