Italian oil giant Eni has sold a 1% stake in Portugal’s Galp Energia.
Eni S.p.A. (“Eni”) has completed the disposal through daily sales on the stock exchange of approximately 1% of the share capital of Galp Energia SGPS S.A. (“Galp”), corresponding to the residual stake subject to the right of first refusal of Amorim Energia B.V. (“AEBV”) under the agreement previously disclosed to the market, which has not been exercised by AEBV.
The aggregate consideration of the sales carried out from 5 May to 18 June 2014 amounted to approximately € 107 million. The settlement of the sales has been carried out during the abovementioned period and has been completed yesterday.
Following the sale, Eni holds 66,337,592 ordinary shares corresponding to approximately 8% of Galp’s share capital, entirely underlying the approximately € 1,028 million exchangeable bond issued on 30 November 2012 and due on 30 November 2015.
Related: Eni reduces stake in Galp Energia