May 30, 2012 / 5:07 PM / 6 years ago

Eni to sell all of its stake in Snam-CEO

MILAN, May 30 (Reuters) - Italy’s oil and gas group Eni will sell all of its 52.5 percent stake in gas network Snam in due course because it is not interested in holding a minority stake, Eni Chief Executive Paolo Scaroni said on Wednesday.

“We will exit from Snam completely... We are not in the business of financial stakes,” Scaroni told a news conference.

He said Eni was not planning to pay dividend with Snam shares.

Eni agreed on Wednesday to sell 30 percent minus one share in Snam to state-controlled holding company Cassa Depositi e Prestiti (CDP) for 3.517 billion euros ($4.36 billion) as part of the government plan for Eni to cut its stake in the gas company. ($1 = 0.8069 euros) (Reporting by Jennifer Clark)

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