Yesterday the Council of Ministers issued a decree through which the Treasury formalises its intention to place 29,7% of Poste Italiane on the market. Last week, the Treasury announced the contribution of a 35% stake in Poste Italiane to the CDP through a €2,9 billion reserved capital increase by the Cassa. At the same time, he announced his intention to place on the market the share of Poste (in Piazza Affari since last October) which he still owns after the transfer to CDP, equal to 29,7% of the capital.
“The Council of Ministers – reads the note from Palazzo Chigi – has approved, on the proposal of the Minister of Economy and Finance Pier Carlo Padoan, the Decree of the President of the Council of Ministers (Dpcm) which defines the privatization criteria and the procedures for the disposal of a further stake held by the Ministry of the Economy and Finance in the capital of Poste Italiane SpA such as to maintain a public stake, also through Cassa Depositi e Prestiti, in the capital of the Company of no less than 35%”.
The sale of the additional share "may also take place in several phases - continues the note - and will take place through a public sale offer aimed at savers in Italy, including employees of the Poste Italiane Group, and/or Italian institutional investors and international. To encourage the participation of the indistinct public of savers and employees in the offer, the draft decree provides for specific forms of incentives, also taking into account market practice and previous privatization operations. These forms of incentives may concern reserved portions of the offer and/or the price (also differentiated for the general public and employees)”.
