Eni S.p.A. (E)
Disposal of Snam Conference Call
May 30, 2012 12:00 pm ET
Paolo Scaroni – Chief Executive Officer, General Manager and Executive Director
Alessandro Bernini – Chief Financial Officer and Financial Reporting Officer
Alberto Gandolfi – UBS
Jon Rigby – UBS
Lucy Haskins – Barclays Capital
Stefano Gamberini – Equita S.I.M.
Alberto Ponti – Societe Generale
Domenico Ghilotti – Equita SIM SpA
Paolo Citi – Intermonte
Neill Morton – Berenberg Bank
Mark Bloomfield – Deutsche Bank
Liam Moloney – Dow Jones
Good afternoon, ladies and gentlemen, and welcome to the conference call on disposal of SNAM hosted by Paolo Scaroni, Chief Executive Officer and Alessandro Bernini, Chief Financial Officer.
The call will start with a presentation and will be followed by analyst Q&A session. After the end of the Q&A session, we will hold the press conference for journalists. Until that time, journalists will be in listen-only mode.
I’m now handing you over to your host to begin today’s conference. Thank you.
Good afternoon, ladies and gentlemen, and thank you for joining us on this call on the disposal of our stake in SNAM. Our lock-in value from our holding in SNAM, a fully [unbundled] and regulated company is one of Eni’s stated strategic objectives. We first identify SNAM as a non-core asset in March 2011 and have since been starting options to maximize its value through divestment.
Within this context the pace has been regulated by the Italian government, which sets the ball rolling in January, firm up the legal framework and timing in March and finalize the divestment conditions last Friday, identifying Cassa Deposito e Prestiti as the buyer for the controlling stake. We are pleased that we have been able to reach a rapid deal with Cassa Deposito e Prestiti and today Sandro and I will take you through the terms and conditions of our transaction, our thoughts on the remaining stake in SNAM and give you some initial visibility on what Eni will look like after the SNAM disposal has been completed.