November 6, 2017 / 5:31 PM / a year ago

Italy's Treasury in talks to sell stake in oil major Eni to state lender CDP - source

ROME, Nov 6 (Reuters) - Italy’s Treasury is in talks over selling its stake in oil firm Eni to state lender Cassa Depositi e Prestiti (CDP) as part of a bid to cut the country’s sky-high public debt, a source familiar with the matter said on Monday.

The possible price and other details of the deal have yet to be decided, the source said.

The Treasury and CDP declined to comment.

“The idea is to get as much as possible as soon as possible, to cut the public debt causing the least possible political impact,” the source said.

The Treasury currently holds 4.34 percent of Eni. CDP, which is 80 percent owned by the state but keeps separate financial accounts, has 25.76 percent of the company.

Italy had planned to raise 3.4 billion euros in 2017 to cut public debt which amounts to more than 130 percent of GDP, but is running behind on that goal. (Reporting by Francesca Piscioneri; Writing by Isla Binnie)

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