- 12 October 2015
- Transport / Logistics Services
The Italian government is selling off 38% of its postal service Poste Italiane in an IPO worth €3.8bn beginning today. The 158 year old government postal service, which has a range of services from savings to logistics, is the largest privatisation offering from the Italian government in many years.
Poste Italiane will be listed in Milan on the 27 October, after the employee offering ends on the 22nd October.
The postal service is 12 months into a major corporate restructure, with office closures and large scale staff redundancies that have caused a lot of controversy in recent months. Commentators suggest that the IPO is somewhat hurried as the UK’s Royal Mail had gone through over three years before its own IPO and was fully prepared for privatisation.
The firm doesn’t just handle mail and parcels – it has interests in a range of other businesses including asset management, mobile banking and savings. Post Italiane bought a 10% stake in asset management firm Amina earlier this year, as part of its attempts to offset the fall in traditional mail services that have been badly hit by email.