Eni sells 30% of SNAM to financial firm

Eni SPA has completed the sale of an interest in the natural gas infrastructure company SNAM of 30% less one share to Cassa Depositi e Prestiti (CDP), relinquishing control in a government-ordered divestment designed to separate gas production from distribution.

CDP is a joint-stock savings management company owned 70% by the Italian government and the rest by banks. It will pay Eni total consideration of €3.517 billion for the SNAM interest, half of which it paid at closing and the rest due in two installments.

Eni sold a 5% share in SNAM to institutional investors in July (OGJ Online, July 18, 2012).

With the payment and elimination of intracompany credits related to SNAM, Eni said its financial position will improve by €14.7 billion. It retains an interest in SNAM of about 20%.

Related Articles

IAGC appoints new president

09/19/2014 The board of the International Association of Geophysical Contractors has reported that Ken Wells has been named as the organization’s president.

MARKET WATCH: Crude oil futures down more than $1 in New York, London

09/19/2014 The New York Mercantile Exchange October crude oil contract lost $1.35 to $93.07/bbl on Sept. 18. The November contract declined $1.22 to $91.98/bbl.

ExxonMobil ‘winding down’ Arctic well, complying with US, EU sanctions on Russia

09/19/2014 ExxonMobil Corp. released a statement that the company is complying with all US sanctions on Russia after news reports that the operator had halted...

ExxonMobil, Linn to make second asset exchange this year

09/19/2014 ExxonMobil Corp. has agreed to trade interest in 500 net acres from South Belridge field near Bakersfield, Calif., to Linn Energy LLC, Houston, in ...

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