May 8, 2014 / 10:42 AM / 4 years ago

Italy CDP aims to sell minority stake in grid unit by the summer

GENOA, Italy, May 8 (Reuters) - Italy’s Cassa Depositi e Prestiti (CDP) is confident it will be able to sell by the summer a minority stake in its energy grid unit CDP Reti, a move that analysts say could fetch the state-backed lender up to 3 billion euros ($4.18 billion).

Cassa Depositi e Prestiti has put on the block up to 49 percent of CDP Reti, a vehicle that holds a core stake in gas transport company Snam and that will soon own a large portion of power grid operator Terna.

“We will likely make it by the summer... we are now seeking binding offers from prospective buyers,” said CDP Chairman Franco Bassanini told reporters when asked about the prospective sale.

Italy’s cash-strapped government is trying to sell shares in companies it owns, directly and indirectly, to raise badly-needed funds to cut its mammoth 2 trillion euro debt. ($1 = 0.7183 Euros) (Reporting by Elvira Pollina, writing by Francesca Landini)

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