MILAN Nov 29 Italian state lender Cassa
Depositi e Prestiti (CDP) expects to cash in around 3 billion
euros ($4.1 billion) by June 2014 from the sale of minority
stakes in gas and power grid networks, two sources with
knowledge of the matter said on Friday.
The sale by CDP of its wholly-owned investment vehicle CDP
Reti will be part of a new round of privatisations the
government has announced last week to help raise cash for
stretched public finances.
"The sale of minority stakes in the two grid networks could
bring around 3 billion euros," one source said, adding that more
than a dozen foreign buyers were looking into the potential
CDP Reti already owns 30 percent of gas grid company Snam
and will soon receive from its parent also a 29.85
percent stake in power grid group Terna. CDP is
planning to sell up to 49 percent in CDP Reti.
The potential buyers, including sovereign, infrastructure
and pension funds, will be invited to send non-binding offers by
the beginning of next year. The winner will be decided via a
competitive auction, one source added.
CDP, which is 80 percent owned by the Italian Treasury, aims
to raise cash from the sale while keeping the assets, which are
seen as strategic, in Italian hands.
The state lender declined to comment.
($1 = 0.7345 euros)
(Additional reporting by Luca Trogni, editing by Danilo Masoni)