Ownership structure

Ternai S.p.A. has been listed on the stock exchange since June 2004. In March 2011, the share capital amounted to 442,945,054 euro and consisted of 2,009,491,000 ordinary shares with a par value of 0.22 euro each.

As of the same date, Terna’s relative-majority shareholder was Cassa Depositi e Prestiti – a corporation in which the Ministry of the Economy and Finance has a 70% equity interest – which owns 29.86% of the share capital.  

Ownership of the share capital is 67% Italian, while 33% is held by foreign funds.  

After Cassa Depositi e Prestiti, the largest shareholders are:

  • Enel S.p.A., which owns 5.1% of the share capital
  • Romano Minozzi, who owns 4.4% of the share capital
  • Pictet Funds Europe S.A., with 2.8% of the share capital
  • BlackRock Inc., which owns 2.2% of the share capital
  • Assicurazioni Generali, with 2% of the share capital

Terna's 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 2011, 14% of the share capital was held by socially responsible investors (SRI).  

Following specific regulations regarding government shareholdings in companies involved in the liberalization process, Terna’s bylaws establish several restrictions on shareholding and voting rights. As with other companies involved in the liberalization process, the Ministry of the Economy and Finance, in agreement with the Ministry of Economic Developmenti, 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.