Snam's board of directors has approved the separation of Italgas from Snam to be carried out "through a unitary and simultaneous operation which includes, among other things, the partial and proportional demerger and the consequent listing" on the Milan Stock Exchange of a new company benefiting from the demerger with the role of holding company for the investment in Italgas. The IPO of the Newco, which will be led by Paolo Gallo, is expected by the end of this year.
As a result of the demerger, Snam shareholders will be assigned shares of the new company in proportion to those already held in Snam on the effective date of the demerger and in a ratio of one to five. Snam, following a series of transitions, will hold a 13,5% stake in the listed holding company (which will control Italgas).
This stake, together with the 25,08% and 0,97% that will be held by Cdp Reti and Cdp Gas (as shareholders of Snam) in the newco, will be the subject of a shareholders' agreement "in order to ensure a stable and transparency of the beneficiary company at the end of the operation”.
Snam is currently controlled by Cassa Depositi e Prestiti through Cdp Reti (28,98%), of which State Grid Corporation of China is also a shareholder. 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%.
Snam has a strategic alliance with the Belgian Fluxys, controls the French Tigf network and the Austrian Tag (import from Russia) and entered a few months ago with 20% in the Trans Adriatic Pipeline (Tap) which will bring gas to Italy and Europe of Azerbaijan.
