Italian energy firm Eni SpA (E) Wednesday said it has begun the sale of 395.25 million shares equal to 11.69 percent of the share capital of Snam S.p.A, a natural gas transportation and distribution services provider, through an accelerated bookbuilding procedure.
The Snam shares will be placed with qualified Italian and international institutional investors. JP Morgan and Unicredit are acting as joint bookrunners for the offering.
Eni expects to announce the final terms of the offering upon completion of the bookbuilding during the course of Thursday.
Following the sale of these shares of Snam, Eni will hold 8.54 percent of the company underlying the 1.250 billion euros convertible bond placed on January 18 and due on January 18, 2016.
The proceeds from the offering will be used for general corporate purposes.
The stock fell 0.1 percent on Wednesday in Milan to close at 18.50 euros.
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