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Sovereign funds tell Eni interested in Snam stake

Eni-Snam

Italian oil and gas major Eni has received expressions of interest from sovereign funds for a 22.5 percent stake in Snam that it must sell to exit investment in the gas grid operator, an Eni source said on Sunday.

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June 18, 2012 10:53 by



Italian oil and gas major Eni has received expressions of interest from sovereign funds for a 22.5 percent stake in Snam that it must sell to exit investment in the gas grid operator, an Eni source said on Sunday.

“Several sovereign funds have expressed a preliminary interest that Eni will evaluate,” the source said.

The government in May gave Eni 18 months to sell its controlling 52.5 percent holding in Snam as part of plans to boost competition and reduce energy prices.

Italian financial daily Il Sole 24 Ore said on Sunday sovereign funds from Abu Dhabi and Qatar had made expressions of interest for stakes in Snam in recent weeks.

An Eni spokesman declined to comment on the report.

Eni announced in May a deal to sell 30 percent of Snam minus one share to state-controlled Italian holding company CDP for 3.5 billion euros ($4.4 billion).

The deal with CDP was inked on Friday, and its closing will be possible from Oct. 15, according to an Eni statement.

($1 = 0.7921 euros)

(Reporting By Danilo Masoni, editing by Jane Baird)

 

 



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