(Finance) – It was sent to Room for the examination of the competent Commissions the decree of the Presidency of the Council of Ministers for the privatization Of Italian post. It will take place in several phases and a share of no less than 35% will remain in public hands, the document specifies. Poste is currently 29.26% controlled by the Ministry of Economy and Finance, 35% by Cassa Depositi e Prestiti and the remaining part by institutional and retail investors. This is one of the pieces of the privatization plan through which the executive hopes to cash in 20 billion euros in three years.
The document explains that it was deemed “appropriate to proceed with divestment of a further share of the share capital of Poste Italiane through a large-market offer aimed at the saving public in Italy, including employees of the Poste Italiane group, and/or to Italian and international institutional investors”. It is therefore aopen public sale offer to both institutional and retail investors. The sale may also take place in several phases, through the single and/or joint appeal to a public sale offer aimed at the public of savers in Italy, including employees of the Poste Italiane group, and/or at Italian and international institutional investors, or through placement on the market, including through accelerated sales methods or through sales in blocks”.
Normally in OPVs around 30% of the entire quota put on the market is allocated to savers And employees: in the case of the sale of 29% of the capital of Poste, which at current prices is worth around 5 billion, it would be a share worth 1.5 billion euros.
The presence of initiatives has been confirmed incentive for the retail investors. “Forms of incentives may be envisaged in terms of reserved quotas of the offer and/or price (also differentiated for the general public and employees) and/or, as regards employees, financing methods,” we read in the document.
Sending the decree to Parliament today does not guarantee that there will be times technicians to organize the Opv by spring. Instead, it seems more likely that the sale of a further 29% stake in Poste (MEF and CDP control just under 65%) will take place in the autumn.
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