Italy considers sale of 15% stake in state lender CDP

Move to sell Cassa Depositi e Prestiti estimated to bring €5bn into state coffers

Minister for Finance Michael Noonan  and Italy’s minister of  economy and finances Pier Carlo Padoan: the CDP proposal is still in a preliminary phase. Photograph: Olivier Hoslet/EPA

Minister for Finance Michael Noonan and Italy’s minister of economy and finances Pier Carlo Padoan: the CDP proposal is still in a preliminary phase. Photograph: Olivier Hoslet/EPA

 

Italy’s economy ministry is examining the possible sale of a 15 per cent share in state lender Cassa Depositi e Prestiti (CDP), leaving a majority stake in its hands, national daily Corriere della Sera reported on Friday.

This would bring about €5 billion into state coffers, it said, without citing sources.

The report said the proposal was still in a preliminary phase. It was not clear whether the sale would be made to institutional investors or foreign funds or banks, the report said.

The ministry owns an 83 per cent share of CDP and national banking foundations hold 16 per cent, with the remaining 1 per cent held as treasury shares.

The economy ministry was not immediately available for comment.

-Reuters