Snam's German Gas Stake Acquisition Delayed Amid Scrutiny

The planned acquisition of a stake in Germany's largest independent gas transmission operator, Open Grid Europe (OGE), by Italian gas grid group Snam has been delayed beyond its scheduled end-September finalization. This information was reported by the financial daily, Il Sole 24 Ore. The original deal, valued at €920 million ($1.08 billion), was signed in April. Under this agreement, Snam was set to purchase a stake in OGE's parent company, Vier Gas Holding, from Abu Dhabi's Infinity Investments. This acquisition marked Snam's entry into the German gas market, which is the largest in Europe by volume. According to Il Sole 24 Ore, the agreement is currently under review by Snam's new CEO, Agostino Scornajenchi, and the company's shareholders. The financial daily noted that the outcome of these assessments remains uncertain. Further complicating the transaction are reported concerns from the German government. These concerns are reportedly linked to a share held by China's state grid in CDP Reti, a major shareholder in Snam. Both Snam and the German economy ministry declined to comment on the report, creating further uncertainty around this significant cross-border European energy infrastructure deal.