Sunday 24 September 2017

Italy considering sale of 15pc stake in state lender CDP - local media

Michael Noonan, center, speaks with Italian Finance Minister Pier Carlo Padoan, right, during a meeting of eurozone finance ministers at the EU Lex building in Brussels
Michael Noonan, center, speaks with Italian Finance Minister Pier Carlo Padoan, right, during a meeting of eurozone finance ministers at the EU Lex building in Brussels
Independent.ie Business Desk

Independent.ie Business Desk

Italy is examining the possible sale of a 15pc share in state lender Cassa Depositi e Prestiti (CDP)

This would leave a majority stake in its hands, national daily Corriere della Sera reported on Friday.

The sale would bring about €5bn to state coffers, the report added, without citing sources.

The report said the proposal is still in a preliminary phase and it is not clear whether the sale would be made to institutional investors or foreign funds or banks.

The Economy Ministry owns an 83pc share of CDP and national banking foundations hold 16pc, with the remaining 1pc held as treasury shares.

The Economy Ministry was not immediately available for comment.

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