Fincantieri IPO next spring

The Italian government expects to carry out an initial public listing of shares in the state owned shipbuilding company Fincantieri SpA next spring, said economy undersecretary Massimo Tononi. Tononi and transport ministry officials met the company and its trade unions today. Industry sources said the aim is to agree the principle of the IPO for Fincantieri.

The government reportedly will sell 48% of the capital, adding the IPO will include a 400 mln Euro capital increase. The state’s retention of a majority in Fincantieri is seen as key to winning over unions to the listing of the company, industry sources said.