The Minister of Economy, Giancarlo Giorgetti, clarified during a hearing before the Budget and Transport commissions of the Chamber and Senate on the Poste privatization decree, that the sale of a portion of the stake held by the Ministry of Economy and Finance (MEF) in Poste Italiane will not result in the loss of control over the companywhich will continue to be exercised by the State.
He expressed full conviction regarding the sale of a share of Poste Italiane, stating that such an operation would bring more advantages than disadvantages. According to the Minister, the sale of a part of the state company would not only contribute to improving public finances, helping to reduce debt, but also to increase the overall value of the company. Control of the company will however remain in state hands, assures Giorgetti, who undertakes to monitor to guarantee employment stability and the historic role of Poste as custodian of savings.
Earnings of around 4 billion euros
The offer on the market would concern up to 29% of the company’s shares. If the Treasury were to get rid of its share, equal to 29.26%, maintaining that of Cassa Depositi e Prestiti at 35%, Giorgetti estimates a potential equivalent value of approximately 4.4 billion euros. The operation will involve Italian and foreign institutional investors, as well as savers, including employees.
The proceeds from the sale are part of the government’s privatization plan, which aims to raise 20 billion by 2026. In addition to the sale of 41% of Ita-Airways to Lufthansa, with which there have been problems related to European regulations, an ongoing also the divestment of Monte dei Paschi di Siena, with already 1.6 billion raised through the sale of shares.
There is also talk of one possible privatization of part of Eni, the state-owned oil company, which could be worth around a couple of billion. Furthermore, the involvement of Enav, the body that controls air traffic, and the State Railways is hypothesized. Although the entry of private individuals into train management has been discussed in the past, concrete action has not yet been taken, given the complexity and length of the operation.
Giorgetti reassures: “The State will maintain control”
Giorgetti underlined that, according to the Poste Statute, no entity other than the Mefby public bodies or by subjects controlled by them, can hold more than 5% of the company’s capital. Furthermore, he clarified that the sale operation could take place in several phases, allowing the State to temporarily maintain a 51% share, deemed satisfactory with respect to the indicated path.
The Minister also specified that the divestment operation represented in the Decree of the President of the Council of Ministers (Dpcm) currently under examination by the Italian Parliament must be considered a framework that identifies a minimum value of the State’s participation. This value can be achieved progressively and in several phases, in order to preserve public strategic control over this asset.
Regarding the recent objections raised by the Competition and Market Authority (Agcm) regarding the sale of shares of the digital payments platform PagoPa to the Italian Post Office, Giorgetti assured that there is no instrumental desire to engage in market manipulation to further enhance Poste for the purposes of placement on the market. He clarified that the intention is to continue with the operation, taking into consideration the AGCM’s objections and providing an appropriate response.
