There is interest from the Chinese in the shares of the gas (Snam) and electricity (Terna) networks which should be sold with the government's privatization plan, already announced a month and a half ago. However, the details and deadlines of the program have not yet been clarified and the proceeds seem uncertain.
Prime Minister Enrico Letta had spoken of proceeds from disposals of "between 10 and 12 billion" euros for this year. Half of the proceeds to be allocated to the containment of the public debt (which reached 2.085 billion at the end of October 2013) and the other half to strengthen the capital of Cassa depositi e prestiti (Cdp), the public company controlled with 80,15, XNUMX by the Ministry of the Economy and used in recent years to transfer share packages held by the Ministry of the Economy, with purely accounting effects on the state budget.
According to financial sources, interest in the gas (Snam) and electricity (Terna) transmission networks is shown by an important Chinese public group, the State Grid Corporation of China, an electricity producer and operator of the electricity grid in China. In 2012, the Chinese group bought 25% of Ren, the company that manages the electricity grid in Portugal and now intends to expand into Europe.
The State owns about 30% of both companies (Snam and Terna), whose shares are in the CDP vault. The Snam package is within a new subsidiary of Cdp, Cdp Reti, which is also expected to include 29,9% of Terna and control of the Tag gas pipeline, also owned by Cassa depositi e prestiti. The plan therefore envisages that 49% of Cdp Reti, which only contains shares of other companies and would not give future shareholders management powers, be sold to a person, as 51% of the company would remain with the state. This aspect could make the disposal less attractive.
The government is also studying other projects to raise cash. Among these: the operation to launch and complete in less than 12 months the plan to buy back ENI's treasury shares for 10% of the capital (a buy pack which, according to financial sources, could last at least 5 years); the sale of 40% of ENAV, the company that manages civil air traffic control, re-launched by the sole director, Massimo Garbini, whose proceeds are expected to be around 500-600 million; the listing for the sale of 40-50% of Fincantieri, with an estimated proceeds of 600 million.
Letta also announced the sale of Grandi Stazioni, the company 60% controlled by Ferrovie dello Stato which manages the Tiburtina station and has the task of enhancing and managing the other 13 major Italian stations, including Roma Termini, Milano Centrale, Torino Porta Nuova, Bologna and Central Naples.
