Edison likely to sell LNG and transmission assets to Snam rather than Macquarie - report (translated)
07 JUN 2017
Edison, the Italian power and utility company, is likely to sell its 7.3% stake in the Adriatic LNG Terminal and its wholly owned Infrastrutture Trasporto Gas (ITG) to Italian gas operator Snam [BIT: SRG], Italian-language daily Il Sole 24 Ore reported.
The unsourced report said that Snam now appears to have the advantage over previous frontrunner Macquarie Infrastructure and Real Assets, the item claimed.
The report added that a deal could be closed in the next few weeks.
The article noted that Adriatic LNG Terminal’s other shareholders ExxonMobil Italiana Gas (70.7%) and Qatar Terminal Company (22%) have a first call option on Edison's stake.
ITG manages the Cavarzere-Minerbio pipeline, which imports around 8bn cubic metres of gas per year through the Adriatic LNG terminal into the national grid, the report said.
The report said that Edison's stake in Adriatic LNG has a book value of EUR 159m while ITG has a book value of EUR 32m.
The report noted that Edison is owned by the French electric utility EDF [EPA:EDF].