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Fincantieri to list on bourse before summer

Shipbuilder among govt assets being used to raise 12 bn euros

10 January, 17:16
Fincantieri to list on bourse before summer (ANSA) - Rome, January 10 - The minority share of Italian shipbuilding company Fincantieri that the government has announced plans to sell "will be listed on the stock exchange before summer," said company president Vincenzo Petrone on Friday. Petrone was speaking outside a meeting of the International Business Advisory Council (IBAC) at the foreign ministry in Rome. "It is among the companies that will be listed before the summer with a non-controlling stake," he added.

Fincantieri is currently controlled by Fintecna, a company owned by Italian State lender Cassa Depositi e Prestiti (CDP).

Fincantieri shares were among government assets Premier Enrico Letta announced in November would be sold to raise up to 12 billion euros. Half the proceeds from those sales will be used for economic stimulus, and the other half will be used to pay down Italy's debt, which is about 130% of gross domestic product, said Letta at the time Other investments to be sold include the State's stake in STMicroelectronics and Enav, the Italian air traffic control company.

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