May 30, 2012 / 4:37 PM / 6 years ago

Eni can sell part of Snam to Italy retail investors

MILAN, May 30 (Reuters) - Italy oil and gas group Eni can sell part of gas network Snam to retail investors in Italy as it is selling down its interest in Snam to comply with a government decree, Eni’s Chief Financial officer Alessandro Bernini said on Wednesday.

Eni plans to cancel its treasury stock and launch a new buyback programme by the end of 2012, Eni Chief Executive Paolo Scaroni said in a conference call.

Earlier Wednesday, Eni said it approved 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), or 3.47 euros per share.

Eni has 18 months to sell down its 52.5 percent stake in Snam. (Reporting by Svetlana Kovalyova)

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