Snam Expects Purchase of Total’s TIGF to Be Completed by October
Snam SpA (SRG), owner of Italy’s biggest natural-gas network, expects to close the purchase of a stake in Total SA (FP)’s TIGF by October after European Union and antitrust approvals, Chief Executive Officer Carlo Malacarne said.
“TIGF is important,” he said today after a presentation in London.
Total entered exclusive talks to sell the gas network in southwestern France to Snam, Electricite de France SA and Government of Singapore Investment Corp. for 2.4 billion euros ($3.1 billion), it said last month. Snam’s share is 45 percent, Singapore’s state investor 35 percent and EDF 20 percent.
Snam plans to boost integration of the Italian network with other European operations, the San Donato Milanese-based company said. It’s studying acquisitions or ventures with operators in Europe, Malacarne said, without identifying the companies.
To contact the reporter on this story: Nidaa Bakhsh in London at nbakhsh@bloomberg.net
To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net
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