Transaction at a glance
At the shareholders meeting held on 1 August, Snam's Board of Directors presented the project to separate gas distribution activities in Italy - a sector that Italgas is active in with its subsidiaries and associates - from the transport and dispatch activities, LNG, and gas storage in Italy as well as abroad.
Technically, it is a partial and proportional demerger of Snam, where a stake equalling 86.5% of Snam's shares in Italgas will be transferred, proportionally, to Snam's current shareholders.
The transaction has taken into consideration that the business profile of urban gas distribution is substantially different from other activities in which Snam is involved in terms of operational organisation, competitive environment, regulation, investment needs.
With the completion of the transaction, both companies will be able to focus on their core business. They will have clearly defined objectives that are understood by the market and the best operating and financial structure to seize respective strategic development opportunities, providing clear benefits for all stakeholders.
As a result of the demerger, Snam's shareholders will receive shares of the beneficiary company in proportion to the number of their current Snam shares, according to the criteria that requires the allocation of one ITG Holding share for every five Snam shares owned.
DEMERGER EXECUTION TIMEFRAME
29 June 2016
- Demerger announcement
- Credit ratings definition
- Banking financial commitment granted to Italgas
- Snam lenders waivers obtained (banks)
1 August 2016
- Shareholders Meeting to approve demerger
- Italgas listing process
- Snam bondholders consent solicitation
- Italgas Capital Markets Day & management roadshow
- Banks financial agreement closing
- Expected closing of the demerger
- Listing of ITG Holding
08 September 2016 - 13:03 CEST