Asset Company 10, a company wholly owned by Snam, sold approximately 10 million ordinary shares of Industrie De Nora at a price of 6.69 euros per share, for a total gross value of approximately 67 million euros.
The operation, announced through a press release, took place through an accelerated bookbuilding procedure (a rapid financial procedure with which a company or a large shareholder sells a significant package of shares directly to institutional investors) with Goldman Sachs in the role of sole bookrunner. The law firm Latham & Watkins assisted the seller.
Asset Company retains 33 million shares
Following the sale, Asset Company 10 retains a stake of approximately 33 million multiple voting shares, equal to approximately 16.6% of the share capital of Industrie De Nora.
As part of the agreement, the seller has undertaken not to sell or otherwise dispose of the residual shareholding for a period of 90 days from the date of settlement of the sale, subject to the usual exceptions and with the prior consent of the sole bookrunner.