Eni SpA has sold 33,124,670 ordinary shares of Galp Energia SGPS SA, corresponding to the entire participation held by Eni and equal to approximately 4% of Galp's share capital.
The shares were underlying its exchangeable bonds under which the terms of conversion are expired. The shares will be placed with qualified institutional investors with Goldman Sachs International and Merrill Lynch International acting as joint bookrunners.
Over the last few months, Eni has completed the disposal on the stock exchange of approximately 4% of the share capital of Galp.
Following the completion of the offering, Eni will not hold any participation in Galp’s share capital, completing the disposal process of the initial 33.34% stake, sold through several transactions starting from 2012.
Proceeds from the offering will be used for general corporate purposes.
Reuters noted that Eni raised approximately €325 million ($348 million) from this latest divestiture, and, since 2012, has raised a total of €3.28 billion from the company’s disposal of Galp shareholding.