Italy PM says no decision yet on Poste Italiane stake sale
Adds background; adds PM quotes at paras 2,5,6
TRENTO, Italy, May 24 (Reuters) -Italian Prime Minister Giorgia Meloni said on Friday that her government has not yet taken any decision regarding the possible sale of further stakes in Poste Italiane PST.MI, adding that the company would in any case remain under state control.
"We haven't taken any decisions, but ... I want to be clear on one thing: there is no way in the world that Poste Italiane can be privatised as long as I head the government of this nation," Meloni told an event in the northern city of Trento.
The Italian state owns about 65% of Poste via state lender Cassa Depositi e Prestiti (CDP)and via the Economy Ministry, which intends to sell all or part of its 29.3% direct stake, while retaining control through another 35% held by CDP.
But Meloni said she wanted the state to keep more than 50% of Poste in its hands, and there was a "possibility" to sell the exceeding shares on the market.
"In my opinion this can only be done if we allocate shares in excess of ownership, i.e. above 51%, to Italian families, small savers and Poste employees," she said.
"Poste is a place where Italians put their savings, so it would make sense to imagine that this can happen also in this case," she said.
Under a decree adopted in January, Italy can use a public offering, an accelerated book building procedure, a block trade, or a combination of these methods to sell the shares.
The operation could be worth around 4.4 billion euros ($4.77 billion) , the economy minister said in March .
To become executive, the decree will need a second cabinet approval after being scrutinised by parliament. A government source said this was unlikely to happen before elections for the European Union Parliament scheduled in June.
($1 = 0.9222 euros)
Reporting by Angelo Amante; Editing by Franklin Paul
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
