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MILAN, March 22 (Reuters) – Italy’s Snam and
state lender Cassa Depositi e Prestiti (CDP) tweaked their
shareholders’ pact over gas distributor Italgas,
introducing the option for Snam to cut its stake by issuing
exchangeable bonds, a document showed.
Italy’s gas grid operator Snam currently owns 13.5% of
Italgas with CDP holding 26%.
Snam recently denied media speculation saying it was ready
to sell its Italgas’ shareholding by the end of March and could
issue an exchangeable bond to do so.
The new pact between Italian gas grid operator Snam and CDP,
which was published on Wednesday, shows that Snam can sell up to
6.75% of Italgas but only if the transaction is linked to the
reimbursement of one or more exchangeable bonds.
In this scenario, CDP does not have the right of first
refusal and the potential buyers do not have to enter into the
shareholders’ pact.
If Snam decides to shed its stake in Italgas through a
normal sale it must divest the entire 13.5% shareholding and CDP
has a right of first refusal, the document showed.
(Reporting by Giancluca Semeraro and Francesca Landini; writing
by Francesca Landini
Editing by Keith Weir)
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