Snam CEO Says Could Wrap Up TAG Acquisition This Year

Reuters

MILAN, March 19 (Reuters) - Gas transport group Snam could conclude the acquisition of a majority stake in the TAG gas pipeline carrying Russian gas into Italy by the end of the year, Chief Executive Officer Carlo Malacarne said on Wednesday.

In its four-year business plan to 2017, unveiled earlier on Wednesday, Snam announced it had signed a memorandum of understanding with Italian state lender Cassa Depositi e Prestiti (CDP) to buy CDP's 89 percent stake in TAG.

At a presentation of the industrial plan, Malacarne said, however, that there was still no guarantee the deal would go through

(Reporting by Stephen Jewkes, writing by Agnieszka Flak, editing by Isla Binnie)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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