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CIC keen on stake in Italy's Enel SpA: report

Jun. 10, 2009 (China Knowledge) - China Investment Corp (CIC), the country's US$200 billion sovereign wealth fund, has shown strong interest in buying into Enel SpA, the largest power operator in Italy, the Oriental Morning Post reported on Wednesday.

Chinese companies intend to buy stakes in Italian firms via financial investment, the Italian daily newspaper Il Giornale reported on Tuesday, quoting Italy's Trade Minister Adolfo Urso as saying.

Rome-based Enel this month started implementing its plan to raise up to EUR 8 billion by share placement.

CIC last week said that it plans to acquire 44.7 million common shares worth a total of US$1.2 billion in Morgan Stanley, the sixth-largest U.S. bank by assets, after the U.S. lender announced it would issue new shares. After the transaction, CIC will hold a 9.86% stake in Morgan Stanley, according to an earlier report from China Knowledge.







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