Official: Sale of share of Italian post office could raise $6.6B

Jan. 25, 2014 at 11:36 AM

ROME, Jan. 25 (UPI) -- Selling a 40 percent share of Italy's postal service should raise about $6.6 billion, Italian Finance Minister Fabrizio Saccomanni said.

The Italian government is selling a share of Poste Italiane Spa to raise capital to pay down the country's debt, the Italian news service ANSA reported Friday.

Italy's $2.8 trillion debt was 132.9 percent of the nation's's gross domestic product in the third quarter of 2013.

The postal service, which also offers financial services, is a public company controlled by the Italian government. The finance ministry is the only shareholder.

The cabinet also approved selling a slightly larger share of the air traffic company Enav. Saccomanni said that could fetch another $1.3 billion.

The Rome government is also considering the sale of other state-owned businesses, including energy company Eni, ANSA said.

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