Introduction section Shareholdings: reorganisation of the SACE Group

Shareholdings: reorganisation of the SACE Group

The Italian Ministry of Economy and Finance announces that the Sace Group has been reorganised, pursuant to the Law of October 13th 2020, n. 126, and as agreed among the Italian Ministry of Economy and Finance, Cassa Depositi e Prestiti S.p.A. and Sace, and by the so-called “Decree Sace”.

 

This operation involves that Sace shall transfer its equity investment in Simest S.p.A. to Cdp, equivalent to 76,005% of share capital, by payment in cash, and that Cdp shall transfer its equity investment in Sace to Mef, equal to 100% of share capital, with payment by specially issued government bonds.

 

In this framework, government bonds against a consideration of EUR 4,251,174,320.00 have been issued today, including accrued interest. These will be transferred to Cdp in return of the transfer to Mef of the equity investment in Sace. The market value of the government bonds involved in the issue was determined with reference to the prices quoted on the MTS electronic market at 12:00 noon today.

 

On March 21st, to complete the transfer from Sace to Cdp of the investment held in Simest, and from Cdp to the Mef of that held in Sace, the parties involved will proceed with the financial settlement of the transaction with the transfer of the government bonds to Cdp and the endorsement and exchange of the share certificates.

 

The reorganisation thus determined will allow the companies involved to strengthen their production specialisation and better pursue their mission of supporting the sustainable development of Italy and the growth of Italian enterprises.

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