Luca's Feed
Jul 24, 2014

Italy to sell energy grid stake to China for 2 billion euros

MILAN (Reuters) – Italy’s Cassa Depositi e Prestiti (CDP) said on Thursday it was in advanced talks to sell a 35 percent stake in energy grid holding company CDP Reti to China’s State Grid Corp in a deal that could be worth some two billion euros.

CDP Reti, wholly owned by CDP, owns a 30 percent stake in gas transport group Snam (SRG.MI: Quote, Profile, Research, Stock Buzz) and will soon receive a similar stake in power grid Terna (TRN.MI: Quote, Profile, Research, Stock Buzz).

Jul 24, 2014

Italy’s CDP in advanced talks with China on energy grid sale

MILAN, July 24 (Reuters) – Italian state lender Cassa
Depositi e Prestiti (CDP) said on Thursday it was in advanced
talks with State Grid Corp of China for the sale of a 35 percent
stake in grid holding company CDP Reti and expects to conclude a
deal soon.

CDP Reti, wholly owned by CDP, controls gas grid Snam
and will soon receive a controlling stake in power grid
Terna currently owned by CDP.

Jul 23, 2014

Exclusive: Italy’s grid company to get 1.5 billion euro loan ahead of China Grid deal – sources

MILAN (Reuters) – Italian energy grid holding company CDP Reti will receive a loan of around 1.5 billion euros ($2 billion) to help smooth a sale of a stake to China’s State Grid Corp, two sources familiar with the matter said.

State-owned lender Cassa Depositi e Prestiti (CDP) is close to an agreement to sell a 35 percent stake in CDP Reti to the State Grid Corporation of China.

Jul 23, 2014

Italy’s grid company to get 1.5 bln euro loan ahead of China Grid deal-sources

MILAN, July 23 (Reuters) – Italian energy grid holding
company CDP Reti will receive a loan of around 1.5 billion euros
($2 billion) to help smooth a sale of a stake to China’s State
Grid Corp, two sources familiar with the matter said.

State-owned lender Cassa Depositi e Prestiti (CDP) is close
to an agreement to sell a 35 percent stake in CDP Reti to the
State Grid Corporation of China.

Dec 19, 2013

Analysis: Italy must earn foreign help with 2014 funding

MILAN (Reuters) – Italy must show political stability and convincing signs of an economic recovery to secure foreign demand for its debt in 2014, when domestic banks are expected to slow their purchases of the country’s bonds.

The Treasury is confident foreign buyers will take up the slack to help it sell an estimated 460-470 billion euros ($632-$645 billion) of gross debt next year, but analysts warn external demand will be more conditional and sensitive to risks.

Dec 19, 2013

Italy must earn foreign help with 2014 funding

MILAN, Dec 19 (Reuters) – Italy must show political
stability and convincing signs of an economic recovery to secure
foreign demand for its debt in 2014, when domestic banks are
expected to slow their purchases of the country’s bonds.

The Treasury is confident foreign buyers will take up the
slack to help it sell an estimated 460-470 billion euros
($632-$645 bln) of gross debt next year, but analysts warn
external demand will be more conditional and sensitive to risks.

Dec 5, 2013

ECB delays approving revaluation of Italy central bank capital

MILAN, Dec 5 (Reuters) – The European Central Bank has
delayed approving a planned revaluation of Bank of Italy capital
held by commercial banks following an intervention by Germany’s
Bundesbank, a source close to the matter said on Thursday.

The ECB had been due to give the green light to revaluing
the Italian central bank’s capital, which is held by Italy’s
commercial banks but has been frozen since the 1930s, when it
was set at the equivalent of 156,000 euros ($213,000).

Sep 12, 2013

Italian banks may face funding challenge after LCH rule change

MILAN, Sept 12 (Reuters) – British clearing house
LCH.Clearnet has dropped a guarantee on Italian government
bonds’ repo transactions, potentially hurting an important
funding channel for Italian banks while many still grapple with
capital shortfalls.

The move increases the potential risk for investors settling
Italian government bond repos – short-term loans guaranteed by
Italian debt securities – through LCH, analysts said.

Sep 10, 2013

Bank of Italy says Carige faces risk on derivatives

MILAN, Sept 10 (Reuters) – Mid-sized lender Carige
is emerging as the latest Italian banking problem after the Bank
of Italy said in a report the Genoa bank had engage in onerous
derivatives trades and raised objections to its accounting
methods and valuations.

Italy’s banking sector has been shaken earlier this year by
a derivatives scandal exploded at Banca Monte dei Paschi di
Siena, which is under investigation and faces
nationalisation if it fails to find investors for a vital 2.5
billion euro ($3.3 billion) capital hike.

Sep 8, 2013

Italian PM warns of risks in crunch week for Berlusconi

CERNOBBIO, Italy (Reuters) – Italian Prime Minister Enrico Letta warned of the risk of fresh political turmoil on Sunday, a day before a Senate committee meets to decide whether to expel the country’s former leader Silvio Berlusconi from parliament.

As the two main partners in his fragile coalition prepare for a showdown over Berlusconi’s future, Letta told business leaders that economic recovery had been hampered for too long by Italy’s “permanent political chaos”.