Eni Completes Snam Stake Sale

Italian national gas company Eni has confirmed today that it has completed the sale of a 5 per cent stake in Italian pipeline operator Snam.

The announcement heralds the completion of a process which was begun last night and concluded today. Through this process, Eni has sold 178,559,406 shares, equivalent to a 5 per cent stake, corresponding to a 5.28 per cent voting share stake, in Snam. The shares were sold through an accelerated book-building procedure, with Goldman Sachs acting as Sole Book-runner.

Eni said today that it had completed the sale of the shares, closing at a share price of €3.43 per share, bringing the overall value of the sold shares to €612.5 million. Payment and delivery of the shares is expected to be completed within 5 days, by the 23rd of July.

The sale is part of a government order designed to increase competition and prevent monopolisation in the market.