Ownership Structure


Terna S.p.A. has been listed in the Italian Stock Exchange since June 2004.

Terna S.p.A.’s share capital is equal to 442,198,240 euro and consists in 2,009,992,000 ordinary shares with a par value of 0.22 euro each (March 29, 2012).

On the basis of accounting records and of other information collected as of the abovementioned date, Terna S.p.A.’s shareholders are divided as follows:

  • Cassa Depositi e Prestiti S.p.A. (CdP) 29.85%
  • 10% held by other relevant shareholders(1) among which:
    • Romano Minozzi with 5.6%
    • BlackRock Inc. with 2.4%
    • Assicurazioni Generali with 2%
  • 60.2% held by other institutional + retail investors

On the basis of periodical surveys carried out by the Company, Terna S.p.A.’s shares are held for 65.6% by Italian shareholders (CdP 29.85%, Italian institutional investors 8% and retail investors 27.8%) and for the remaining 34.4% by foreign institutional investors, mainly European and American.


Shareholder base

No other shareholder owns more than 2% of Terna’s share capital, nor does the Company know of any shareholder agreements regarding its shares. On April 19, 2007, Cassa Depositi e Prestiti S.p.A. established that it was in a position of de facto control of Terna S.p.A..

As of March 2012, 11% of the share capital was held by Socially Responsible Investors – SRI.

By referring to specific provisions concerning State ownership in companies involved in liberalization processes, Terna’s Bylaws establish restrictions on shareholding and voting rights. As with other companies involved in the liberalization process, the Ministry of Economy and Finance, in agreement with the Ministry for Economic Development, is entitled to oppose the acquisition – by persons not under public control – of more than 5% of the share capital. Furthermore, in order to safeguard Terna’s independence and impartiality, when the Board of Directors is elected, no company in the electricity industry may exercise voting rights representing more than 5% of the share capital.


(1) Relevant shareholders are meant to be shareholders who own more than 2% of Terna S.p.A.’s share capital, on the basis of information available and of notices received pursuant to CONSOB Resolution no. 11971/99.