Shanghai Electric has agreed to buy a 40 per cent stake in Ansaldo Energia, the Italian power equipment maker, in another sign of China’s interest in investing in the country.
Shanghai Electric, will pay €400m to Fondo Strategico Italiano (FSI), Italy’s state-backed investment fund, which holds 85 per cent of the turbine maker. The agreement is expected to be closed by the end of the year.
Maurizio Tamagnini, chief executive for FSI, called the move a “long-term” deal, confirming that the fund would maintain its majority stake and would “accompany Ansaldo, in the near future, to an IPO”.
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