Italy’s Eni Is Selling as Much as $2 Billion Stake in Snam

Eni SpA (ENI), Italy’s largest oil company, is selling an 11.7 percent stake in Snam SpA (SRG), the owner of the country’s biggest natural-gas network.

About 395 million shares are being offered at price range of 3.69 euros to 3.77 euros, according to terms obtained by Bloomberg News. At the top end of the price range, that values the sale at as much as 1.5 billion euros ($2 billion).

The volume of secondary shares sales in Europe, including accelerated book builds, has risen about 87 percent from the same period last year, data compiled by Bloomberg show. Stakeholders including the French government and Warburg Pincus LLC are paring holdings in the region.

Shares of Snam gained less than 1 percent to 3.85 euros at the close today. They have risen more than 10 percent in the past year.

JPMorgan Chase & Co. (JPM) and UniCredit SpA (UCG) are managing the sale, according to a statement. Eni will hold an 8.54 percent stake in Snam, underlying a 1.25 billion-euro convertible bond placed on January 18 and due in 2016.

Issuers in Europe, the Middle East and Africa raised $36.7 billion in secondary share sales this year, according to data compiled by Bloomberg.

To contact the reporters on this story: Ruth David in London at Sarah Jones at Francesca Cinelli at

To contact the editors responsible for this story: Jacqueline Simmons at

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