By Liam Moloney
Italy's banking foundations will remain shareholders of
state-controlled lender Cassa Depositi e Prestiti SpA as long as
the conversion of their privileged shares into common stock is
"fair," their association said Wednesday.
"We are fully available to remain shareholders of CDP by
converting our privileged shares into common ones at fair
conditions," Giuseppe Guzzetti, chairman of ACRI, the association
of the banking foundations, said in a statement. They "are aware of
the strategic importance that CDP has for the development of the
country."
However, if the associations consider the conditions are no
longer fair, the foundations may withdraw from CDP, added Mr.
Guzzetti.
CDP, which was founded in 1850, 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 is also allowed to
acquire equity holdings in companies "of major national interest."
Already, 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 Liam Moloney at liam.moloney@dowjones.com
