The countdown has started for the listing of Italgas in Piazza Affari next Monday, November 7th. In fact, Snam and Italgas announce that "the partial and proportional demerger of Snam in favor of Italgas has been registered in the Milan Company Register, while Borsa Italiana has issued the provision for admission to listing of Italgas ordinary shares on the Electronic Market Shareholder (MTA)”.
THEoperation was presented in London on 24 October and the management road show is underway to present the company to investors and the reasons for the demerger. Snam will retain 13,5% of the share capital. 26% will be in the hands of CDP, a free float equal to 60,5% of the capital will remain on the market. The new Italgas resulting from the demerger is valued at 3,5-4 billion. It will distribute a dividend of 20 cents.
The effectiveness of the demerger and the consequent start of trading of Italgas ordinary shares on the MTA are expected on Monday 7 November 2016, once the equivalence opinion on the Information Document has been obtained from CONSOB as required by the Issuers' Regulations.
