PST

Italy considering selling part of Poste Italiane in 2024 - paper

Credit: REUTERS/POSTE ITALIANE

Adds details, share moves, comments

MILAN, Dec 8 (Reuters) - Italy is considering selling part of its stake in postal service Poste Italiane PST.MInext year in a deal that could be worth 3.8 billion euros ($4.10 billion), an Italian newspaper reported on Friday.

Il Sole 24 Ore said the Treasury could sell all of its 29.26% stake in Poste through a public offer, adding that the move could coincide with the presentation of the group's new business plan, scheduled for March 20.

Under the plan, state lender Cassa Depositi e Prestiti (CDP) will retain its 35% stake in the company, the report added.

The economy ministry was not immediately available for comment. Poste declined to comment.

Poste's Milan-listed shares were down 1% in early trade, underperforming a flat Milan blue-chip index .FTMIB. Such a deal would require a significant discount to current prices to attract investors, a Milan-based trader said.

The postal operator is a financial conglomerate that has expanded beyond its core business into payments, mobile phone services and energy supply, as well as insurance and investment products.

With the state directly or indirectly owning 64.26%, Poste is widely seen as an asset which the government could use to meet its 21-billion-euro target in privatisation proceeds for the 2024-2026 period.

($1 = 0.9276 euros)

(Reporting by Claudia Cristoferi, editing by Giulia Segreti and Gavin Jones)

((Claudia.Cristoferi@thomsonreuters.com; +39 3480848422;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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