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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Terna Trasmissione Elettricita Rete Nazionale | BIT:TRN | Italy | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.004 | 0.05% | 7.614 | 7.568 | 7.626 | 7.648 | 7.56 | 7.594 | 2,041,382 | 17:00:00 |
By Manuela Mesco
MILAN--Italian state lender Cassa Depositi e Prestiti SpA decided Wednesday that CDP's preferred shares held by Italian banking foundations will automatically convert into ordinary shares from April 1, 2013.
The value of the conversion will be decided at a later stage, a CDP spokesman said.
In their conversion, banking foundations--which currently hold a 30% stake in CDP--will need to return to CDP around 50% of the extraordinary dividends received so far in their capacity as preferred shareholders. This would cause a substantial loss for the already financially weak foundations and that could also have an impact on Italian banks in which they hold stakes.
Giuseppe Guzzetti, chairman of the foundations' association ACRI, has previously said that foundations are happy to "remain shareholders in CDP" but under fair conditions.
However, a government decree could allow foundations to decrease their stake in CDP from the current 30%, hence allowing them to pay back less in the conversion operation. The decree is still to be approved.
CDP also decided Wednesday that holders of preferred shares will be able to exert the right of one-to-one conversion and the right of withdrawal from Feb. 15 to March 15, 2013, the lender said in a statement.
CDP receives more than 80% of its funding from state-guaranteed savings products. In return, its role is to lend to Italian local authorities and small- and medium-size enterprises, as well as fund long-term infrastructure projects.
Its role has significantly expanded and it is also allowed to acquire equity holdings in companies "of major national interest" through its Italian Strategy Fund. CDP owns controlling stakes in Italian energy behemoths such as oil and natural gas company Eni SpA (E), electricity-grid operator Terna SpA (TRN.MI) and gas transmission and storage company Snam SpA (SRG.MI).
Write to Manuela Mesco manuela.mesco@dowjones.com
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