CDP Board of Directors Nominates FSI Board of Directors

Rome, 29 April 2014 - The Board of Directors of Cassa Depositi e Prestiti, which met today under the chairmanship of Franco Bassanini,  positively assessed the activities and results achieved by the outgoing Board of Directors of the Fondo Strategico Italiano, has decided to propose to the Shareholders’ meeting the reappointment of current members, with the only substitution being internal member Leone Pattofatto with Fincantieri Chief Executive Officer Giuseppe Bono.

The re-nominations follow the positive performance of the directors during the last term.

The board of directors of Fondo Strategico Italiano for the period 2014 – 2016 would therefore be composed of:

• Giovanni Gorno Tempini – Chairman;
• Maurizio Tamagnini – Chief Executive Officer;
• Giuseppe Bono – Director;
• Rosalba Casiraghi – Director;
• Elena Zambon – Director.

In 2013, the Fund’s operations continued to expand, with five investment transactions carried out.

Investments made

• Valvitalia: an investment of €151.2 million (49.5%) in Valvitalia, a leader in the manufacture of flow control components;
• Ansaldo Energia: the acquisition of 84.55% of Ansaldo Energia Spa, a world leader in the manufacture of gas and steam turbines and electricity generators. The investment has a value of €657 million; 
• Sia: the acquisition of 42.3% of Sia, a European leader in managing technology infrastructure in payments services, e-money and capital markets. The investment has a value of €204 million.
• Kedrion: the conversion of a bond of €25 million into an equity stake in the company. The transaction, which was completed by way of an FSI capital increase, enable the company to benefit from the stabilization of the shareholder base.
• Hera: the subscription of 0.382% of the share capital of Hera, for a total of €7.3 million, amid a commitment of a capital increase operation of up to €100 million. 

Outside investors and attraction of foreign capital

• Capital increase. In March, Cassa Depositi e Prestiti and the Bank of Italy subscribed a capital increase by the Fund in the amount of €3,403 million. Of the total, €2,519 million were subscribed by CDP and €884 million by the Bank of Italy.
• International agreements. In 2013 and the early months of 2014, FSI acted as a catalyst for foreign investment in Italy, attracting €2 billion to Italy in the form of joint ventures and co-investment deals from the sovereign funds of Qatar, Russia and Kuwait.

FSI’s future will continue to be very active. The Fund aims:

• to create an Italian tourism hub by promoting a model which separates hotel real estate ownership and management;
• to aid the consolidation of the utility sector, above all in southern Italy, with the aim of guaranteeing an improvement in services.