Cassa Depositi Said to Seek Advisers for Snam Stake Deal
Stock Chart for Snam SpA (SRG)
Cassa Depositi e Prestiti SpA, Italy’s state-owned lender, is seeking bids from investment banks to advise it on Eni SpA (ENI)’s sale of a stake in gas distributor Snam (SRG) SpA, according to two people familiar with the transaction.
Investment banks must submit proposals to the Rome-based lender, which is Eni’s biggest shareholder, by midday May 7, said one of the people, who declined to be identified because the talks are private. Cassa Depositi may seek a direct stake in Snam, the people said. A spokeswoman for Cassa Depositi declined to comment on the matter.
Cassa Depositi’s Chief Executive Officer Giovanni Gorno Tempini said April 18 that the bank is studying Snam as a potential investment.
Eni is preparing to sell its 6.5 billion-euro ($8.5 billion) holding in Snam after Prime Minister Mario Monti’s government earlier this year ordered the spinoff to increase competition and reduce consumer prices.
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