Yesterday, Snam achieved its spin-off of its gas distribution business (Italgas) at a price of €4/share (within our estimates), which represents a €3.75bn market cap. The spin-off has been completed such that Snam’s shareholders will receive one Italgas share for every five held of Snam (1:5). The company’s new shareholding structure will allow Snam to keep Italgas as a minority interest with a 13.5% stake. The Italian state (via CDP Reti and CDP Gas) holds 26%, and ther
08 Nov 2016
Italgas spin-off achieved within estimates
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Italgas spin-off achieved within estimates
Snam S.p.A. (SRG:WBO) | 0 0 0.3% | Mkt Cap: 12,935m
- Published:
08 Nov 2016 -
Author:
Juan Camilo Rodriguez -
Pages:
3
Yesterday, Snam achieved its spin-off of its gas distribution business (Italgas) at a price of €4/share (within our estimates), which represents a €3.75bn market cap. The spin-off has been completed such that Snam’s shareholders will receive one Italgas share for every five held of Snam (1:5). The company’s new shareholding structure will allow Snam to keep Italgas as a minority interest with a 13.5% stake. The Italian state (via CDP Reti and CDP Gas) holds 26%, and ther