Eni completes sale of 11.7% of Snam
BY MANUELA MESCO
MILAN -- Eni said it completed the sale of an 11.7% stake in Snam as part of its divestment from the Italian natural gas grid.
The offering totaled $1.92 billion and priced at $ 4.81 per share, Eni said. The sale of the stake in the natural gas infrastructure firm was carried out through an accelerated bookbuilding aimed at Italian and international investors.
The proceeds of the sale will be used for general corporate purposes.
Last year, the Italian government asked the oil major to sell its controlling stake in Snam to improve competition in the country' s gas sector and reduce prices. Following the sale, Eni said it now holds an 8.54% stake in Snam, part of convertible bonds sold in January.
J.P. Morgan Chase and UniCredit were the joint bookrunners of the sale, Eni added.
Dow Jones Newswires