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Italy could transfer stakes in state-controlled companies to CDP to cut debt - source
April 11, 2017 / 12:51 PM / 7 months ago

Italy could transfer stakes in state-controlled companies to CDP to cut debt - source

MILAN, April 11 (Reuters) - The Italian Treasury is studying a plan to transfer stakes it owns in some state-controlled companies to state fund Cassa Depositi e Prestiti in a move to cut public debt, a source with knowledge of the matter said on Tuesday.

The deal could raise at least 20 billion euros ($21.23 billion) for state coffers, the source said.

To fund the transaction, CDP could issue preference shares that it would place with institutional investors, the source added.

The Treasury declined to comment.

Italian newspapers have reported the government could sell stakes it owns in Poste Italiane and Enel, among others, to CDP by the end of this year. ($1 = 0.9422 euros) (Reporting by Valentina Za, editing by Silvia Aloisi)

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