ENI, with the joint support of Schroder Salomon Smith Barney and UBS Warburg, has launched the pre-marketing phase for the initial public offering of its gas pipeline business, expected to be the biggest equity issue this quarter.
ENI could raise between $2bn and $2.5bn (€2.3bn and €2.8bn) from the flotation of Snam Rete Gas, according to several energy analysts. One analyst at a French bank said: "Institutional investors still have money to invest, but they are looking for safe harbours against the backdrop of uncertain cash flows from companies in most sectors faced with a world recession."
