Rome delays Stet sale until late 1997
Article Abstract:
The Italian government's plans to privatize telecommunications company Societa Finanziaria Telefonica (Stet) in early 1997 have been postponed to autumn 1997. The policy change has been prompted by Italy's failure to meet a European Union requirement that the debts of Istituto Ricostruzione Industriale (IRI), which has a majority stake in Stet, be substantially reduced. It has been decided that IRI's equity in Stet be transferred to the treasury ministry. Separately, Stet is divesting its Seat publishing and printing arm, capitalized at 264 billion lira.
Publication Name: Privatisation International
Subject: Business, international
ISSN: 0961-4206
Year: 1996
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Nice little earners in the Italian jobs
Article Abstract:
The Italian government gained substantial revenues from a range of privatisations in 1996. The issue of INA convertible bonds, for example, produced net revenues of $2.1 billion, while the sale of the second tranche of ENU shares produced $5.65 billion after commissions and expenses. The sale of insurance company Nuova Tirrena by Consap raised $360 million. The country's annual privatisation report for 1996 also details privatisation operations carried out by state holding concern IRI and by state hydrocarbons holding concern ENI.
Publication Name: Privatisation International
Subject: Business, international
ISSN: 0961-4206
Year: 1997
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Italian PM aims for Stet sale this year
Article Abstract:
The Italian government is planning to sell shares in Eni, an energy group, Enel, the electricity utility, and Stet, a telecoms holding, over the next five years, raising 100 trillion lire. The sale of Stet could involve two or three tranches, and it is thought that the company will be privatised as a whole, inlcuding Telecom Italia, TIM, Sirti and Finsiel.
Publication Name: Privatisation International
Subject: Business, international
ISSN: 0961-4206
Year: 1996
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