CDP Group: transfer from CDP to CDP RETI of 1,12% of Snam and of 0,97% of Italgas approved

Rome, 12 April 2017 h. 18:13 – The Boards of Directors of Cassa depositi e prestiti Spa (CDP) and CDP RETI Spa (company controlled by CDP) have today approved the transfer from CDP to CDP RETI of 1.12% stake in Snam Spa and of 0.97% stake in Italgas Spa, currently owned by CDP GAS Srl (company wholly controlled by CDP, near to be merged by incorporation in the latter).

Following the merger by incorporation of CDP GAS in CDP, CDP will own the aforementioned stakes directly and will be able to transfer them to CDP RETI, already shareholder of Snam and Italgas with a stake, respectively, of 28.98% and 25.08%.

The transaction – which should be finalized by the end of May 2017 – is consistent with the simplification and rationalization process regarding CDP Group’s shareholdings and allows CDP RETI to strengthen further its role as reference shareholder of Snam and Italgas.

In the next few weeks the terms of the transaction (including the price) will be defined and disclosed to the market.

Cassa depositi e prestiti (CDP) is the National Promotional Institution that has supported the Italian economy since 1850. It finances public investments, nurtures international cooperation and is the catalyst for the country’s infrastructure growth. It backs Italian enterprises, helping them innovate and grow, while fostering their exports and international expansion. As the primary operator in social and affordable housing, CDP contributes to the growth of the Italian real estate sector and promotes urban transformation. CDP’s important stimulative role in Italy’s economy is evident in its 2016-2020 Business Plan. During this five-year period, CDP will inject €160 billion, plus over €100 billion through public and private funds, into the economy to help drive Italian growth.

CDP RETI Spa is an investment vehicle owned by Cassa depositi e prestiti Spa (59.1%), State Grid Europe Limited, a member of State Grid Corporation Group of China (35%), and a group of Italian institutional investors (5.9%). CDP RETI’s mission is to manage the investments in SNAM (28.98%), TERNA (29.85%) and ITALGAS (25.08%).