Italy’s government nets €759 million in air traffic sale

Investor demand for the 42.5 percent of the state-owned company was around eight times the amount of shares on offer, allowing the finance ministry to fix the sales price at €3.30 per share, towards the upper end of the initial range of €2.90 to €3.50, the stock exchange said.
   
“The ENAV listing was a great success,” said Italian stock exchange chief Raffaele Jeusalmi in a statement.
   
The flotation price values ENAV as a whole at €1.79 billion.
   
ENAV runs the control towers of 43 airports and four area control centres, handling 1.8 million flights per year and employing 4,200 people.
   
The sale is part of an ongoing privatization programme by Matteo Renzi's government, which is planning to sell a further 30 percent in Poste Italiane and also 40 percent of the national railway company.