MILAN, July 20 (Class Editori) — An automatic renewal of the CDP RETI shareholder agreement between Cassa Depositi e Prestiti (CDP) and Chinese minority shareholders of State Grid Corporation of China (SGCC) is in sight.
The automatic renewal of the agreement is not subject to notification under the Golden Power legislation, namely the special powers available to the Government to protect strategic sectors. It happened in 2014, when the Chinese took a 35% stake in the company that owns Italy's gas and electricity grid operators, Snam, Italgas and Terna. Since then, the agreement has been renewed several times. The Chinese investment is purely financial. SGCC has two directors on its Board and one director on the Boards of its subsidiaries.
The agreement includes a number of clauses to guarantee the Italian spirit of CDP's subsidiary. This year, meanwhile, SGCC has received approximately 175 million euros in dividends from CDP RETI. In fact, the CDP subsidiary has approved the distribution of a dividend of 551 million euros to shareholders in 2022. (All rights reserved)
(Source:Class Editori)
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