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Snam to continue share buyback programme

Snam to continue share buyback programme

Italy's state-controlled gas grid operator Snam on Thursday said it will continue with its with its share buyback programme, as previously communicated to the market.

The move follows a Snam shareholder meeting resolution on 11 April 2017 last year and, to facilitate it, the company has signed an enhanced buyback agreement with a primary intermediary agent for a period of maximum 3 months, Snam stated.

The appointed intermediary will be able to independently purchase Snam shares "in accordance with the contractually defined parameters and criteria, and within the constraints of the applicable legislation and above mentioned resolution," Snam said.

Since November 2016, Snam has acquired 84,788,366 of its own shares (equivalent to 2.42 percent of the share capital), for a total of 312,740,621.49 euros, the company stated.

The company currently holds 85,915,616 treasury shares, equivalent to 2.45 percent of the share capital, according to the Snam statement.

"Snam will declare to the market the details of any purchases made," the statement concluded.

Snam, originally a subsidiary of Italy's oil and gas giant Eni, is controlled by state lender CDP.