Italy's CDP likely to keep Enel stake and sell Terna - report |
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Tue, 16 Jan 2007 10:02
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MILAN (AFX) - The state-owned financial company Cassa Depositi e Prestiti SpA could keep its 10.20 pct stake in Enel SpA and sell its 29.99 pct stake in Terna SpA to comply with antitrust restrictions, the daily La Repubblica said without giving a source.The stake in Terna could be sold to another publicly owned group, possibly the holding company Fintecna or to a new holding company that could control infrastructure companies, it added.Terna controls the bulk of Italy's high-voltage grid.The government is also studying the future ownership of the gas transport group Snam Rete Gas SpA, which is currently owned by the energy group Eni SpA.Some time by 2012, Eni will have to sell down its 50 pct stake in Snam RG for competition reasons.Meanwhile, the daily Il Giornale said that CDP's stake in Enel could be sold to the government or to one of its units like Fintecna.On Friday, the state council, Italy's highest administrative court, upheld an antitrust ruling that CDP must sell its Enel stake as a condition for maintaining the holding in Terna.Analysts interviewed by AFX News reckon that it more likely that CDP will sell the Enel stake to keep Terna, but admitted that the situation is fluid and that the company could finally prefer to keep Enel and sell Terna.philip.webster@afxnews.compw/jlwCOPYRIGHTCopyright 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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Italy's high court upholds that CDP has to sell 10.2 pct Enel stake 