here are the numbers and the men of the Cassa on the eve of the vote-

Dario Scannapieco and Giovanni Gorno Tempini, Cdp

The core business of Cassa Depositi e Prestiti is worth 31.3 billion, based on the current stock market capitalizations and on the basis of the latest financial statements. That is to say, half of the interest expenditure on the Italian public debt. Or the record turnover of the entire tourism industry in the summer of 2022. this is the weight of the 11 listed companies and the seven main unlisted companies in the state safe, according to the calculations of Stefano Caselli, Vice Rector of Bocconi University, for Economy. The giant controlled by the Treasury Ministry and led by the CEO Dario Scannapieco with the president Giovanni Gorno Tempini from May 2021 (appointment of the Draghi government) ended as expected in the electoral campaign. But the change of leadership does not seem on the agenda.

The board and deadlines

THEThe board, the observers note, expires in two years and to change it requires an extraordinary assembly, with the votes also of minority member foundations. In addition, Scannapieco, market sources note, worked on the Treasury as Finance Director with six ministers from different governments: Carlo Azeglio Ciampi, Giuliano Amato, Vincenzo Visco, Domenico Siniscalco, Giulio Tremonti, Tommaso Padoa Schioppa.

The political interest

On the other hand, it is easy for Cassa to be an object of political interest, given the number of people portfolio that now brings together almost all the major Italian companies: from Eni to the Post Office, from Tim to Autostrade, from Fincantieri to Webuild, from Open Fiber to Euronext, the pan-European list where Borsa Italiana merged. a firm commitment to the national industry, now for with predominantly minority stakes, alongside private individuals and the market.

Cdp, a portfolio of 31 billion: here are the numbers and the men of the Cassa on the eve of the vote

The Tim case

Cdp remains a state bank but outside the state, a national promotional institution, outside the perimeter of the public administration. On the other hand, according to EU rules, in the case of operations such as thetakeover bid on Tim aired by the Brothers of Italy in the event of a victory by the center-right. An unlikely maneuver, financial sources note, because the CDP’s debt would thus add to the public debtalready high.

The new government

It is clear that there will be a direction with a new government, but it is likely that Cassa will continue with the sectoral strategic guidelines approved by the board on June 22 on energy transition, social infrastructures and digitalization (and support for the NRP). Of course, it will depend on who goes up to the Treasury: but no shocks are expected with possible candidates such as Fabio Panetta, a member of the ECB executive committee, close to Mario Draghi and Scannapieco. Or like Giulio Tremonti who as Finance Minister appointed Gorno Tempini as CEO of Cdp. Or like, perhaps, Seneschal.

What’s in the basket

It is clear that the treasury of the Treasury is tempting. To the CDP 2022 basket of 31.3 billion (shares in transparency, data as of August 24) listed companies contribute 23.26 billion and seven unlisted companies for 8 billion. Among the first Eni stands out with 11.072 billion (26.21%) and the Post Office 3.66 billion (35%). The networks follow: Snam’s gas with 3.2 billion (18.53%), Terna’s electricity with 2.7 billion (17.64%), payments by Nexi with 1.3 billion (11.69%: owned both directly by Cdp and indirectly through CdpE Investimenti which is owned by Cdp for 77% and by Kia, a sovereign fund of Kuwait for 23%). The stake in Fincantieri (71.32%) is also worth 612 million e 313 million in Tim (9.81%), at the lowest on the stock market, whose single network project with Open Fiber is the unknown factor of autumn. Eighth Saipem (12.55%) with 180.82 million, also at its lowest after the capital increase. Ninth Italgas with 113.6 million (2.5%), 10th Bonifiche Ferraresi, 11th Trevi under renovation: 18.14 million for 19.8%.


Among the unlisted (calculation with the method of multiples on the gross margin, of the shareholders’ equity or of the acquisition price) the first by value is the Open Fiber of broadband with 3.27 billion for 60%. Autostrade follows with € 2.98 billion (44.9%), entered into the portfolio in 2021, in parallel with the deconsolidation of Sace sold to the Treasury for 4.2 billion. An 87.57% stake in Ansaldo Energia is worth 890 million euros, from which the Chinese partner Shanghai Electric could exit with the new industrial plan. Webuilds weigh 448.76 million (16.67%); 234 million Simest (76.01%); 175.5 million Euronext (7.2%) and 16.2 million Inalca.

The rearrangement

Cdp’s holdings are a vast map. And the next few months will be of reorganization. After the exit from Fsi sgr (39%), other divestments are planned: for Bonifiche Ferraresi, where Cdp already dropped to 6% in April, there is a put option by November in Arum, already a shareholder; Rocco Forte Hotels should be closed by 2023. Inalca is expected to buy the Cremonini family. The sale of 40% of the Quattro R fund for restructuring (Fagioli, Burgo, Trussardi) is also evaluated. Cdp Venture stands out among the dozens of investee funds, that after the decrees of the Court of Auditors expected for September should increase from 2.5 to 5 billion of endowment: considered the main European investor in startups. The Italian investment fund and real estate funds such as Fia (social housing) are growing.

The two roads

The structure of Cdp’s holdings – says Caselli – lends itself to two ways of reading the role of Cassa: a tool for propelling the market, where this is weak or not present, or an instrument of cumbersome presence in the economic system. The first path was chosen with the Draghi government and this must continue for the good of the country. With clear objectives of growth in the value of equity investments, according to market logic. Meanwhile, at the helm of the national strategic hub, Cdp won the tender on the public administration cloud with Tim, Leonardo and Sogei, Emanuele Iannetti, formerly Ericsson, was appointed ceo on Friday. Another lever of power.

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