Eni sells 5% of Snam as part of divestment

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.

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