Labor reform has overshadowed that. But the chapter of the liberalization decree which concerns the spin-off of Snam from Eni is destined to return soon to the center of the political agenda. Also because there are new hypotheses on the negotiating table. Eni allegedly concocted a solution so as not to disappoint shareholders and the government. A hypothesis that the Deputy Minister of Economy Vittorio Grilli likes, but which still lacks the approval of Corrado Passera, Minister of Economic Development, and Prime Minister Mario Monti. But above all of the European Commission. A green light that is anything but obvious. But let's go in order.
Government and Eni are in negotiation. The group's managing director, Paolo Scaroni, is pushing for the identification of a shared road map. The six-legged dog wants a sale that will appeal to the partners of the two companies. On the other hand, Minister Passera and the Prime Minister are pressing for a completely independent Snam, but always under public control, and above all without obtaining a majority stake weighing on the meager state coffers.
The key may lie in the 9,3% stake in Eni that Scaroni has accumulated over the years at the top of the company. The idea is to cancel them. As a result, the rest of the shareholders would see the percentage of their shares increase.
In the first place, the State would benefit from it, which controls 30,3% of the shares in the portfolio of Cassa depositi e prestiti and those of the Ministry of the Economy. Following the separation of Scaroni's shares, the number of shares of the State would rise to 33,4%, 3,4% more than necessary to maintain control over the company. A percentage that the Government could sell to collect the money needed to purchase a first package of 17-19% of Snam.
The next step in the solution would be up to Eni's board of directors. The company should then give shareholders the option to collect future dividends in cash or in Snam shares. Final touch to CDP and Treasury, who would opt for the second solution, cashing in another 10% of the Snam share package.
The solution may not please the market, dismissing the hypothesis of a merger between Snam and Terna and the possibility that with the privatization a good opportunity for investment on the Stock Exchange would be created. And above all, the European Commission may not like it, capable of raising the hypothesis of violation of the competition rules. Also because, in fact, the operation that should bring 29% of Snam to the State is a nationalisation. Not too hidden.
