ENI sold 5 pct of Snam at around 3.43 eur/shr-traders
MILAN, July 18 |
MILAN, July 18 (Reuters) - Italian oil and gas group ENI sold 5 percent of gas transport group Snam at a price of around 3.43 euros per share, two traders told Reuters on Wednesday.
ENI said late on Tuesday its board had approved the sale of 178,559,406 Snam shares, corresponding to 5.28 percent of the voting shares, through an accelerated bookbuilding procedure.
"The placement has taken place. The price was of around 3.43 euros," one of the traders said.
By 0751 GMT shares in Snam were 3.6 percent lower at 3.4 euros. Traded volumes are already twice the daily average of the last month. The closed on Tuesday at 3.52 euros.
"The downward pressure on the stock may be due to selling by those who bought the shares at placement," one of the traders said.
The Italian government decided ENI should sell down its stake in Snam earlier this year.
(Reporting by Giancarlo Navach)
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