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.