Poste Italiane: No Share Offering This Year

The state-owned Italian postal service is looking towards a bourse listing, but not in the short term, Communications Minister Maurizio Gasparri said on Monday. The post office has set its sites on an initial public share offer as it has succeded in narrowing a 1.4 billion euro ($1.23 billion) 1997 loss to about 100 million euros last year amid an effort to modernise its offices and offer more sophisticated banking services. Gasparri, speaking at the re-opening of Milan’s central post office after a renovation, said that an initial public offering for Poste Italiane ‘is certain, but there is no hurry. The postal service should guarantee wide-ranging services and there are certain aspects which do not, in market terms, make money,’ said Gasparri, adding that the service receives state aid of 800 billion lire, or 413 million euros, to guarantee services. ‘If the postal service this year makes a profit it is important to focus on a listing,’ Gasparri added, adding that a small profit in 2002 was ‘within reach.’ Poste Italiane Chief Executive Corrado Passera said after the conference that he and other managers were working toward a listing but that no IPO would occur in 2002. ‘Many of the elements necessary for a listing are by now in place,’ Passera said. ‘It will be up to the relevant ministers to decide. The postal service is doing its part.