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CDP Equity

Summary

Cassa Depositi e Prestiti Equity S.p.A. (formerly Fondo Strategico Italiano S.p.A.; FSI S.p.A.) also known as CDP Equity S.p.A., is a majority state-owned Italian sovereign wealth fund established in 2011. Its purpose is to invest in strategic Italian companies to help them to compete globally.

CDP Equity S.p.A.
Native name
Cassa Depositi e Prestiti Equity S.p.A.
FormerlyFondo Strategico Italiano S.p.A.
Company typeSocietà per azioni
IndustryFinancial services
Founded2011; 13 years ago (2011)
FounderCassa Depositi e Prestiti
HeadquartersPalazzo Busca,
Milan
,
Italy
Area served
Italy
Key people
ServicesMerchant bank
Increase €249.446 million (2014)
Total assetsIncrease €5.564 billion (2014)
Total equityIncrease €4.833 billion (2014)
OwnerCassa Depositi e Prestiti (100%)
ParentCDP Group
Websitewww.cdpequity.it
Footnotes / references
In separate financial statements[1]

History edit

The fund was established in 2011 as Fondo Strategico Italiano.[2]: 25  Its mandate was to invest in strategic Italian companies to help them to compete globally.[2]: 25  The fund's activity is restricted to healthy and profitable Italian businesses, with solid growth prospects, in need of capital injection to enlarge their business and be competitive on a global scale.[3] The initial capital of the fund totalled €1 billion, with 90% of this sum contributed by CDP and 10% from Fintecna. The CDP is ready to inject a total amount of €4 billion.[4]

The fund was set up by the state-controlled lender Cassa Depositi e Prestiti (CDP) on the directive of Economy Minister Giulio Tremonti, emulating a similar fund in France, allegedly after French dairy company Groupe Lactalis SA made a successful takeover bid for Parmalat.[5]

The fund become a member of the International Forum of Sovereign Wealth Funds and signed up to the Santiago Principles on best precise on managing Sovereign Wealth Funds.[6][7][8]

In September 2011, Maurizio Tamagnini, formerly a top investment banker at Merrill Lynch, was hired as the CEO of the fund.[5] The position of chairman is filled by Giovanni Gorno Tempini, who was also the CEO of CDP, and is now its chairman of the board.[9]

On 31 March 2016, Fondo Strategico Italiano was renamed into CDP Equity.[10]

On 5 August 2016, Bank of Italy withdrew its 20% stake from CDP Equity.[11]

Investments edit

In May 2012, the Italian Strategic Fund stated that it would give financial backing to help fund a project that will bring fiber-optic cable to Italy's main cities, as part of the country's attempt to increase high-speed internet connectivity. The €4.5 billion project, led by fibre-optic company Metroweb (was a subsidiary of F2i First Fund via F2i Reti TLC) will receive an initial €200 million from Fondo Strategico Italiano through F2i Reti TLC. There is also an option for the fund to provide a further €300 million.[12]

In May 2012, the Fondo Strategico Italiano acquired an 18.6% stake in biopharmaceutical company Kedrion S.p.A. from holding company Sestant S.p.A. for a total of €150 million. In addition, the Fondo Strategico Italiano has an option to acquire a majority stake in Kedrion from Sestant.[13]

Also in May 2012, the defence and aerospace group Finmeccanica agreed to sell its 14% stake in aero-engine parts maker Avio to the Fondo Strategico Italiano. According to Finmeccanica, the deal is subject to Avio being listed on the Milan stock exchange before the end of 2012.[14] In November 2012, Prime Minister Mario Monti, signed with the Government of Qatar a €2 billion development project; the main investor is Qatar Holding.[15]

It was announced in March 2014, that the Fondo Strategico Italiano had made a non-binding offer for a 30% stake in the Spanish olive oil producer Deoleo.[16]

In July 2016 Enel Open Fiber acquired Metroweb from F2i SGR and Cassa Depositi e Prestiti. However, CDP Equity also acquired 50% stake in Open Fiber.[17][18][19]

References edit

  1. ^ "2014 Bilancio" [2014 Annual Report] (PDF) (in Italian). Fondo Strategico Italiano. 19 May 2015. Archived from the original (PDF) on 22 December 2016. Retrieved 26 September 2016.
  2. ^ a b Liu, Zongyuan Zoe (2023). Sovereign Funds: How the Communist Party of China Finances its Global Ambitions. The Belknap Press of Harvard University Press. ISBN 9780674271913.
  3. ^ SWF Institute. "Italian Strategic Fund". SWF Institute.
  4. ^ SWF Institute. "Italian Strategic Fund". SWF Institute.
  5. ^ a b Christopher Emsden (12 September 2011). "Tamagnini Named CEO of Italian Strategic Fund". Wall Street Journal.
  6. ^ International Forum of Sovereign Wealth Funds. "IFSWF Our members". Archived from the original on 27 September 2016. Retrieved 24 September 2016.
  7. ^ CDPequity.it. "Invest with CDP Equity". Retrieved 28 October 2016.
  8. ^ "Santiago Principles Self-Assessment - CDP Equity SpA". Retrieved May 29, 2021.
  9. ^ "Executive Profile: Giovanni Gorno Tempini". Bloomberg Businessweek. Archived from the original on January 18, 2013.
  10. ^ "FSI - About us".
  11. ^ "The Bank of Italy's capital withdrawal from CDP Equity (formerly FSI SpA)". Bank of Italy. 5 August 2016. Retrieved 9 August 2016.
  12. ^ Stephen Jewkes, Luca Trogni and Danilo Masoni (28 May 2012). "Italy fund to inject up to 500 mln euro in fibre rollout". Reuters.
  13. ^ Research Views (28 May 2012). "Fondo Strategico Italiano Acquires 18.6% Stake In Kedrion From Sestant For $188 Million". Research Views. Archived from the original on 1 February 2013.
  14. ^ Stephen Jewkes and Hans-Juergen Peters (31 May 2012). "Finmeccanica to sell Avio stake to state-led fund". Reuters. Archived from the original on 1 June 2012. Retrieved 30 June 2017.
  15. ^ "Italy's Monti seals investment deal with Qatar".
  16. ^ "Italy strategic fund says made offer for stake in Spain's Deoleo". Reuters. 6 March 2014. Archived from the original on 7 March 2014. Retrieved 6 March 2014.
  17. ^ "OPEN FIBER PERFEZIONA L'ACQUISIZIONE DI METROWEB". www.enelopenfiber.it (in Italian). Retrieved 2016-12-24.
  18. ^ "OPEN FIBER: CDA APPROVA FUSIONE METROWEB". www.enelopenfiber.it (in Italian). Retrieved 2017-01-27.[permanent dead link]
  19. ^ "ENEL ACCELERATES ON BROADBAND WITH METROWEB ACQUISITION". www.enel.com. Archived from the original on 2016-08-29.

External links edit

  • Official website  

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