The financing of Cdp in Sammontana between facts, numbers and busted tweets
Are there eminent economists who confuse a loan with an entry into the capital of an enterprise?
The doubt arises from reading some tweets, such as those of the former exponent of the International Monetary Fund, Carlo Cottarelli, and the former general manager of Confindustria, Giampaolo Galli, who exchange financing for an investment, apparently.
CDP invests 10 million in Sammontana. There is nothing to do, the presence of the state in the economy is now a matter of taste!
– Carlo Cottarelli (@CottarelliCPI) August 5, 2020
Here the release of #CDP on #Sammontana . They say the company is doing well and has withstood the Covid crisis while keeping investments unaltered. So why does CDP come in?
An explanation, please? Thank you. https://t.co/huMILg7D2y
– Giampaolo Galli (@GiampaoloGalli) August 5, 2020
Did Cassa Depositi e Prestiti (Cdp) really invest in Sammontana?
“Cassa Depositi e Prestiti SpA supported the growth plans of the Sammontana Group through a loan agreement for a total of 10 million euros. The main objectives of the resources are the completion of investments aimed at the Group's dimensional growth ".
Nunzio Tartaglia, head of the Cdp Business Division, thus presented and commented on the Cassa's decision: “The support to Sammontana responds to CDP's desire to support the best Italian Mid Caps, already established in the sector of reference and which intend to increase their competitiveness also internationally. Sammontana, historic Italian reality now led by the third generation, has been able to build an enviable competitive position over the years, thanks to marketing and product innovation initiatives and the correct combination of economic and managerial skills, including attention to governance issues, ESG and transparency of financial statement information. All this has allowed the Group to undertake a continuous growth path, which we are sure will continue despite the current emergency context ".
In essence, the intervention of Cdp in favor of Sammontana is a financing operation and not an intervention in the capital, in collaboration and complementarity with the banking system, in support of the growth and internationalization programs of the main Italian company in the ice cream sector and frozen pastries.
The loan is part of the wider activity that Cdp is carrying out in support of Italian companies to ensure their further liquidity in this emergency phase without any intervention in the capital and therefore no interference in corporate management.
However, the question raised by the Sole 24 Ore remains days, taking into account the refinancing with 300 million of the Fund for the protection of employment levels and the continuation of the business activity, established in May by the Relaunch decree, through the next August decree: not "The doubts about possible overlaps with the restructuring interventions that Cassa Depositi e Prestiti can carry out by virtue of the new Capital destined have been completely resolved", the Confindustria newspaper concluded, deepening the use of the fund managed by Mise for the protection of the Made in Italy brands that entered the capital of the Corneliani fashion company .
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/chi-confonde-le-acque-su-cdp-e-sammontana/ on Thu, 06 Aug 2020 05:40:07 +0000.