Rome, 27 November 2014 - Cassa depositi e prestiti Spa (CDP) announces today’s transfer to State Grid Europe Limited (SGEL), a company owned by State Grid Corporation of China, and to a group of Italian institutional investors of a 40.
Rome, 27 November 2014 - Cassa depositi e prestiti Spa (CDP) announces today’s transfer to State Grid Europe Limited (SGEL), a company owned by State Grid Corporation of China, and to a group of Italian institutional investors of a 40.9% stake of CDP RETI, a CDP subsidiary that holds 30% of SNAM Spa and 29.851% of TERNA Spa.
The transactions were completed after obtaining the government and antitrust approval.
CDP and SGEL and its parent company, State Grid International Development Limited, today also signed an agreement that grants SGEL corporate governance rights to protect its investment in the company.
Cassa Nazionale di Previdenza e Assistenza Forense and 33 Banking Foundations have no governance rights but only exit rights.
In the implementation of the agreement, CDP RETI shareholders meeting today appointed the company board of directors – composed of Franco Bassanini (Chairman), Giovanni Gorno Tempini and Ludovica Rizzotti (nominated by CDP) and Mr Jun Yu and Mr He Yunpeng (nominated by SGEL) – and integrated the Board of Statutory Auditors, now composed of Guglielmo Marengo (Chairman), Francesca Di Donato (both nominated by CDP) and of Paolo Sebastiani, nominated by SGEL, as permanent auditors, and of Maria Sardelli (nominated by CDP) and Ugo Tribulato (nominated by SGEL), as alternate auditors. Furthermore, SGEL will be entitled to designate a board member respectively to the board of directors of both SNAM and TERNA.