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)