Italgas jumps after Snam launches 500 mln euro exchangeable bond linked to shares

Italgas SpA

07/01/2026 09:59

** Shares in Italy's Italgas IG.MI rise as much as 10% after gas grid operator and shareholder Snam SRG.MI announced a 500 million euro ($584.30 million) bonds offering exchangeable into shares of the gas distributor

** Italgas shares rise as a "technical" effect of the operation, a Milan-based trader says

** Snam said that the initial exchange price of its green bonds, due 2031, is expected to be between 22.5% and 27.5% above Italgas' reference share price

** The reference share price is to be determined through the arithmetic average of Italgas shares' daily volume weighted average price between January 7 and January 9, it said

** The operation allows Snam to maintain its current financial position in Italgas unchanged, Mediobanca Securities notes

** It also means Snam will benefit from lower cost of financing, while at the same time valorizing the financial investment in Italgas

**  Italgas sits on top of the pan-European STOXX 600 .STOXX index

($1 = 0.8557 euros)

 (Reporting by Philippe Leroy Beaulieu in Gdansk, Giancarlo Navach in Milan)

 ((Philippe.leroybeaulieu@tr.com))