The sale of a portion of the public shareholding in Poste will only take place when the conditions exist to “maximize” the value for the State. This is the line on which the Ministry of Economy is moving, in an operation that aims to “safeguard strategic public control”. Timing and conditions are yet to be determined. But it is already estimated that by selling the entire share of the MEF, 4.4 billion could be collected and that the operation, which could take place “even in several phases”, could raise the bar to 51% in the first steps.
For further information, ANSA Ita agency reduces the red to 5 million, revenues to 2.4 billion – News – Ansa.it Turicchi: ‘No plan B with Lufthansa, we are confident’ (ANSA)
The Minister of Economy Giancarlo Giorgetti sheds light on the operation, who in a hearing before the joint commissions of the Chamber and Senate goes into detail about the process started two months ago with the Prime Ministerial Decree approved by the Council of Ministers and now being examined by the Parliament. And he also defends the government’s operation to sell 49% of PagoPa to Poste, which was criticized in recent days by the Antitrust. “We have read the assessments, we are evaluating them and we will try to give an answer”, but no step back: “we intend to move forward” because we consider it “a system rationalization operation”, he explains, assuring that there is no ” no instrumental desire to carry out a kind of stock market manipulation”. The Prime Ministerial Decree on Poste is “a framework”, explains Giorgetti. It identifies a minimum value (35%) of the State’s participation, which today holds a total of 64%, of which 29% directly through the share held by the MEF, and 35% indirectly through CDP. A value that can be achieved “progressively and in several phases”, he points out: this means that in the first phases “the government could even stop at 51%”, considered “a satisfactory bar”. It would translate into the sale of approximately 13% for an income of close to 2 billion. The resources obtained will depend on the amount of the share: if the entire 29% held by the Mef were to be sold, the equivalent value based on available market data “could amount to around 4.4 billion”, says Giorgetti, pointing out however that everything will depend on “timing”.
For further information ANSA Agency Less state and more market, many foreign funds on MPS – News – Ansa.it From grain for the country to ‘grain’ for the Treasury. In the sense of money. Those who bring the sales of large packages of Monte dei Paschi into the coffers of the ministry led by Giancarlo Giorgetti. In November 920 million, on Tuesday another 650 (ANSA)
The resources obtainable, however, “will materialize in a debt reduction” which, in turn, will allow 200 million in savings per year in terms of interest expenditure. The right time will be the one “most suitable for maximizing the achievable income”. However, the horizon is the three-year period (2024-26) of the divestment plan of around 20 billion set in the Nadef. And in this context, the Post Office, like all other divestment operations, is not guaranteed by public control. The minister also reassures on employment levels: the Industrial Plan does not “envision any negative impact”, but will in any case monitor company decisions to “ensure their protection”. And to grasp the “profound meaning” of the operation, Giorgetti invites us to abandon “the purely accounting approach of making ‘dividends less interest'”. He rejects the accusations coming from the oppositions of “selling out” and recalls the case of Eni and Enel, where with the State below 50% there was an improvement in performance and also in dividends.
Furthermore, these operations “must be considered in an overall way, because they represent the posture of a government towards savers and the world“, he explains: in fact, the effects “on investor confidence” in Italy must also be considered, which could translate into a “improving the attractiveness of public debt”, with positive effects on reducing the spread and cost of debt. Reassurances on the operation also come from the company. The change in the shareholding structure “does not change” the role of Poste nor the path traced with the new strategic plan to 2028, says the CEO. Matteo Del Fante always auditioning. And he distances himself from the risk of post office closures or constraints on acquisition policy: “Repercussions? None.”
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