BAKU, Azerbaijan, September 22. Asset Company
10 S.r.l., a wholly owned subsidiary of Italian energy
infrastructure company Snam S.p.A., has launched the sale of
approximately 10 million ordinary shares in Industrie De Nora
S.p.A., equivalent to 5% of the company’s share capital, Snam
said.
"The shares will be offered exclusively to institutional
investors through an accelerated bookbuilding process. The final
offering price will be determined through the bookbuilding, which
may be closed by the seller at short notice. The number of shares
sold and the final price will be announced following completion of
the process," the company said.
The shares being offered will be created through the conversion
of multiple-voting shares into ordinary shares upon their
transfer.
The transaction forms part of Snam’s asset rotation program
under its 2026-2030 Strategic Plan, which is designed to optimize
the company’s portfolio and redirect capital toward businesses that
strengthen its core gas infrastructure platform and support its
integrated energy strategy.
Snam’s 2026-2030 Strategic Plan includes an asset rotation
program of around 3 billion euros in addition to the plan’s core
investments. According to the company, the program is aimed at
sharpening Snam’s industrial positioning and geographical
footprint, with a focus on gas infrastructure, security of supply,
energy-system stability and value-chain integration. (Snam)
Snam said the disposal program is focused primarily on assets
that are non-core to its regulated infrastructure business or are
not fully aligned with its geographical and strategic perimeter. At
the same time, the company is considering acquisitions that could
strengthen its position along major energy corridors and contribute
to energy security and system integration. (Snam)
Snam is a major European gas infrastructure operator, with
activities spanning gas transportation, storage and LNG
regasification. The company operates a network of approximately
38,000 kilometers across Italy and abroad, while its international
activities include stakes in infrastructure in Austria, France,
Greece and the UK. Snam is also a shareholder in the Trans Adriatic
Pipeline (TAP), the final section of the Southern Gas Corridor.
(Snam)
The company’s strategy is increasingly focused on the
integration of traditional gas infrastructure with
energy-transition activities, including hydrogen, biomethane,
carbon capture and storage, and energy efficiency. Snam’s 2026-2030
plan envisages 13.7 billion euros in industrial growth investments,
including spending on gas infrastructure, the Ravenna CCS project,
a hydrogen backbone and market solutions. (Snam)
Industrie De Nora, listed on Euronext Milan since June 2022,
develops technologies and solutions for water treatment and
energy-transition applications, including green hydrogen. Snam’s
latest annual report lists its stake in De Nora among its national
equity investments. (Euronext Live)
Following the transaction, Snam will be subject to a 90-day
lock-up on the disposal or transfer of its remaining stake in De
Nora, starting from the settlement date, with customary exceptions
and subject to the consent of the sole bookrunner.
Goldman Sachs is acting as sole bookrunner for the offering.
Snam’s latest shareholder information for De Nora, updated March
17, 2026, shows Asset Company 10 holding 43.54 million
multiple-voting shares, equivalent to 21.59% of De Nora’s share
capital and 25.99% of voting rights before this transaction.
