Italy PM says no decision yet on Poste Italiane stake sale

Trento: Italian Prime Minister Giorgia Meloni said on Friday that her government has not yet taken any decision regarding the possible sale of further stakes in Poste Italiane, adding that the company would in any case remain under state control.

“We haven’t taken any decisions, but … I want to be clear on one thing: there is no way in the world that Poste Italiane can be privatised as long as I head the government of this nation,” Meloni told an event in the northern city of Trento.

The Italian state owns about 65% of Poste via state lender Cassa Depositi e Prestiti (CDP) and via the Economy Ministry, which intends to sell all or part of its 29.3% direct stake, while retaining control through another 35% held by CDP.

But Meloni said she wanted the state to keep more than 50% of Poste in its hands, and there was a “possibility” to sell the exceeding shares on the market.

“In my opinion this can only be done if we allocate shares in excess of ownership, i.e. above 51%, to Italian families, small savers and Poste employees,” she said.

“Poste is a place where Italians put their savings, so it would make sense to imagine that this can happen also in this case,” she said.

Under a decree adopted in January, Italy can use a public offering, an accelerated book building procedure, a block trade, or a combination of these methods to sell the shares.

The operation could be worth around 4.4 billion euros ($4.77 billion) , the economy minister said in March.

To become executive, the decree will need a second cabinet approval after being scrutinised by parliament. A government source said this was unlikely to happen before elections for the European Union Parliament scheduled in June.