Clifford Chance
Unbundling: independent ownership of the national gas transmission network in Italy
1 June 2012
Following a turbulent legislative procedure, on 25 May 2012, the Prime Minister passed the decree implementing the so called unbundling directive.
In few days, on 30 May 2012, ENI S.p.A. and Cassa Depositi e Prestiti S.p.A. have reached a preliminary binding agreement relating to the sale to the latter of the 30% less one share of the share capital of Snam S.p.A.. As a consequence, as of today, ENI S.p.A. holds approximately, an additional 25% stake in SNAM S.p.A. (considering the voting rights relating to the treasury shares).
The further step provided for by the implementing decree is the sale of the remaining stake held by ENI S.p.A. in SNAM S.p.A. "through transparent and non-discriminatory sales procedures to retail investors and institutional investors". This provision gives ground to different interpretation on who would be the potential purchasers of the remaining 25% stake in SNAM S.p.A..
This briefing includes a brief outline of the implementing decree and of the possible practical consequence arising from the new regulation for potential future investors.
