Italy’s Prime Minister Giorgia Meloni has announced the government will sell a stake in Poste Italiane in a bid to raise money to boost public finances.
According to Reuters, the Treasury will sell all of part of its 29.3% direct stake in Poste, while holding onto another 35% held through state investor Cassa Depositi e Prestiti (CDP), as part of plans to raise €20bn (US$21.6bn) from asset sales between 2024 and 2026.
The cabinet office did not provide details on how it will proceed with the sale, saying in a statement it would “tend to favor a widespread shareholder base and the stability of the ownership structure”.
The government previously raised €3.1bn (US$3.3bn) in 2015 by selling off a 35% stake in Poste Italiane, which valued the group at €8.8bn (US$9.5bn) at that time. It is now worth €13.5bn (US$14.6bn), according to Reuters.