Snam: accelerated bookbuilding to sell a 5 per cent stake in Industrie De Nora
(Il Sole 24 Ore Radiocor) - Asset Company 10, a wholly-owned subsidiary of Snam, is selling approximately 10 million ordinary shares in Industrie De Nora, representing 5 per cent of the company’s share capital. The sale – according to a statement – will be carried out via an accelerated bookbuilding process reserved for institutional investors. The offer price per share will be determined through an accelerated bookbuilding process reserved for institutional investors. The bookbuilding period will commence immediately after the launch of the offer and may be concluded at any time with limited notice.
The shares will result from the conversion of multiple-voting shares into ordinary shares at the time of the transfer.
The transaction – as stated in the press release – is consistent with the asset rotation programme outlined in Snam’s business plan, which allows capital to be reallocated towards activities that further strengthen Snam’s gas infrastructure platform and support its integrated energy strategy. Furthermore, the seller has undertaken to the Sole Bookrunner not to transfer or otherwise dispose of its remaining stake in the company for a period of 90 days from the settlement date of the transaction, subject to the usual exceptions and subject to the Sole Bookrunner’s prior consent.
com-dim
