The sale of the entire stake in Poste
Italiane currently held by the economy ministry would raise
around 4.4 billion euro, Economy Minister Giancarlo Giorgetti
said on Wednesday during a parliamentary hearing on the planned
part-privatisation of the postal, financial and telecom services
company.
"The resources that can be obtained from the transaction will
depend on the amount of the stake that will be placed on the
market," Giorgetti told a joint hearing of the Lower House
Budget and Transport and Senate Finance committees.
"If the entire stake held directly by the economy ministry were
to be sold, without prejudice to the evaluations that may be
made regarding the maintenance of the majority public
shareholding in the capital, the value inferred on the basis of
the most recent market data available could amount to around 4.4
billion euro," he added.
Parliament is examining a draft ministerial decree for the
part-privatisation of
Poste Italiane as part of effort to increase the efficiency of
state holdings and raise cash to reduce public debt.
Giorgetti has said the state is to retain control of Poste
Italiane, with a stake of no less than 35%.
The economy ministry currently holds a 29.26% stake in the
company, Cassa Depositi e Prestiti 35% and the treasury 0.82%,
to a total of just over 65%, according to the Poste Italiane
website.
"The divestment operation represented in the ministerial decree
currently being examined by Parliament must be seen as a
framework that identifies a minimum value for the state holding,
which can be reached gradually and in stages, so as to safeguard
strategic public control over this asset," Giorgetti said.
"On a more general level, it is also appropriate to consider the
effects of the operation on the confidence of domestic and
foreign institutional investors towards Italy, which could
result in an improvement in the attractiveness of public debt,
with consequent positive effects in terms of a reduction in the
spread and the cost of debt," he added.
On the impact of the sale by the economy ministry of part of its
stake in Poste Italiane on employment levels, the minister
recalled that "the Industrial Plan presented by the company on
March 30 does not envisage any negative effect".
"It will be the government's responsibility to monitor the
company's decisions in order to ensure that they are
safeguarded," added Giorgetti.
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