Eni To Sell Snam Stake For $4.4B Under Orders From Italy

Law360, New York (May 30, 2012, 7:19 PM EDT) -- Italian oil and gas company Eni SpA said Wednesday it will sell 30 percent minus one share of its interest in leading gas-transport company Snam SpA to a state-owned holding company after the Italian government last week mandated the €3.52 billion ($4.4 billion) deal.

The president and Council of Ministers have sought to open up competition in Italy's energy markets, including through Eni's sale of part of its stake in Snam to Cassa Depositi e Prestiti SpA, according to a statement from Eni.

In the transaction,...
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