ROME (Reuters) -Snam will not sell its stake in France's Terega despite an ongoing review of its holdings, the Italian gas transmission operator's chief executive said in an interview published on
Snam Maintains Stake in Terega Amid Portfolio Review, CEO Confirms
Snam's Strategic Decisions on Terega
ROME (Reuters) -Snam will not sell its stake in France's Terega despite an ongoing review of its holdings, the Italian gas transmission operator's chief executive said in an interview published on Tuesday.
Snam holds a 40.5% stake in Terega - France's second-largest gas operator - with other shareholders including Singaporean sovereign wealth fund GIC, French state-owned utility EDF and French bank Credit Agricole.
Current Stake and Shareholders
"I am reviewing the portfolio of companies we invest in. For the time being, we are staying with Terega, which offers excellent dividends," Chief Executive Agostino Scornajenchi told Italian daily Corriere della Sera.
Future Plans and Acquisitions
The group is due to present a new industrial plan by March.
Reuters reported last month that Enagas was in talks to buy GIC's stake, a deal which would allow the Spanish group to meet its stated goal of accelerating investments in hydrogen infrastructure.
Regulatory Challenges
Scornajenchi also said Snam's planned acquisition of a minority stake in Germany's Open Grid Europe is part of a strategy to connect North Africa and Northern Europe but added it would not wait beyond mid-November for a green light from German authorities on the deal.
The acquisition has been at risk of falling through after the German ministry extended its review and requested documents related to the presence of a Chinese investor in Snam's shareholder base, sources have said.
(Reporting by Giulia Segreti; Editing by Joe Bavier)
