An important passage in the privatization chapter is drawing to a close. Cassa Depositi e Prestiti e State Grid International Development Limited (wholly owned subsidiary of State grid corporation of China, the largest public utility in the world) are at an advanced stage of negotiations for the sale by CDP of a stake in 35% in Cdp Reti Spa. The Cassa communicates it in a note.
Cdp Reti, wholly owned by Cdp, holds a 30% stake in Snam, the integrated Italian group that oversees regulated activities in the gas sector. Before closing the deal, the Cassa intends to transfer the share held directly in Cdp Reti to Cdp Reti Terna (29,85%), a leading Italian operator in the distribution of electricity.
In transparency, therefore, the Chinese giant will come to hold – with an investment of around two billion euros, as Treasury Minister Pier Carlo Padoan revealed yesterday from Beijing – just over 10% of both Snam and Terna.
Cdp has admitted Sgid to the final phase of the auction procedure which started in December 2013 and the parties are confident that the final agreement can be reached shortly.
Opening today in Piazza Affari, Terna's share gains 0,35%, to 3,994 euro, while Snam shares travel at parity, at 4,42 euro.
