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StocksMediumUpdated•Originally published 22 September 2026•Updated 22 September 2026•
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De Nora Shares Slide 13% After Snam Sells 5% Stake for €67 Million

Key Facts

1A Snam unit sold about 10 million shares, equal to 5% of De Nora's capital, at €6.69 each for approximately €67 million.
2The unit retained about 33 million shares, equivalent to roughly 16.6% of De Nora's capital, with a 90-day lock-up.
3De Nora shares fell about 13% during trading on September 22, 2026.

Industrie De Nora shares fell about 13% in Tuesday trading after Asset Company 10, a wholly owned Snam unit, completed the sale of about 10 million shares at €6.69 each, generating approximately €67 million in gross proceeds.

The shares sold represented 5% of De Nora's capital, and the transaction was executed through an accelerated bookbuilding reserved for institutional investors. The ordinary shares offered resulted from the conversion of multiple-voting shares upon transfer.

After the sale, Asset Company 10 retained about 33 million multiple-voting shares, equivalent to roughly 16.6% of De Nora's capital. It also agreed not to dispose of its remaining holding for 90 days from settlement, subject to customary exceptions and the consent of Goldman Sachs as sole bookrunner.

The €6.69 placement price was below De Nora's previous close of about €7.40. That discount, combined with the immediate increase in tradable supply, can pressure the market price because investors can buy a large block more cheaply; Snam said the disposal forms part of its asset-rotation program to redirect capital toward its gas-infrastructure platform and integrated energy strategy.