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Beijing, 24 July 2014 – Cassa Depositi e Prestiti Spa (Cdp) and State Grid International Development Limited (SGID) - a wholly owned subsidiary of State Grid Corporation of China, are in advanced stage discussions for the disposal by Cdp of a 35% stake of Cdp RETI Spa to SGID.
Cdp RETI is a fully owned vehicle of Cdp holding a 30.00% stake in SNAM Spa, an integrated Group operating in Italy in the regulated gas sector. Prior to the potential closing, Cdp will contribute in Cdp RETI the 29.85% stake of TERNA Spa, an Italian leading electricity transmission grid operator, which is at present directly owned by Cdp.
Cdp has admitted SGID to the final stage of the auction procedure started in December 2013 and the parties are confident that a final agreement could be reached within a short time frame. CDP PROFILE: Cassa depositi e prestiti is a joint-stock company under public control: 80.1% Ministry of the Economy and Finance; 18.4% bank foundations; 1.5% treasury shares. It manages a major share of the savings of Italians –postal savings – which represent its main source of funding. It uses its resources to finance the investments of public entities, the development of infrastructure and to support the Italian economy and national enterprises. Cdp is the main shareholder of ENI Spa, TERNA Spa and SNAM Spa. SGID PROFILE: State Grid International Development Limited (“SGID”), a wholly owned subsidiary of State Grid Corporation of China (“SGCC”). SGCC is a state-owned enterprise of China, with core businesses of construction and operation of power network. SGCC is ranked the 7th in the Fortune Global 500 in 2014 and is the largest utility in the world. SGID was set up in June 2008 and transformed into a sole platform to execute overseas asset investment and operation for SGCC in 2012. SGID has a number of overseas investments in the Philippines, Brazil, Portugal, Australia and Hong Kong.