The Italian Council of Ministers has passed a decree to start the sale of up to 40% stake in Ferrovie dello Stato SpA (FS), under the Italian privatization law. The sale will be made through an initial public offer and could be carried out in several stages.
In order to encourage the participation of Gruppo Ferrovie dello Stato employees in the IPO, the decree also stipulates incentives for them, in compliance with market practices and the procedures applied in previous privatisation operations, in terms of the quota reserved for them in the IPO and minimum guaranteed shareholdings, of the price and of financing solutions.
The operation marks the beginning of the official process to sell part of the shares of FS, which forms part of the government’s privatisation plan that recently led to listing Poste Italiane, the Italian postal service, and schedules the listing of ENAV, the Air Traffic Control service, by the first half of 2016.
The privatisation of FS is scheduled to be finalised in 2016, compatibly with favourable market conditions. As with FS, the privatisation of part of the company will represent an opportunity to reform the organisation of the public transport sector with the aim of offering citizens a better and more efficient service. FS will be strengthened and will be able to enhance its effort to increase efficiency and expand on foreign markets.
Despite the privatisation process, the railway infrastructures will continue to be owned by the State.