Fincantieri begins partial float process


State-owned Italian shipbuilder Fincantieri has announced the filing of a request to list shares on the Milan stock exchange, reports Reuters.

Rome-based Italian bank Cassa Depositi e Prestiti (CDP), the sole owner of Fincantieri – which is itself 80 per cent owned by Italy's Ministry of Economy and Finance – will reportedly offer a minority stake in the shipbuilding group to private investors, said Reuters.

The partial privatisation is one of several asset sell-offs announced by the Italian government last year, with global financial institutions such as Credit Suisse, JPMorgan, Deutsche Bank and Citigroup all involved in the project.

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