(Alliance News) - Snam in a press release Tuesday announced that "in relation to press rumors that appeared today, Edison and Snam announce that a binding offer has been submitted by the latter aimed at buying and selling 100 percent of Edison Storage."

"The offer follows the start of the exclusive negotiations between Edison and Snam announced last Feb. 24," reads the note released.

Snam on Tuesday trades in the green by 1.5 percent at EUR4.48 per share. In contrast, Edison - which quotes savings shares - gives up 1.0 percent to EUR1.52 per share.

By Maurizio Carta, Alliance News reporter

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