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Rome, 31 July 2014 – Cassa depositi e prestiti Spa (Cdp) announces that its Chief Executive Officer, Giovanni Gorno Tempini, and the Chairman of State Grid International Development Limited (SGID), Zhu Guangchao, today signed the agreement for the disposal to SGID of a 35% stake in Cdp RETI Spa, at a price equal to Euro 2,101 million.
The ceremony was held in Palazzo Chigi, in the presence of the Italian Prime Minister Matteo Renzi.
The closing of the transaction is expected by the end of the year following antitrust and government approvals, as required by applicable law.
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
STATE GRID PROFILE: State Grid Corporation of China (“SGCC”), established on 29 December 2002, is a state-owned enterprise and is the largest utility company in the world ranked as the world’s 7th largest company in the 2014 Fortune Global 500. The mission of the company is to provide safe, economical, clean and sustainable electric power for social and economic development. The company's core businesses are the construction and operation of power network that covers 26 provinces, autonomous regions and municipalities of China. Its service area represents 88% of the national territory, supported by more than 1,500,000 employees to serve a population of over 1.1 billion. SGID is a wholly owned subsidiary of SGCC and the sole platform to execute overseas asset investment and operation for SGCC. SGID has a number of investments in the countries and regions of the Philippines, Brazil, Portugal, Australia and Hong Kong.