The Board of Snam will give the green light, this afternoon, Tuesday, to the operation of spin-off of Italgas. The new 2016-20 business plan will also be approved at the same time. The spin-off operation was the subject of an in-depth study, which had already started before the renewal of the summit which resulted in April Marco Alvera on the chair of CEO of the group that owns the Italian (and foreign) gas pipeline network e Carlo Malacarne in that of president. The decision will be presented in London on Wednesday in the early afternoon when the summit will meet investors and analysts and will illustrate all the upcoming news.
The spin-off operation, according to rumors published by the Sole 24 Ore, will be similar to the one that separated Ferrari from FCA and will be accompanied by a maxi-financing of around 4 billion, developed by a consortium in which 10 banks will participate which will allow Italgas on the one hand to get rid of the intra-group debt of around 2 billion and on the other to obtain resources to allocate to development plans. According to rumors collected in the last month, the completion of the operation would see Italgas listed on the Stock Exchange by the end of the year. But it is obvious that this scenario will have to take into account the situation of the markets, crossed by strong instability after the Brexit decided by the British citizens.
Snam is currently controlled by Cassa Depositi e Prestiti through Cdp Reti (28,98%), which is also a shareholder of State Grid Corporation of China. A Extraordinary board of directors of Cdp Reti is expected today, at the same time as that of Snam. Another 1,12% of the capital is held by Cdp Gas (100% CDP). 58,8% is in the hands of institutional investors, 7,46% in retail while Eni has now completely exited and retains only a residual 0,02%.
Downstream of the split Cdp Reti will hold the controlling share of Snam together with Cdp Gas, in the same proportions. In his portfolio also the 29,8% stake in Terna. Snam's objective is to maintain a 10% stake in Italgas and to close the demerger by early July, immediately after the presentation of the business plan.
Snam has a strategic alliance with Belgian Fluxys, check the French network Tigf is that Austrian Tag (import from Russia) and entered a few months ago with 20% in the Trans Adriatic Pipeline (Tap) which will bring gas from Azerbaijan to Italy and Europe.
