Ownership structure

Cassa Depositi e Prestiti is the primary shareholder of Italgas with an interest of 26.01%, whilst the Snam Group holds 13.48%. Institutional investors represent 46% of the company’s share capital.

Share Capital

The share capital of the Company at 9 march 2022 totalled 1,002,608,186.28 euros consisting of 810,245,718 shares without par value. The Italgas stock is quoted in the FTSE MIB index of the Milan Stock Exchange. The proportion of floating capital is 60.5%.

Main shareholders as of 31 December 2021 

  CDP Reti S.p.A..(*) (**)  26.02%
  Snam S.p.A.  13.49%
  Lazard LLC  9.2%
  Romano Minozzi  4.29%
  Blackrock Inc.  4.8%
  Crédit Agricole S.A  3.4%
  Bank of Italy  1.4%
  Others  37.4%

(*) On 20 October 2016 a shareholders’ agreement was entered into by Snam,  CDP Reti and CDP Gas, effective as of the demerger date, in relation to Italgas S.p.A. With effect as of 1 May 2017, CDP Gas was merged by incorporation into CDP. Subsequently, on 19 may 2017, CDP sold the equity investment held in Italgas S.p.A., amounting to 0.969 % of the share capital of the same, to CDP Reti, among others.

(**) CDP Reti is owned 59.1% by CDP, 35% by State Grid Europe Limited – SGEL, a subsidiary of State Grid Corporation of China, and 5.9% by some Italian institutional investors.

Shareholders with significant holdings

Relevant participations (owning more than 3% of Italgas shares, on the basis of data obtained from “Libro Soci”, the information available and communications received pursuant to Art. 120 of the Testo Unico della Finanza) as of 31 December 2021:


  Shareholders  Number of shares held

  CDP Reti S. p. A

  Snam S.p.A  109,233,293
  Lazard LLC   74.7mln 
  Romano Minozzi  34,706,531
  Blackrock Inc.  39,058,333 
  Crédit Agricole S.A.  27,632,806 

Socially responsible investors


As of 31 December 2021, Socially Responsible Investors (SRI) represent approximately 15% (1) of the total Italgas share capital and around 33% of the shares held by institutional investors.

(1) As of December 2020 the share was 14% 

Information on shareholders and investors

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