Ownership structure

Ownership structure

Cassa Depositi e Prestiti is our largest shareholder with a 26% stake, while the Snam group holds a 13.5% stake in our capital. Italgas has a free float of 60.5% and institutional investors represent 47% of the company’s capital.

Share Capital

The share capital of the Company as at 31st December 2020 totalled €1,001,231,518.44 and consisted of 809,135,502 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%.

Following the capital increase carried out by the Board of Directors on 10th March 2021 issuing no. 632,852 new shares to the beneficiaries of the 2018-2020 Co-investment Plan, the share capital amounts to 1,002,016,254.92 euros consisting of 809,768,354 shares

Major shareholders as at 30 June 2021

  CDP Reti S.p.A..(*) (**)  26.02%
  Snam S.p.A.  13.49%
  Lazard Asset Management Llc  9.3%
  Romano Minozzi  4.29%
  Blackrock Inc.  4.4%
  Sun Life Financial, Inc.  3.4%
  Crédit Agricole S.A.  3.1%
  Altri azionisti  36%

(*) 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 2020:

  Number of shares held

  CDP Reti S. p. A

  Snam S.p.A  109,233,293
  Lazard Asset Management  75.3mln
  Romano Minozzi  34,706,531
  Blackrock Inc.  35,731,562
  Crédit Agricole S.A.  25,354,832
  Sun Life Financial  27.644.982

Socially responsible investors

15 %

As of 30 June 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 at December 2020 the share was 14%


Information on shareholders and investors

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