The new ownership structure

The Snam group changed its reference shareholder in 2012. On 15 October, Cassa Depositi e Prestiti (CDP) finalised a contract with Eni for the sale of a 30% equity interest, minus one share, in Snam’s voting capital. Added to the 1,000 shares already held, this share package increased the stake held by CDP via CDP Reti to 30.00003%.

The transaction, which was completed after the competition authorities approved it without reservation, represents the full application of the ownership unbundling (OU) model set out in the Third Energy Package of the European Union, and was therefore the final stage in making the gas transportation network operator independent from the vertically integrated company.

CDP’s entry to the capital is a milestone in the Company’s history, and will enable Snam to pursue its plans to develop its business in Italy and Europe while safeguarding the public service features of its activities.

The new control structure has not changed the company’s organisational structure. The parent company Snam, listed on the Milan Stock Exchange, controls the four main operating companies, GNL Italia, Snam Rete Gas, Stogit and Italgas, which are respectively responsible for natural gas regasification, transportation, storage and distribution. These activities are regulated by the Electricity and Gas Authority. Snam provides its subsidiaries with strategic guidance and coordination and control management, and services relating to unbundling legislation.

The Snam Group (diagram)
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