May 30, 2012 / 4:17 PM / 5 years ago

Eni to sell 30 pct of Snam to CDP for 3.5 bln euros

MILAN, May 30 (Reuters) - Italy’s oil and gas major Eni approved on Wednesday a sale of 30 percent minus one share in gas network Snam to state-controlled holding company Cassa Depositi e Prestiti (CDP) for 3.517 billion euros ($4.36 billion), Eni said.

Eni and CDP agreed to fix a price for Snam at 3.47 euros per share, with a nearly 11 percent premium to Snam’s 3.136 euro per share closing price on Wednesday.

Eni said it aimed to close the deal by the end of 2012.

Under a decree approved last week, Eni has up to 18 months to sell down its 52.5 percent stake in Snam. ($1 = 0.8069 euros) (Reporting by Svetlana Kovalyova)

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