Italy Approves Sale of Energy Grid Stake

Italy's state holding company Cassa Depositi e Prestiti (CDP) said on Wednesday its board had approved the sale of a 35 percent stake in its energy grid holding unit to China's State Grid Corp for no less than 2.1 billion euros ($2.81 billion).

CDP owns all of grid unit CDP Reti, which has a 30 percent stake in gas transport group Snam and will soon receive a similar stake in power grid Terna.

CDP and China's State Grid International Development Ltd (SGID), a wholly owned subsidiary of China's state grid, are scheduled to sign an agreement for the sale on Thursday, according to a statement.

($1 = 0.7477 Euros)

(Reporting by Steve Scherer)