Snam-led consortium said to offer 535 mln euros for DESFA
Italian gas infrastructure company Snam’s strategic interest in the Greek gas network was confirmed on Monday with the unsealing of the improved financial offers for the acquisition of 66 percent of gas grid operator DESFA.
According to a statement by state sell-off fund TAIPED, the consortium of Snam SpA, Spain’s Enagas Internacional and Belgium’s Fluxys submitted the highest offer, which Kathimerini understands is 535 million euros. According to the tender terms, TAIPED asked the preferred bidder to submit another, improved offer, to be assessed at the sell-off fund’s next board meeting and by the other stakeholder, Hellenic Petroleum. Although this information has not yet been officially confirmed, the so-called “consortium of TAP companies” (as the three are shareholders in the Trans Adriatic Pipeline) is said to have outbid the other suitor by 78 million euros, as the offer of the rival consortium, comprising Spanish company Reganosa, Romania’s Transgaz and the European Bank for Reconstruction and Development (EBRD), came to 457 million euros, Kathimerini understands.
Since Monday, the main concern for Snam, which controls 50 percent of the bidding consortium, is whether its improved offer covers or is below the estimate of the independent consultant. The Italian company also took part in the previous tender and was willing to acquire 34 percent from Azeri firm Socar, the winning bidder in the first tender for DESFA, so as to meet European Union rules on infrastructure ownership. The price the Azeris had offered for the 66 percent stake was 400 million euros.
The final price offered will be seen in the next few days. The 535 million euros that the Snam-led consortium is said to have offered considerably exceeds the Socar bid – at least in nominal terms – which at the time was 30 percent above the company’s valuation. However, the DESFA figures have changed considerably since then, thanks to its increased profits.