The Italian government has announced a privatisation plan, affecting 8 companies, and expected to raise between €10bn and €12bn. The Treasury will sell 3% of its stake in oil and gas company Eni (30.1% owned by the Treasury and the public Cassa Depositi e Prestiti). The CDP will divest part of its interest in TAG (exclusive manager of the Austrian section of the pipeline that delivers gas to Italy from Russia, 89% owned by the CDP, no precision on the stake to be sold). It will also sell 50% of its 100% interest in CDP Reti (investment vehicle, which acquired 30% of Snam from Eni in 2012 and which owns a stake in the power transmission network operator Terna). The sale of the 3% stake in Eni is expected to raise €2bn.
Other companies involved are:
- STM (Franco-Italian holding controlling STMicroelectronics, 50% owned by the Treasury, no precision on the stake to be sold),
- Fincantieri (shipbuilder, 99% owned by CDP, 40% to be sold),
- Grandi Stazioni (main railway stations, 60% public stake to be entirely sold)
- ENAV (100% treasury-owned air traffic control enterprise, 40% to be sold) and
- SACE (100% CDP-owned export credit guarantee group, 60% to be sold).
Half of the proceeds will be used to reduce public debt and the rest to cut the deficit, in response to criticism from the European Commission that not enough was being done on this front in the stability budget.
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