Italy govt plans to cut stake in post office to 51 pct

The government plans to cut its direct and indirect stake in the Italian post office Poste Italiane SpA to 51 pct through a private placement and an initial public offering, the daily Finanza & Mercati said.

The post office is currently owned by the economy ministry and the state-owned financial group Cassa Depositi e Prestiti.

According to the daily, the economy ministry intends to keep a 30 pct stake in the post office and cut CDP’s stake to 21 pct from 35 pct.

In a private placement, the government could sell part of Poste Italiane to banks and banking foundations, the newspaper said.

The operation could be followed by an IPO, it said.