Shareholders' agreements
Cassa Depositi e Prestiti (CDP) is the largest shareholder of Italgas with a 26% stake, while the Snam group holds an 11.4% stake. Institutional investors and other investors account for 62.6% of the company’s share capital.
On 20 October 2016 Snam S.p.A. (“Snam”), CDP Reti S.p.A. (“CDP Reti”) and CDP Gas S.p.A. (“CDP Gas”) signed a shareholders’ agreement (the “Italgas Shareholders’ Agreement”) covering all the shares that the respective parties held in Italgas of consequence and with effect starting on the effective date of the partial and proportional demerger from Snam in favour of Italgas and the simultaneous listing of the Italgas shares, namely 7 November 2016.
On 1 May 2017, CDP Gas was merged into CDP S.p.A. (“CDP”), to which the Italgas shares held by CDP Gas were transferred. On 19 May 2017 these same shares were transferred to CDP Reti, already party to the Italgas Shareholders’ Agreement.On 1 August 2019 the Italgas Shareholders’ Agreement was further updated to take account of the re-qualification of CDP’s shareholding in Italgas as de facto control pursuant to Article 2359, subsection 1, no.2) of the Italian Civil Code and Article 93 of the Consolidated Law on Finance.
The Italgas Shareholders’ Agreement was subsequently renewed, respectively, on 7 November 2019 and on 7 November 2022.
The Italgas Shareholders’ Agreement was filed in copy at the Milan Business Registry on 11 November 2016 and the essential information, as subsequently amended, can be retrieved from the Company’s website.
On 21 March 2023, Snam e CDP Reti executed an amendment agreement of the Italgas Shareholders’ Agreement. The amendment agreement was filed in copy at the Milan Business Registry on 21 March 2023. The extract of the amendment agreement of the Italgas Shareholders’ Agreement and the essential information regarding the Italgas Shareholders’ Agreement can be retrieved from the Company’s website.
Most recently, on April 14, 2025, Snam and CDP Reti executed an additional amendment agreement of the Italgas Shareholders Agreement. The extract of the Italgas Shareholders Agreement Amendment Agreement and essential information regarding the Italgas Shareholders Agreement can be retrieved on the Company’s website.
What the Shareholders' Agreement covers
CDP Reti Shareholders’ Agreement
On 27 November 2014, CDP, on the one hand, and State Grid International Development Limited (“SGID”) and State Grid Europe Limited (“SGEL”) — which holds 35% of the share capital of CDP Reti — on the other hand, entered into a shareholders’ agreement (the “CDP Reti Shareholders’ Agreement”).
In connection with the effectiveness of Snam’s partial and proportional demerger in favor of Italgas and the simultaneous listing of Italgas shares on 7 November 2016, SGEL, SGID and CDP amended and restated the CDP Reti Shareholders’ Agreement, with effect from the same date, extending its scope to include CDP Reti’s shareholding in Italgas.
The CDP Reti Shareholders’ Agreement was filed with the Milan Companies’ Register on 11 November 2016 and is available, in excerpt form, on the Company’s website (see below).
Documents
related to shareholders' agreements