Eni, which currently owns 50% of Snam, has said it is ready to slash that stake in line with government regulations, but said last month it was waiting for the key state decree.
Eni must reduce its stake to 20% by 2007, as part of efforts to reduce monopolies in the sector. But a 1995 law to protect strategic national assets makes the sale of the majority stake held by state-controlled Eni impossible.
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