Italy’s Snam Plans to Delay Open Grid Europe Deal, Sole Says
(Bloomberg) -- Snam SpA’s purchase of a stake in German gas network operator Open Grid Europe from Abu Dhabi’s Infinity Investments is unlikely to close this month as planned, Il Sole 24 Ore reported.
The €920 million ($1.1 billion) deal, signed in April under ex-CEO Stefano Venier, is being reviewed by the new management led by Agostino Scornajenchi, the paper said.
The delay centers on Berlin’s foreign investment scrutiny, with authorities seeking extra documentation given Open Grid Europe’s 12,000 kilometers (7,456.5 miles) of pipelines are deemed to be strategic for energy security and the shift to renewables, Sole said.
Competition authority clearance and waivers from co-shareholders Fluxys, British Columbia Investment Management and Munich Re are also required.
The deal highlights Snam’s ambition to expand beyond Italy. For Snam, among Europe’s leading gas infrastructure companies, the stake is intended to reinforce its role in regional supply security and an effort to turn Italy into a hub for northbound gas flows.
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