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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