First, let’s take a look at the transaction with Cassa Deposito e Prestiti. As some of you may remember, we set out the criteria by which we would evaluate the disposal of SNAM in our strategy presentation on last March. These criteria were; first, the transaction should be positive for Eni shareholders. Second, the transaction should protect SNAM shareholders by limiting the overhang on SNAM shares.And third, lastly, the disposal should strengthen Eni’S balance sheet in view of its very attractive organic growth opportunities. We believe the disposal meets all three criterias. First, it is positive for Eni shareholders. Cassa Deposito e Prestiti is paying €3.47 a share for the controlling 30% stake, a 3% premium to trading prices in the 30 days before the issue of the BPCM last Friday and a 5% premium to SNAM’s 2011 regulated asset base.
Eni's CEO Presents At Disposal Of Snam Conference (Transcript)
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.