Eni sells 5% of Snam as part of divestment

By OGJ editors

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.

Related Articles

WoodMac: US tight-oil market ‘too robust to bust’

03/25/2014 A drop in global oil price levels or a significant widening of the differential between global oil prices and inland realizations are just two of t...

Gorder named Valero chief executive officer

03/25/2014

Joe Gorder, Valero Energy Corp. president and chief operating officer, has been named chief executive officer, succeeding Bill Klesse.

Double Eagle changes name, appoints chief executive officer

03/25/2014 Double Eagle Petroleum Co., Denver, has appointed Charles F. Chambers to the position of chairman and chief executive officer, effective Apr. 1. As...

MOL closes purchase of North Sea assets from Wintershall

03/25/2014 MOL Group, Budapest, has completed its transaction with Wintershall, Kassell, Germany, in which MOL acquires offshore assets with 14 licenses in th...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected