Edison grows with Galsi
Galsi: Wintershall Leaves the Consortium
Wintershall, a German company part of the BASF Group, sold to the remaining partners pro rated percentages of its equity stake
Milan, Italy – Under an agreement signed February 19, 2008, Wintershall Holding AG, a shareholder with a 13.5% interest in Galsi Spa (a company that is developing and will build and operate a new natural gas pipeline linking Algeria with Italy by way of Sardinia), left the consortium and sold its equity stake to the remaining shareholders.
Pursuant to the agreement, each of the remaining Galsi shareholders, exercising its preemptive right, purchased its pro rated percentage of the Wintershall equity stake, as follows: Sonatrach 1,732,632 common shares, equal to 5.6% of the share capital; Edison Spa 866,316 common shares, equal to 2.8% of the share capital; Enel Produzione Spa 649,737 common shares, equal to 2.1% of the share capital; Sfirs Spa 481,287 common shares, equal to 1.6% of the share capital; and Hera Trading Srl 433,158 common shares, equal to 1.4% of the share capital.
Following this transaction, the percentages owned by Galsi’s shareholders are as follows:
Hera Trading 10.4%
Established in 2003 for study purposes, Galsi is now a company that is developing and will build and operate a new natural gas pipeline linking Algeria with Sardinia and Tuscany. The pipeline will have a total length of over 900 km, about 600 km of which will be offshore, and an initial transmission capacity of 8 billion cubic meters a year, part of which will be used to meet Sardinia’s natural gas needs. The promoting partners are Sonatrach (an Algerian company that now holds a 41.6% interest in Galsi) and, on the Italian side, Edison (with a 20.8% interest). Other important Italian and foreign investors in Galsi include Enel (15.6%), Hera Trading (10.4%) and the Regional Administration of Sardinia through its Sfirs subsidiary (11.6%).