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)
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