The fate of Snam is not sealed and the hypotheses at stake for the spin-off from the subsidiary Eni are once again two. At least according to the Financial Times according to which the option of an acquisition of 30% of the company's shares by Terna is back in vogue. According to the City newspaper, this would be "the latest test for the technocratic government of Mario Monti to carry out structural reforms".
The hypothesis of the sale of Snam to Terna (a company that manages the electricity grid in Italy) is the one most supported by the market. In Italy, a pole of networks would be born potentially capable of generating synergy and value, as happened in Great Britain with the National Grid or in Denmark with Energinet. Analysts estimate that Terna, of which CDP controls 30%, would have to recapitalize itself by 1,5-2 million euro to complete the acquisition operation.
The other hypothesis is the one that would like the purchase of 30% of Eni directly by the Cassa Depositi e Prestiti. In this way the two network companies would be firmly in public hands. In fact a nationalization. For the FT it would be a further failure of the Government's reforming intentions, after the partial reverse on the labor reform, and a bad signal for the markets because it would imply that in Italy it is not yet time for privatizations.
The sale of Snam by Eni is one of the parts of the "Save Italy" decree of last December, motivated by the Government's desire to cut costs, accelerate growth and reduce the cost of energy for Italians by increasing competition in the energy sector.
Monti will have to decide on the method of spin-off from Snam by 31 May, 50-30 owned by Eni, XNUMX% owned by the state. Once the spin-off took place in Italy, there will in fact be a separation between the energy producer company (Eni) and the one that manages the distribution network (Snam).
