June 15, 2012 / 1:21 PM / 7 years ago

Italy to sell Sace, Fintecna, Simest for 10 bln euros - Grilli

ROME, June 15 (Reuters) - Italy’s sale of three companies held by the Economy Ministry to state-controlled holding company Cassa Depositi e Prestiti (CDP)will bring in 10 billion euros that will help reduce debt, Deputy Economy Minister Vittorio Grilli said on Friday.

By the end of the year the ministry will complete the sale of Sace, an insurer of Italian companies’ activities abroad, Simest, a service provider to Italian companies operating outside the country, and Fintecna, a holding company, Grilli said.

The income from the sale can be used to buy back sovereign bonds, and to pay the state’s outstanding bills to companies, Grilli said.

The government also said CDP would help sell real estate owned by local administrations and the military.

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