Italy's CdP To Shift Enel, Other Stakes To Economy Ministry
June 30 2010 - 7:31AM
Dow Jones News
The Italian government has agreed to shift its controlling
stakes in Eni SpA (E) and Enel SpA (ENEL.MI) to comply with an
antirust ruling, state-controlled lender Cassa Depositi e Prestiti
SpA said Wednesday.
CdP agreed to move its entire stake in utility Enel to the
Economy Ministry in exchange for the ministry's stake in Eni.
It also decided to give the ministry a 17.36% stake in utility
Enel, while receiving an unspecified amount in Eni in exchange, it
said in a statement.
It will also cede 50% of STMicroelectronics NV (STM) and 35% of
Poste Italiane, the postal service, to the ministry.
"The Economy Ministry will cede to CdP a quantity of Eni shares
that corresponds to the value of the shares that CdP is ceding to
the ministry: to determine their value, the Economy Ministry will
name an independent advisor to assess their value," CdP said in a
statement.
CdP had to decide whether to dispose of most of its stake in
Enel or in Italian power grid company Terna SpA (TRN.MI) by
Thursday on antitrust concerns.
CdP has 29.95% of Terna. The Economy Ministry owns 13.88% of
Enel and 20.32% of Eni. CdP also holds 9.9% of Eni.
-By Liam Moloney, Dow Jones Newswires; +39 06 6976 6924;
liam.moloney@dowjones.com
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