Eni sells stake in Saipem

Italian energy giant Eni said it will sell a 12.5 percent stake in oil and gas contractor Saipem to Fondo Strategico Italiano.

This represents 55,176,364 ordinary shares plus one share of Saipem’s share capital.

Together with the execution of the sale and purchase agreement, Eni and FSI have entered into a shareholders’ agreement which will take effect on the date of transfer of the transferred stake and will define the term of engagement governing the relations between parties as shareholders of Saipem, Eni said in a statement.

Furthermore, following a review of the proposed increase in share capital, Eni received approval by the board of directors of Saipem.

Eni said it acknowledged the interest and intention of Saipem to achieve financial independence and entered into an agreement with Saipem aimed at stipulating, among other things, the full repayment of the debt of Saipem Group’s vis-à-vis the Eni Group.

It is estimated that the net proceeds for Eni will be approximately 5.4 billion euros, while the reduction of net debt will be approximately 5.1 billion euros.

Eni’s CEO, Claudio Descalzi, said, “The additional financial resources will be used to develop the very significant oil and gas reserves we have discovered over the past few years and to strengthen our balance sheet in line with our targets.”

Image: Eni