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Italy Plans To Reduce Public Debt By Privatization

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Italian state-owned shipbuilder Fincantieri will apply to list in Milan as early as Tuesday, firing the starting gun for what officials predict will be Italy’s largest privatisation programme since the 1990s, with a plan to raise 12 billion euros ($16.6 billion).

Matteo Renzi, Italy’s prime minister, has stuck to privatization targets unveiled by his predecessor Enrico Letta in January, unveiling a program to reduce Italy’s public debt of more than 2 trillion euros for the first time in six years.

Fincantieri’s shareholder, a state financing vehicle owned by the Italian Treasury, will file to list up to 49 percent of the shipyard group. Analysts estimate Fincantieri could be worth more than 1.5 billion euros.

The privatization will also include a 600 million euros capital increase after it was approved by Fincantieri’s shareholders on Monday.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

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