Approval of Poste Italiane stake sale document temporarily halted

Industry:    3 weeks ago

Poste Italiane said on Thursday the approval of its share offering document by market watchdog Consob had been temporarily suspended, pending decisions regarding the times and the conditions of the sale by the Economy Ministry.

The Italian Treasury plans to sell a stake of around 14% of the Italian postal service under a public offering, initially expected to be launched later this month.

The sale, however, is now likely to take place in mid-November, three newspapers reported on Thursday.

The group is valued at around 16.4 billion euros ($17.79 billion) at current market prices and the proposed share sale is expected to cut Italy’s huge public debt by around 2.3 billion euros.

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