CDP: TAG, transfer agreement with SNAM signed
Press release

CDP: TAG, transfer agreement with SNAM signed

Milan, 19 September 2014

Cassa depositi e prestiti Spa (CDP) announces that the agreement to transfer to Snam Spa (SNAM) the stake in TAG (Trans Austria Gasleitung GmbH) held by CDP via CDP GAS was signed today in Milan, in the presence of the Chief Executive Officers of CDP and Snam, Giovanni Gorno Tempini and Carlo Malacarne.

The amount of the transaction, regarding 84.47% of TAG’s share capital, with economic rights equal to 89.22%, is €505 million.

The transfer operation will be executed through a share capital increase of SNAM, reserved in favor of CDP GAS, that will transfer, as compensation,  its holding in TAG.

TAG, a company with transmission rights regarding the Austrian segment of the pipeline that connects Russia to Italy, on 18 September 2014 also became owner of the pipeline following the transfer of a going concern by TAG’s Austrian shareholder, Gas Connect Austria GmbH’s (GCA).

The deadine for the closing is 31 March 2015.

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