Italy's high court upholds that CDP has to sell 10.2 pct Enel stake |
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Sun, 14 Jan 2007 16:25
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MILAN (AFX) - The state council, Italy's highest administrative court, upheld on Friday an antitrust ruling that the state-owned bank Cassa Depositi e Prestiti SpA has to sell a 10.2 pct stake in Enel SpA as a condition for the purchase of a 29.99 pct stake in Terna SpA.The court confirmed that CDP has 24 months from July 2007 to sell the stake.The antitrust authority sees a conflict in interest in CDP holding large stakes in Enel, which is an electricity generator, and Terna, which controls the electricity grid.In February 2006, a Rome-based court had already upheld the antitrust authority's decision, and CDP had appealed with the state council.CDP nevertheless bought the Terna stake in September from Enel for 1.315 bln eur.philip.webster@afxnews.compw/cmlCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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