Eni SPA has completed the sale of 5% of the share capital of Snam SPA as part of a divestment of the natural gas subsidiary required by the Italian government.
Institutional investors were the buyers.
In June, Eni published a disclosure document describing the pending sale of 30% less 1 voting share of Snam to Cassa Depositi e Prestiti SPA, a joint-stock savings-management company owned 70% by the Italian government and the rest by banks.
Snam is to become an independent company. It works through four operating companies: Snam Rete Gas SPA, which handles transmission and dispatching; GNI Italia SPA, regasification; Stogit SPA, storage; and Italgas SPA, distribution.
Eni owned 55.53% of Snam at the end of March.
Bob Tippee | Editor
Bob Tippee has been chief editor of Oil & Gas Journal since January 1999 and a member of the Journal staff since October 1977. Before joining the magazine, he worked as a reporter at the Tulsa World and served for four years as an officer in the US Air Force. A native of St. Louis, he holds a degree in journalism from the University of Tulsa.
