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Rome, 12 November 2014 - Cassa depositi e prestiti Spa (CDP) announces that a group of Italian institutional investors will become shareholders of CDP RETI Spa, a CDP-owned company that holds 30.000% of SNAM Spa and 29.851% of TERNA Spa.
Today, binding agreements were reached for the sale of non-controlling stakes in the company to thirty-three banking foundations and to Cassa Nazionale di Previdenza e Assistenza Forense for a total of €313.5 million, of which €173.5 million from the foundations (the complete list is available below) and €140 million from Cassa Forense.
The size of the stake in CDP RETI to be sold will be determined on the basis of the three-month average price of SNAM and TERNA shares as posted near the closing, which at present would equal about 5,88% of share capital.
The operation is being carried out pursuant to the decision of the Board of Directors of CDP on 30 July to sell up to 14% of CDP RETI to Italian institutional investors, and follows on the binding agreement signed last July by CDP for the sale of 35% of CDP RETI to State Grid Europe Limited (SGEL), a company of the State Grid Corporation of China Group.
The sale to the Italian institutional investors and to SGEL is expected to be completed by the end of November 2014.
Cassa depositi e prestiti intends to continue with the process for the disposal of the remaining minority stake in CDP RETI to other Italian institutional investors.
CDP will still retain a majority controlling interest in CDP RETI. *** CDP RETI: list of institutional investors