CDP to transfer Terna stake to investment vehicle CDP Reti.
M2 EQUITYBITES-November 28, 2013-CDP to transfer Terna stake to investment vehicle CDP Reti(C)2013 M2 COMMUNICATIONS http://www.m2.com
28 November 2013 - The board of directors of Italy's state-owned lender Cassa Depositi e Prestiti SpA (CDP) has approved the transfer of its stake in grid operator Terna SpA (BIT:TRN) to its investment vehicle, CDP Reti Srl, which also owns 30% of gas transportation company Snam SpA (BIT:SRG).
The move aims to attract investors, CDP said in press release.
In particular, CDP will transfer its 29.85% interest in Terna and will keep its controlling stake in CDP Reti, which it would put up for partial sale. The bank has hired Lazard (NYSE:LAZ) to serve as its advisor. The latter has already contacted potential investors and will ask them to submit non-binding bids.
CDP, which is 80% owned by the government, said further it would study the option of allowing investors to enter the capital of its export insurance arm SACE SpA and shipyard Fincantieri SpA which could include an initial public offering (IPO) to support their future growth.
Last week, the Italian government announced plans to shed its stakes in public companies, in an effort to raise up to EUR12bn (USD16.3bn) in 2014.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Nov 28, 2013|
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