March 2, 2018 / 10:47 AM / 3 months ago

Italy's State-backed Ansaldo Energia will not list in 2018: sources

MILAN (Reuters) - Italy’s State-backed power engineering firm Ansaldo Energia will not list on the Milan stock exchange this year as initially planned, two sources close to the matter told Reuters on Friday.

Back in November Ansaldo Energia hired Rothschild to start preliminary work on a share sale which it hoped could happen in the third or fourth quarter of 2018.

One of the sources said that Ansaldo Energia now has other priorities as its market has shrunk. Both sources didn’t rule out the company could try to list in the future and a third source added that the IPO might be delayed to 2019.

The company is majority-owned by Italy’s state lender Cassa Depositi e Prestiti (CDP) CDP.UL and China’s Shanghai Electric Group (601727.SS) holds a 40 percent stake.

Last month Ansaldo Energia’s Chief executive resigned and was replaced by its chairman Giuseppe Zampini. The CEO of CDP Equity, a unit of CDP, Guido Rivolta was appointed new chairman.

CDP declined to comment.

    Reporting by Elisa Anzolin and Massimiliano Di Giorgio,; writing by Giulio Piovaccari

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