Italian Government has approved the privatisation of 40% of the Ferrovie dello Stato. According to a statement published on Transport Minister website, the Council of Ministers approved on November 23, 2015, the privatisation of the national railway operator.
“It has been launched the procedure which takes into account the complexity of the management of Ferrovie dello Stato and the need to increase the public-service obligations, such as high-speed and commuter services. The privatisation process involves the selling of a 40% stake in Ferrovie dello Stato,” Minister of Infrastructure and Transport Graziano Delrio said.
The sale could be launched through an IPO and carried out in several stages. Although the authorities launch the privatisation process, the railway infrastructure will continue to be owned by the state. “The ownership of the railway infrastructure will remain public property, with guarantee of equall access to all operators and with complete assessment of the independence of the network operator,” Delrio said.
According to the minister, the privatisation process is “a work that will be done within next weeks.”
Previously, the national authorities announced that in 2016 will sale the 40% in Ferrovie dello Stato.
In May 2015, Ferrovie dello Stato has appointed McKinsey & Company, leader, in a joint venture with Ernst & Young Financial Business Advisors Spa and The Brattle Group Limited Italian Branch, as industrial advisor for the privatisation process.
In the same month, Fitch affirmed the FS Italiane “BBB+” Long-Term Issuer Default Rating. The outlook remains Stable, reflecting the outlook on Italy.
“FS’ group profitability and indebtedness remain in line with Fitch’s base case scenario amid expectations that the partial privatization scheduled for 2016 will neither diminish its integration with the Italian public sector nor its key role in the national infrastructure development, implying high probability of extra-ordinary support from the national government in case of need,” Fitch said.
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