Snam approves purchase of TAG pipeline stake
Published by Elizabeth Corner,
Senior Editor
World Pipelines,
Italian gas grid operator Snam has approved the purchase for €505 million (US$ 654 million) of an 89.2% stake in the TAG pipeline carrying Russian gas into Italy, the company said last week.
The acquisition of the stake from Italian state lender Cassa Depositi e Prestiti (CDP) is part of Snam's four year business plan to 2017, which was unveiled in March.
Snam will raise the money to pay for the stake through a capital increase reserved to CDP GAS, an investment vehicle owned by CDP, it added in a statement.
Edited from source by Elizabeth Corner
Source: Reuters
Read the article online at: https://www.worldpipelines.com/business-news/15092014/snam-approves-purchase-of-tag-pipeline-stake/
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