Eni Snam Sale Approved

The Italian competition authority has approved the sale of a 30 per cent stake in Italian pipeline operator Snam to Italian national lender Cassa Depositi  e Prestiti (CDP).

CDP has agreed to acquire a 30 per cent stake in the transmission network after Eni was required to sell the stake to maintain  competitivity in the market. 

Eni concluded the sale of the stake to CDP at the end of May at a cost to CDP of €3.517 billion to be paid in three separate payments to Eni. 

While the trust said that it did not foresee any issues with competition in the market, it did highlight a concern with CDP's stake in another Italian gas company Snam Rete Gas. Despite this stake, however, the antitrust authority said that it not believe  the stakes in both companies would create any meaningful anti-competition issues.

The sale is the first portion of Eni's stake in Snam to be sold. An additional 23.5 per cent stake is expected to be sold within the year, Eni said in May.