For Metroweb, CDP chooses Enel. Despite being the economic offer of Telecom slightly higher than that of electric group (820 million against 806), Cassa depositi e prestiti preferred to deal exclusively with Enel for two fundamental reasons: firstly because this will further facilitate the development of ultra-broadband in Italy and secondly because CDP will be able to remain a shareholder and supervise the speeding up of investment plans. The transition to the board of directors of F2i, which directly controls 53,8% of Metroweb, is also envisaged.
In the background remains the question of Fastweb, which 10,6% of Metroweb Milano, controlled by Metroweb, as its lock-up expires in 2017 and must therefore decide what to do. In all likelihood he will remain on board the company.
But that on Metroweb is not the only novelty for Cdp. In fact, the Treasury has conferred a 35% stake in Poste Italiane to the Cassa through a reserved capital increase of 2,9 billion euro. "It is believed – specified a note released in the early hours of today, Thursday – that the operation does not determine the onset of a mandatory takeover bid". The operation is a prelude to the placement on the market of a second tranche of capital and accelerates the descent of the Treasury from the current controlling stake of 64,7%.
The ministry, the Via XX Settembre statement specifies, "intends to place on the market the share of Poste which it remains in possession after the transfer to CDP, equal to 29,7% of the capital".
The Poste group was listed on the Stock Exchange last autumn; after listing, the Ministry still had a 64,7 per cent stake. The placement of the further tranche will take place according to the criteria that will be approved by the next Council of Ministers with Dpcm still informing the Treasury.
Furthermore, as a result of the contribution, the Treasury's share in CDP will go from 80,1 to 85 per cent, leaving 15% of the capital in the hands of the Foundations, which allows the Cassa to be kept outside the perimeter of the Public Administration and therefore to the emergence of an active balance sheet with consequent debt reduction, to the benefit of the accounts that the government presents regularly in Brussels.
Lastly, CDP is interested in having direct control over Poste given that the company, now led by Francesco Caio, places passbook savings accounts and postal savings bonds through which the savings of many Italians are collected.
