Reuters: Hot Stocks: UPDATE 1-Italy's CDP mulling majority stake in Ansaldo Energia - sources

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UPDATE 1-Italy's CDP mulling majority stake in Ansaldo Energia - sources Oct 2nd 2013, 16:20 Wed Oct 2, 2013 12:20pm EDT (Adds share reaction, quotes from sources, details) MILAN Oct 2 (Reuters) - Italian state lender Cassa Depositi e Prestiti (CDP) is considering buying a majority stake in Finmeccanica's power engineering unit Ansaldo Energia and could file an offer shortly, two sources close to the matter told Reuters. Finmeccanica, which is selling assets to reduce its heavy debt burden, could examine the offer at the earliest at a board meeting on Friday, the sources said. CDP and Finmeccanica declined to comment. A sale of Ansaldo Energia would bring welcome cash to Finmeccanica following downgrades to junk of its nearly 5 billion euros of net debt and allow the state-owned conglomerate to focus on its core aerospace and defence businesses. The involvement of a state-controlled entity could soothe political concern about foreign takeovers which has hindered Finmeccanica's disposal plans. CDP would make its offer for Ansaldo Energia through its investment vehicle FSI. "FSI is ready to make a bid," said a source close to the CDP. "It could even take a majority stake." "The CDP's vehicle will bid for a substantial stake in the company," a second source said, adding the size of the stake still needs to be agreed. Finmeccanica, one of Italy's largest employers, is also in talks with South Korea's Doosan Heavy Industries about selling Ansaldo Energia. Shares in Finmeccanica rose 7.6 percent on Wednesday as investors bet the defence group was moving closer to selling its energy unit. The heads of Finmeccanica and lender Cassa Depositi e Prestiti met on Tuesday at the office of Italian Prime Minister Enrico Letta. U.S. fund First Reserve owns 45 percent of Ansaldo Energia. Finmeccanica is 30 percent owned by the Italian state and needs government backing for sensitive strategic issues like disposals. (Reporting By Francesca Landini and Luca Trogni, editing by Danilo Masoni and Elaine Hardcastle) Link this Share this Digg this Email Reprints

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