Snam is waiting for a decision from Germany regarding its stake in Open Grid Europe by November 17.

Snam anticipates a decision from Germany's economy ministry regarding its proposed acquisition of a minority stake in Open Grid Europe, the largest independent gas transmission operator in the country, by November 17, according to the CFO of the Italian company.

The deal’s viability is under threat due to the ministry's extended review and its request for documents concerning a Chinese investor in Snam's shareholder base.

“We have a long-stop date with our counterpart that ends on Nov. 17. Our expectation is to have an answer by then, one way or the other,” CFO Luca Passa stated during a call with analysts after the results were released.

Snam agreed in April to purchase 24.99% of Open Grid Europe to enter the German gas market. While the acquisition was initially expected to finalize by the end of September, it is still waiting for regulatory approval.

Passa mentioned that Snam could divest assets or issue a hybrid bond if the transaction concludes by the end of the year.

The state-controlled group has engaged Rothschild and BNP Paribas to sell its biomethane business, which is expected to be on the market shortly after year-end.

“The biomethane business has a value of 560 million euros as of today,” Passa noted.

Snam raised its profit forecast for 2025 following a 6.6% increase in core earnings for the first nine months.

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reached 2.23 billion euros ($2.6 billion), slightly exceeding the 2.21 billion euro consensus from a Reuters analyst poll.

Adjusted net income increased by 10% to 1.1 billion euros, meeting expectations.

The group now projects adjusted core earnings to be around 2.95 billion euros for this year, up from the previous estimate of 2.85 billion euros.