After the presentation of the new 2022-26 Business Plan, the first rumors about the cession of quota held in Italgas by Snam. According to what Milano Finanza writes, the ideal conditions would have been created for the group led by the CEO Stefano Venier "to get rid of" the share held in the gas distribution group. Snam itself put a stop to the rumors, stating “that it has not taken any action in relation to the Italgas stake held. Hypotheses about financial operations undertaken are currently groundless".
Both of them titles give ground to Business Square: Snam, whose shares at 11 am are down 0,31% at 4,78 euro, while for Italgas the losses are heavier (-1,87%) at 5,52 euro per share.
Snam sells 13,5% of Italgas with a convertible bond?
The clarification follows a press leak according to which Snam's stake in Italgas (13,5%) could be part of the disposal plan involving the foreign subsidiaries Teréga (France), the British Interconnector and the UAE Adnoc.
During the presentation of the Plan, Venier had spoken of "a spin off", without specifying how this would happen. Why? The company is "listed and operates in a sector in which we can have neither a direct connection nor synergies for a whole series of reasons, it is a good company that makes a good contribution to our group, but we can consider it to optimize our financing ”, added the CEO of Snam.
And here the hypotheses start. MF cites several financial and market sources according to which the plan under study does not envisage a direct sale of 13,5% but the issue on the market of a convertible bond with underlying shares of the group. The bond would obviously be aimed at institutional investors and the amount would be linked to the market values of Italgas. The value of the stake held by Snam would be around 617 million euro, while the banks would be ready to launch the operation within the first quarter. Hypotheses which however are denied by Snam.
