Clifford Chance (CC) and Shearman & Sterling have landed lead advisory roles on the floatation of Italy’s post office, in an initial public offering expected to be valued between €8 and €10bn, allowing the government to raise up to €4bn from its partial privatisation.
Italy’s treasury plans to list up to 40% of Poste Italiane to cut public debt and enable Prime Minister Matteo Renzi to cut taxes as promised.
CC and local firm Brancadoro Mirabile are acting as legal advisers to the Italian post office, with Gianni Origoni Grippo Cappelli & Partners serving as legal adviser to the selling shareholder, Italy’s Ministry of Economy and Finance. CC’s Italian administration law head Aristide Police led a team including corporate partner Paolo Sersale and disputes partner Carlo Felice Giampaolino, as well as corporate senior associate Stefano Parrocchetti.
Shearman & Sterling and Chiomenti Studio Legale are legal advisers to the offering’s global coordinators and to the joint book runners. Shearman & Sterling declined to provide details on the team involved in the transactions.
CC’s last high profile Italy deal involved advising on the $7.7bn bid by China National Chemical Corp to buy Italian tire-maker Pirelli, a deal aimed to give Chinese investors a significant foothold in Italy’s manufacturing industry. Linklaters and Latham & Watkins also advised on that deal.