By Neanda Salvaterra

MILAN--Italy-based Snam S.p.A, a natural-gas distribution company, said Wednesday it will spin off its domestic-gas-distribution arm, Italgas.

Snam will retain a 13.5% stake in the new company, and existing Snam shareholders will receive a portion of the shares in the new entity. Snam said the new company will list on the Milan stock exchange by the end of 2016.

Snam's board has called a shareholders' meeting on Aug. 1 to approve the transaction.

Write to Neanda Salvaterra at Neanda.Salvaterra@wsj.com

(END) Dow Jones Newswires

June 29, 2016 03:31 ET (07:31 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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