Unblocked

30 October 2003

The E2bn placement is the latest in a string of recent capital market deals that have combined privatisation with a big block trade. Even so, the deal only nibbles away at the overhang that has dogged Enel s share price.

This content is for Subscribers only

Context News

The Italian government sold E2.2bn worth of Enel stock to Morgan Stanley reducing its stake in the utility to about 61%.

The investment bank bought 400m shares, or 6.6% of Enel, which it is selling to other investors.

The Italian government had pledged to reduce its 68% stake in the utility as part of a plan to raise E20bn from the sale of state assets. Part of the money from the disposals will be used to pay down Italy's debt, the highest in the European Union.

The government has agreed not to sell more of its Enel stock for 180 days. Dealers said Morgan Stanley was placing the stock at E5.42 to E5.44. The stock closed at E5.41 on Tuesday.

Email a friend

Please complete the form below.

Required fields *