Ownership structure

Terna S.p.A. has been listed on the Italian Stock Exchange (Borsa Italiana) since June 2004. As of March 2010, the share apital amounted to €440,731,648.06 and consisted of 2,003,325,673 ordinary shares with a par value of €0.22 each.
As of the same date, Terna’s relative-majority shareholder was Cassa Depositi e Prestiti – a joint-stock company in which the Ministry of the Economy and Finance has a 70% equity interest – which owns 29.95% of the share capital.
Ownership of the share capital is 65% Italian and 35% foreign.

After Cassa Depositi e Prestiti, the largest shareholders are:

  • Enel S.p.A., which holds 5.1% of the share capital;
  • Pictet Funds Europe S.A., with 4.9% of the share capital;
  • BlackRock Inc., which holds 2.0% of the share capital following its absorption of Barclays Global Investors at the end of 2009;
  • Assicurazioni Generali, which owns 2.1% of the share capital;
  • Romano Minozzi, who owns 2.0% of the share capital.





(1) On March 24, 2010, Romano Minozzi, in his capacity as a natural person, declared a significant 2.0% equity interest in Terna S.p.A.

No other shareholder owns as much as 2% of Terna’s share capital, nor does the Company know of any shareholder agreements regarding its shares. On April 19, 2007, Cassa Depositi e Prestiti S.p.A. established that it was in a position of de facto control of Terna S.p.A.

About 15% of the share capital is held by socially responsible investors (SRI), a percentage that has increased with respect to the 10% of December 2008 and the 13% of July 2009.

Following specific regulations regarding government shareholding in companies involved in the liberalisation process, Terna’s bylaws establish several restrictions on shareholding and voting rights. As with other companies involved in the liberalisation process, the Ministry of the Economy and Finance, in agreement with the Ministry for Economic Development, has the power to oppose the acquisition by persons not under public control of more than 5% of the share capital. Furthermore, in order to safeguard Terna’s independence and impartiality, when the Board of Directors is elected, no company in the electricity industry may exercise voting rights representing more than 5% of the share capital.