Italy’s Monti says no plans to sell government stakes in Italian companies

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The Italian government has no current plans to sell government stakes in companies such as ENI [ENI IM], Finmeccanica [FNC IM] and ENEL [ENEL IM], said Italian Prime Minister Mario Monti at a press conference in London Wednesday at the London Stock Exchange.

“Market prices for companies may be attractive for potential buyers right now but do not necessarily induce the government to go on the market with valuable assets,” said Monti in response to a question from dealReporter. However, he said the Italian government has “an open mind on all these issues”.

The Italian government holds a 31.244% stake in listed energy company ENEL, 32.447% in defence company Finmeccanica and a 3.934% direct stake in ENI, in which the Italian state-owned bank Cassa Depositi e Prestiti (CdP) owns a 26.369% stake.

When it comes to public utilities, the Italian Prime Minister said he put “greater importance on the degree to which an enterprise operates in a competitive environment than the mere fact of whether that enterprise is held by the private or public sector”.

As part of the liberalisation plan that will be reviewed by the Italian Council of Ministers on Friday, the government will introduce measures that would incentivise the disposal of utilities held by municipalities and regions, he said. The plan will also include measures for the “unbundling of the provision of gas”.

Italian oil and gas company ENI also owns a majority stake in Snam [SNAM IT] which controls the gas distribution network in Italy. Recent press reports have speculated that CdP could acquire a stake in Snam. ENI CEO Paolo Scaroni was also quoted as saying that the group might consider a stake sale at the right price.

When asked whether ENI’s stake in Snam would be acquired by CdP or by a foreign company, Monti said: “No policy orientations as to the handling of subsequent phases” in the liberalisation of the gas sector have been defined.”

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