Italy assesses Fincantieri listing
Italy’s finance ministry is currently assessing how it can fund the industrial development plan put forward by state-controlled shipbuilder Fincantieri. Speaking at the delivery ceremony of the Princess Cruises newbuilding Emerald Princess on Saturday, deputy transport minister Cesare De Piccoli hinted that a financing decision will be taken by June. “A listing [on the Milan stock exchange] is a good option, however the government is very keen to retain its majority stake – so no more than 49% could be sold to market investors,” he said. Fincantieri chief executive Giuseppe Bono stressed the company is not interested in private equity funds as financial partners. “We are looking for resources to be properly raised on the stock market.” Bono added that an eventual listing would be open to the public, including shipyard workers. “In order to maintain our competitive advantage and preserve excellence, we must adopt a long-term strategy that fosters growth in sectors where we are already well-established, and allows us to enter new sectors,” said Bono. “If we are to sustain a serious industrial development plan, we must have financial resources that go beyond our cash-flow or loans.”
