Green light for the purchase of Fintecna. Cassa Depositi e Prestiti today approved the exercise of the option right to purchase 100% of the company from the State, which in turn controls 99,4% of Fincantieri.
The Board has delegated the managing director, Giovanni Gorno Tempini, to exercise the right of option against the Ministry of the Economy and Finance. Within 10 days of the effective exercise of the option right, the CDP will have to pay the provisional price of 1,6 billion euro which corresponds to 60% of the company's book equity against the transfer by the Ministry of the Economy of entire stake in Fintecna.
The adjustment will then take place on the basis of the transfer price deemed appropriate by CDP and indicated by a Treasury decree, to be issued within 60 days of the effective exercise of the option right. In terms of the authorization process, the operation has already obtained the go-ahead from the Antitrust Authority. Only last month did the CDP decide to exercise the option to acquire the stakes in Sace and Simest from the state. With these divestments, the Treasury aims to reduce the public debt by about 10 billion by 2012.
