Italy May Bring Forward Eni/Snam Split

A separation of Italian pipeline operator Snam and Italy's main gas company Eni may be sped up, Reuters has reported, with a decree expected by next week.

The decree, which will outline exactly how the split will happen, was expected to to be finalised by the end of this month. However, two sources close to Reuters have confirmed that the decree may be released as soon as next week.

"The deadline for presentation of the decree is May 30 but the government intends to bring it forward quite a bit and so it's likely the text will arrive next week," Reuters reports one of the sources as saying.

The Italian government currently holds a 30.3 per cent stake in Eni.

The source also said that a majority of Eni's current 52 per cent stake in Snam is set to be snapped by Cassa Depositi e Prestiti (CDP), a government-controlled investor which is already involved in the separation. 

The separation of Eni and Snam, which is planned to increase competition in the market and to comply with EU anti-monopoly directives, is expected to be totally completed in the beginning of next year.

Earlier this year, Minister for Industry Corrado Passera said that he expected the deal to be finalised before upcoming elections in spring of next year.