Snam: F2i, Edison and Retina vie for the biomethane contract
Retina is targeting the entire perimeter, F2i the Agri division, whilst Edison is targeting Forsu’s operations
The sale of Bioenerys, Snam’s biomethane subsidiary, is entering its final stages. According to market rumours, a further stage of the competitive process has taken place in recent weeks, resulting in the shortlisting of a select group of bidders eligible for the final phase.
The names reportedly under consideration are F2i, Edison and Retina Biometano – three operators with very different industrial and financial profiles and, above all, with strategies that differ in relation to Bioenerys’ scope of operations. It is precisely this differentiation that could prove decisive for the outcome of the tender: whilst some bidders appear to be interested only in one of the company’s two main divisions, another is reportedly aiming to acquire the entire business.
According to rumours, F2i has in fact focused its interest on the Agri division, whilst Edison is said to have set its sights primarily on the Forsu division, which is involved in the recovery of the organic fraction of municipal solid waste. Retina Biometano, on the other hand, is reportedly interested in Bioenerys as a whole. This scenario therefore also opens up the possibility of a divestment involving a potential split between the Agri and Forsu businesses, rather than a sale of the company as a whole.
Based on the rumours that have circulated so far, the total value of the transaction could be in the region of 400–500 million euros, although the final figure will depend on the structure of the deal, the scope of the assets actually being sold and the valuations put forward by the various bidders.
The process is expected to get into full swing in September, when a further shortlisting of bids is anticipated, with the aim of finalising the deal by the end of the year. However, it cannot be ruled out that other operators may enter the fray.
