Italian government approves process for stake sale in 2 state-owned companies

The Italian government on Friday approved the process for sale of minority stakes in two state-owned agencies, a statement from the economy ministry said. Up to 40 percent of the government stake in Poste Italiane, the national postal service, and up to 49 percent in Enav, the air traffic control company, will be put up for sale, according to the statement. Italy is estimated to raise around 9 billion euros (12 billion U.S. dollars) from the sale of shares in the two agencies, local reports said. The proceeds will be used to pay the country's huge public debt, which accounts for around 133 percent of gross domestic product (GDP), and stimulate the stagnant economy. A plan of selling shares in state-owned companies was first launched by the previous government of Enrico Letta at the end of last year.