Skadden, Arps represented the Ministry of Treasury of Economy and Finance of the Republic of Italy (the “Ministry”) in connection with Europe’s largest equity placement so far in 2003. The Ministry sold 400 million shares of Enel S.p.A. to Morgan Stanley & Co. International Limited.
Enel is Europe’s largest privatized utility and is listed on the New York Stock Exchange and the Milan Stock Exchange. The trade sale was effected by way of a competitive selection process commenced on October 29, 2003, and was concluded overnight after the closing of the Italian stock exchange. Through this sale, the Ministry completed the second tranche of the Enel privatization, selling shares representing 6.6 percent of Enel and reducing its stake in the utility to 61 percent.
The Firm’s representation of the Ministry in 1999 in the sale of 32 percent of Enel was, at the time, Europe’s largest utility privatization, and one of the world’s largest initial public offerings, raising approximately $18 billion.
