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ITALIAN GOVERNMENT APPROVES TRANSFER OF STET TO TREASURY

The Italian cabinet approved the draft law yesterday to complete transfer of state telecommunications holding company Stet SpA from the industrial holding company IRI to the Treasury. The draft law is intended to counter the effects of a government defeat last week, when the lower house of parliament voted against the transfer, which is seen as necessary for Stet’s planned privatization later this year. The draft law confirms that the Treasury will not have to launch a public offering for Stet and also sets up special tax exemption provisions connected to privatization of Stet.

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CBR Staff Writer

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