Ministry of Economy towards the sale of 10-20% of Poste Italiane

After the indiscretions on the possible sale of shares in Eni, the Ministry of Finance - within the framework of the 20 billion euro privatisation plan announced by the government - is reportedly considering the possibility of selling a stake of between 10% and 20% in Poste Italiane. According to the latest report also by Repubblica, after what was anticipated by Sole 24 Ore last December, the Treasury would aim to raise a total of around 5 billion euro with the entire 'package' of privatisations between now and 2026 (thus also including the Eni and Mps dossier). As far as Poste is concerned, writes the newspaper, 'the sale of a robust tranche is the most straightforward and obvious operation available,' because it is the last major listed among the former investees and between Cdp (with 35 per cent) and the Treasury (with 29.3 per cent) the public share is 64.3 per cent. The operation could take the form of an accelerated placement, similar to that seen two months ago on 25% of Mps.

"At current prices, the Treasury's take would be between 1.32 and 2.64 billion. However, it seems unlikely that the share sale will take place before 20 March, when, together with the 2023 results, CEO Matteo Del Fante will unveil the new multi-year business plan, which will sanction Poste's transformation from a delivery company to an all-round logistics operator". At that point, the new contract for the 120,000 employees should also be signed, and the company will have more levers to boost prospective profitability and analysts' coupons and, according to the newspaper, it will be easier and cheaper to attract new investors.