Privatizations, first act. The Council of Ministers today gave the go-ahead to two decrees of the Presidency of the Council of Ministers which contain the "criteria for privatization and methods for disposing of the stake" held by the Treasury in the capital of Poste Italiane and Enav (the national flight assistance), up to 40% and 49%, respectively. Listing on the Stock Exchange is certain for the Post Office, while the possibility of direct sale remains open for ENAV.
ITALIAN POST
In detail, as regards Poste Italiane, "the sale of a shareholding not exceeding 40% is regulated - explains a note from Palazzo Chigi -, providing that this sale, which can also be carried out in several phases, is through a public sale offer aimed at savers in Italy, including employees of the Poste Italiane Group, and/or at Italian and international institutional investors”.
The draft decree also provides that, "in order to encourage their participation in the offer - continues the note -, forms of incentives may be envisaged for Poste Italiane Group employees, also taking into account market practices and previous privatization operations, in terms of reserved offer shares (reserved offer tranches and minimum guaranteed lots) and/or price (for example, as in previous privatization operations, bonus share increased compared to the general public) and/or of financing methods”.
ENAV
For ENAV, on the other hand, “the transfer of a share is envisaged which will ensure that the State maintains a share of absolute control (51%) – they write again from the Prime Minister -. To ensure maximum flexibility for the Ministry of the Economy and Finance in the sale process, the draft decree provides that the transaction may also be carried out in several phases, resorting, even jointly, to a public offer of sale (addressed to the of savers in Italy, including employees of Enav and its subsidiaries, and/or with Italian investors and institutions), and/or a direct negotiation to be carried out through competitive procedures and in any case ensuring that situations of conflicts of interest do not arise".
“Also for Enav – concludes the note – incentives are envisaged for employees in the event of a public sale offer. In any case, the resolution of the Council of Ministers envisages the public offer as a priority path to be pursued, in the presence of an adequate market context”.
