May 29, 2018 / 1:05 PM / 3 months ago

Italy utility Estra puts off listing plans due to market turmoil

MILAN (Reuters) - Italy’s Estra has pushed back a plan to list on the Milan bourse, the local utility said on Tuesday citing adverse market conditions.

In a statement the Tuscany-based utility said it was waiting for a better moment to relaunch its initial public offering.

A deepening political crisis in Italy, the euro zone’s third biggest economy, fueled a selloff in Italian assets and the euro on Tuesday, reminiscent of the euro zone debt crisis of 2010-2012.

Estra’s decision follows a similar move by animation producer Rainbow, which called off its IPO plan last week.

Earlier this month textile machinery maker Itema stopped its listing plans.

Reporting by Silvia Ognibene and Francesca Landini

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