Snam Board Approves EUR8 Billion Bond Issuance
June 04 2012 - 12:51PM
Dow Jones News
Italian natural gas grid Snam SpA (SRG.MI) said Monday its board
has approved the issuance of a bond of up to EUR8 billion aimed at
institutional investors.
In a statement, the company said the bond will be issued between
Monday and June 4, 2013.
"In the context of ENI's deconsolidation from Snam, we are
preparing for financial independence with the aim of continuing to
support the company's important strategic development plans," Snam
Chief Executive Carlo Malacarne said, according to the
statement.
Eni SpA (E, ENI.MI ) said last week it planned to sell its
controlling stake in Snam. Its board agreed to a preliminary
binding sale of 30% less one share in Snam, for EUR3.52 billion, to
lender Cassa Depositi e Prestiti SpA.
The statement also said Snam will hold three extraordinary
shareholders meetings on July 30, 31 and August 1.
-By Giovanni Legorano, Dow Jones Newswires; +39 342 700 6537;
Giovanni.Legorano@dowjones.com
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